Global Hydrogen Energy LLC to Become a Publicly Traded Company Through a Business Combination With Dune Acquisition Corporation

• Pure Play Hydrogen and Carbon Recovery Project Developer and Industrial Gas Supplier
• Global Hydrogen is a 100% Minority-Owned Business
• All Existing Global Hydrogen Shareholders to Roll 100% of their Equity into the Combined Company, which is Expected to be Listed on Nasdaq
• Transaction has No Minimum Cash Condition

WEST PALM BEACH, Fla. & NEW YORK, May 15, 2023 (GLOBE NEWSWIRE) --  Global Hydrogen Energy LLC ('Global Hydrogen'), which seeks to be a leader in the sustainable energy transition as a next-generation industrial gas supplier, and Dune Acquisition Corporation (Nasdaq: DUNEU, DUNE, DUNEW) ('Dune'), a special purpose acquisition company, today announced that they have entered into a definitive agreement for a business combination, which would result in Global Hydrogen becoming a publicly listed company. The combined company will be called Global Gas Corporation upon the closing of the business combination and its common stock is expected to be listed on Nasdaq under the new ticker symbol 'HGAS'.

>> In Other News: Aviation Climate Task Force issues first research grant to drive more Sustainable Aviation Fuel using Direct Air Capture technology

Headquartered in New York, Global Hydrogen is led by Founder and Chief Executive Officer William B. Nance, who has over a decade of hydrogen and industrial gas experience. Global Hydrogen is a 100% minority-owned business that targets both private and publicly-funded hydrogen development and carbon recovery projects, including projects supported by local, county, state, and national- level governments. Global Hydrogen primarily targets renewable waste as feedstock to generate the industrial gases it sells, and seeks arrangements with owners of wastewater treatment plants, food waste processing facilities, agricultural farms, and landfills as well as producers and distributors of renewable natural gas.

William B. Nance, commented, 'The transition to a zero emission transportation future is underway. Global Hydrogen sees a large addressable market for hydrogen and carbon recovery infrastructure and rapidly growing demand for low carbon hydrogen and recovered carbon dioxide and oxygen. The partnership we announced with Dune will enable us to continue executing our strategy providing attractively priced energy carrier molecules near population centers, where they are needed most.'

Carter Glatt, Founder and Chief Executive Officer of Dune, added, 'We are excited to partner with William and Global Hydrogen as they tackle global decarbonization efforts by providing low carbon, clean hydrogen and carbon dioxide generated from local waste biogas and renewable feedstock. With both public and private sector support seeking to achieve net zero emission targets, Global Hydrogen is operating at the heart of powerful secular tailwinds and will be well-positioned to be a leader in the clean economy.'

Transaction Overview:

Under the terms of the Unit Purchase Agreement, Dune will complete a business combination with Global Hydrogen at a pro forma combined enterprise value of approximately $112 million (assuming no redemptions by Dune public stockholders and a Dune common share value of $10 per share). The Board of Directors of Dune has received an independent fairness opinion.

The Board of Directors of Dune and the managers and unitholders of Global Hydrogen have each unanimously approved the proposed business combination, which is expected to close in the second half of 2023 and remains subject to approval by Dune's stockholders and customary closing conditions. Mr. Nance, who is also a director of Dune, was recused from, and did not participate in, the consideration or approval of the proposed business combination by the Dune Board of Directors.

Additional information about the proposed transaction, including a copy of the definitive purchase agreement, will be provided in a Current Report on Form 8-K being filed by Dune today with the U.S. Securities and Exchange Commission (the 'SEC') and available at
www.sec.gov.

Advisors

Winston & Strawn LLP and Sidley Austin LLP are serving as legal advisors to Dune. Alston & Bird LLP is serving as legal advisor to Global Hydrogen.

About Global Hydrogen

Headquartered in New York and founded in 2023, Global Hydrogen seeks to be a leader in the sustainable energy transition as a next- generation industrial gas supplier. Global Hydrogen is a 100% minority-owned business that targets both private and publicly-funded hydrogen development and carbon recovery projects, including projects supported by local, county, state, and national-level governments. Global Hydrogen primarily targets renewable waste as feedstock to generate the industrial gases it sells, and seeks arrangements with owners of wastewater treatment plants, food waste processing facilities, agricultural farms, and landfills as well as producers and distributors of renewable natural gas. For additional information, visit globalhydrogen.co.

About Dune Acquisition Corporation

Dune Acquisition Corporation was founded by its Chief Executive Officer, Carter Glatt, to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

Additional Information and Where to Find It

The proposed business combination with Global Hydrogen (the 'Business Combination') will be submitted to Dune's stockholders for their consideration. Dune intends to file a proxy statement (the 'Proxy Statement') that will be sent to all holders of Dune's common stock in connection with the Business Combination. This press release does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. Dune's stockholders, Global Hydrogen's unitholders and other interested persons are advised to read, when available, the preliminary Proxy Statement and the amendments thereto and the definitive Proxy Statement and other documents filed in connection with the proposed Business Combination, as these materials will contain important information about Global Hydrogen, Dune and the Business Combination. When available, the definitive Proxy Statement and other relevant materials for the proposed Business Combination will be mailed to stockholders of Dune as of a record date to be established for voting on the proposed Business Combination. Dune stockholders and Global Hydrogen unitholders will also be able to obtain copies of the preliminary Proxy Statement, the definitive Proxy Statement and other documents filed with the SEC, without charge, once available, at the SEC's website at
www.sec.gov, or by directing a request to Dune's secretary at 700 S. Rosemary Avenue, Suite 204, West Palm Beach, FL 33401, (917) 742-1904.

Participants in Solicitation

Dune and its directors and executive officers may be deemed participants in the solicitation of proxies from Dune's stockholders with respect to the Business Combination. A list of the names of those directors and executive officers and a description of their interests in Dune is contained in Dune's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on April 10, 2023 and is available free of charge at the SEC's website at www.sec.gov.

To the extent such holdings of Dune's securities may have changed since that time, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the interests of such participants will be contained in the Proxy Statement for the proposed Business Combination when available. These documents can be obtained free of charge from the sources indicated above.

Global Hydrogen and its managers and executive officers may also be deemed to be participants in the solicitation of proxies from Dune's stockholders with respect to the proposed Business Combination. A list of the names of such managers and executive officers and information regarding their interests in the proposed Business Combination will be included in the Proxy Statement for the proposed Business Combination when available.