Embattled Hyzon Motors realigning core strategies, mulling sale

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Hyzon Motors tractor on highway
Hyzon Motors has announced it's begun the process of realigning its core business strategies following disappointing financial results.
Hyzon Motors

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."

[RELATED: Hyzon Motors plans to accelerate decarbonization]

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. 

Jay Traugott has covered the automotive and transportation sector for over a decade and now serves as Senior Editor for Clean Trucking. He holds a drifting license and has driven on some of the world's best race tracks, including the Nurburgring and Spa. He lives near Boulder, Colorado, and spends his free time snowboarding, climbing, and hiking. He can be reached at [email protected].

Hydrogen Fuel Cell & BEV Survey
The following survey was sent as a link in an email cover message in February 2023 to the newsletter lists for Overdrive and CCJ. After approximately two weeks, a total of 176 owner-operators under their own authority, 113 owner-operators leased or assigned to a carrier and 82 fleet executives and 36 fleet employees from fleets with 10 or more power units had completed and submitted the questionnaire for a total of 407 qualified responses. Cross-tabulations based on respondent type are provided for each question when applicable.
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