Company: GDSTR
Filing Date: 2025-01-30
Form Type: S-4
Source: 0001213900-25-008051
Chunk: 195

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-01-30
Form: S-4
Chunk 195
---
000 units compared with 2021. And according to U.S. Environmental Protection Agency ( EPA), there are estimated over 50,000 lift trucks in the U.S. now powered by hydrogen fuel cells. And according to the 2023 annual report from Plug Power, Inc., a leading HFC supplier, it has deployed 69,000 fuel cell systems thus far.

____________ 1 https://www.precedenceresearch.com/hydrogen -fuel-cells-market 101 The U.S. HFC market is expected grow even faster than the global average from $0.8 billion in 2022 to $7.9 billion in 2032 with a CAGR of 60.1%, an approximate 10 -foldincrease within 10 years. This surge in demand is driven by supportive government policies, such as the Inflation Reduction Act (IRA), which provides significant incentives for hydrogen production and fuel cell manufacturing, as well as Build America, Buy America Act and Bipartisan Infrastructure Law, which incentivize and support U.S. domestic manufacturing and supply chain development. Industry leaders in the private sector are also increasingly considering and adopting HFC -poweredover battery -poweredlift trucks due to their superior performance, operational characteristics and much lower carbon footprint. These public and private forces are expected to continue to contribute to the rapid growth of the HFC market over the coming decade. Competition Infintium competes firstly with battery modules that power electric lift trucks where electric batteries today are still the main source of power. Leading companies that supply lithium -ionbatteries for the heavy transportation industry include LG Chem, Panasonic, Tesla, CATL, and Samsung SDI. Companies that supply lead -acidbatteries include Crown Battery, Johnson Controls, East Penn Manufacturing, Trojan Battery, Exide Technologies and EnerSys, etc. Infintium believes that with the faster charging refueling, less space demand and more environmental -friendlycharacteristics, coupled with strong government incentives and subsidies that help lower ownership costs, its HFCPUs will continue to gain market share against lead -acidand lithium -ionbatteries. Infintium also competes with other HFC manufacturers in providing HFCs, and Infintium expects competition to intensify as the HFC market expands. The global market for hydrogen fuel cells today is highly fragmented, and the number of new companies entering the HFC market is likely to grow. Leading companies that provide HFCs for lift trucks include Plug Power, Ballard Power Systems, Doosan