
New York-based Hyzon Motors, a global supplier of zero-emissions heavy-duty fuel cell electric vehicles, has confirmed plans to begin realigning its core business strategies in order to refocus efforts on its North American operations and the refuse industry.
Furthermore, a potential company sale and unspecified divestments from its European and Australia/New Zealand businesses and subsidiaries is also being considered.
Its U.S. offices are in Rochester, Chicago, and Detroit. It also has facilities in the Netherlands, China, Australia, and Germany.
According to Hyzon, this realignment process will enable it "to focus on its financial resources and investments, better position its first-to-market, single stack 200kW, fuel cell technology in its zero emissions North American Class 8 and refuse truck FCEV platforms as it prepares to launch its significant large fleet trial programs on both platforms in the U.S. and Canada this summer."
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The company has hired PTJ Partners as its financial advisor during this process. It will also lead efforts to raise additional capital.
As it begins exploring strategic alternatives, Hyzon says it will continue efforts to focus on cost-cutting measures and liquidity management. Company layoffs are also possible.
Earlier this year, Hyzon managed to avoid delisting from the Nasdaq stock exchange after its shares traded at less than $1 for over 30 consecutive business days.
In 2023, Hyzon posted a $184 million net loss. It posted a $34.23 million net loss for the first quarter of this year. As of March 31, the company claimed it had $52.4 million in cash and cash equivalents on hand. At the end of 2023, it reported $112.3 million in the bank.