Company: GDSTR
Filing Date: 2025-05-14
Form Type: S-4/A
Source: 0001213900-25-043297
Chunk: 218

Company: Goldenstone Acquisition Ltd.
Filing Date: 2025-05-14
Form: S-4/A
Chunk 218
---
A24A   |
| 14” SS     |     | 24V     |     | P13-56A24F   |
| 14” SS–70  |     | 24V     |     | P13-70A24A   |

As accessories to the forklift batteries, Infintium also sells telemetry to track battery usage and measure performance directly. These telemetry products have voltage ranging from 9 to 32V. Market and Industry Overview The global HFC industry is in its early stage of market penetration against electric batteries. It is rapidly expanding driven by the demand for cleaner energy solutions by large industrial, distribution and logistics companies, particularly in the heavy -dutytransportation sector. According to Precedent Research, the global hydrogen fuel cell market is expected to grow from $4.0 billion in 2022 to $39.9 billion by 2032, with a compounded annual growth rate (CAGR) of 25.9%. According to Industrial Truck Association, there are over 850,000 lift trucks currently in operation in the U.S., Infintium’s primary market today. Total sales across all classes (1 -5) were 344,330, lower by 3,000 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. 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

116 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