The end has arrived for Hyzon Motors.
The once-promising hydrogen fuel cell (FCEV) system manufacturer for heavy-duty rigs is currently working towards a controlled shutdown following several months of financial turmoil and unkept promises.
Shareholders notified the Securities and Exchange Commission (SEC) last February of plans to not only dissolve the company but also to turn its remaining assets over to liquidators.
[Related: Hyzon Motors board votes to dissolve company, layoffs likely]
That time has now come.
Bolingbrook, Illinois-based Hyzon held a special meeting late last week where stockholders voted in favor of a transfer of company assets via an assignment for creditors' benefit and a full company dissolution.
“At the Company's special meeting of stockholders... its stockholders voted to approve the transfer of all or substantially all of the Company's assets... and the liquidation and dissolution of the Company," Hyzon confirmed. In other words, Hyzon gave itself permission to liquidate its operations, distribute the valuable remnants to creditors, and, finally, terminate the company.
Shareholders approve strategy
Shareholders hold significant sway for approving the shutdown strategies since they have 56% of voting power across Class A common stock and Series A preferred stock, thus paving the path forward for the company's board to initiate an assignment for benefit of creditors. This process is similar to but not exactly the same as bankruptcy. The difference is that this method is both cheaper and faster.
Hyzon announced plans to dissolve itself in December 2024 in the wake of disappointing sales, legal issues, and a drop in investor confidence.
The company regularly missed production targets and also had difficulties with regulators. It never managed to recover and find a path forward.
Next steps
Despite the board having the necessary authority to proceed, Hyzon confirmed the final asset transfer timeline and dissolution remains at its discretion and that delays and other unspecified changes are possible.
“The Company currently plans to make an assignment for the benefit of creditors in the near future... though the timing of an assignment and subsequent dissolution will be determined by the Board and may not occur at all.”
The board is essentially saying creditors should not expect a 100% neat and tidy shutdown process but rather one that will likely last for several more months. In addition, there could be some legal hurdles and other unspecified unknowns that could slow things down.
An updated list of Hyzon Motors assets can be viewed here.
Sad ending
Hyzon's once-promising future began back in 2021 when it went public via Special Purpose Acquisition Company (SPAC) merger with Decarbonization Plus Acquisition Corporation as an alternative to a traditional IPO. The company was founded in 2020 as a spin-off of Singapore-based Horizon Fuel Cell Technologies.
It specialized in converting diesel-powered semis into zero-emission hydrogen fuel cell vehicles. It did not build tractors from scratch. The company also attempted to expand its global presence as a fuel technology supplier with overseas offices and operations in the Netherlands and Australia. Both locations were shuttered last summer as part of company-wide cost-cutting measures.
[Related: Hyzon to stop Netherlands, Australian operations to focus on North America]
In 2023, the company posted a $184 million net loss and had a $34.23 million net loss for the first quarter of 2024. Things continued to go downhill, leading to ultimately carried-through threats of a Nasdaq delisting. Hyzon managed to get an extension to meet the listing requirements but this merely bought it time it never really had.
The company was permanently delisted from the Nasdaq on January 30, 2025.
Hyzon Motors is not the only FCEV commercial vehicle provider/manufacturer that closed its doors this year. Nikola Motors, the one time Wall Street darling, announced its own bankruptcy a few weeks ago, putting the future of green hydrogen fueling in the commercial trucking industry into even greater doubt.
