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Hyzon Motors

Truck Industry Tech
Hydrogen Economy
Product stageSegments
Early
?
Electric and fuel cell trucks
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New York-based Hyzon Motors (Hyzon) is a spin-off of Singapore-based Horizon Fuel Cell Technologies. Hyzon develops hydrogen fuel cell-powered commercial vehicles, including heavy-duty and medium-duty trucks, buses, and coaches. The company has production facilities in the US, the Netherlands, China, and Australia , with a planned facility in Saudi Arabia. 

In July 2020, the company established its European headquarters and manufacturing center in Groningen, the Netherlands. In addition, the company has two facilities in New York, one as a fuel testing facility and the other serving as a fuel cell engine production facility and vehicle integration center. In March 2021, the company announced its plans to open a manufacturing facility in Bolingbrook, Illinois, and acquired another facility in Germany (via the acquisition of ORTEN Betriebs GmbH and subsidiaries and ORTEN Electric Trucks GmbH) in June 2022 . The company also plans to implement a third-party assembly model in the US, Europe, and Australia.

In July 2023 , Hyzon reported that it had completed testing of nine single-stack 200 kW fuel cell systems (FCS) at its production center, with plans to start production of the FCS in 2024. Subsequently, the company completed its first commercial drive of a liquid hydrogen fuel cell EV (LH2 FCEV) in August 2023 . Through this Hyzon estimated that its 200 kW fuel cell system would be able to operate at a range of 650–800 miles, which is comparable to the range requirements of diesel trucks. In October 2023 , the company reported the commercial trial deployment of its first Heavy Rigid fuel-cell electric waste collection truck to REMONDIS Australia. The waste collection truck has a range of 200 km and a capacity of 1,500 bin lifts per working day. In March 2024, Hyzon launched its 200kW single stack fuel cell system and powertrain in a vehicle in Australia, and plans to deploy 200kW cabover vehicles in Europe and 200kW conventional vehicles in the US.

Key customers and partnerships

In February 2021, the company signed an agreement to supply up to 1,500 trucks to New Zealand’s Hiringa Energy by 2026. Other notable customers include Dutch transport companies Jan Bakker and Millenaar & van Schaik (20 trucks by 2022), Ark Energy Corporation (Australia; 5 trucks by 2022), the Austrian supermarket chain MPREIS (70 trucks by 2024), SoCalGas (by 2022), Shanghai Hydrogen HongYun Automotive (China; 562 trucks by 2022, 29 trucks already delivered by December 2021), Sha Steel (China; for a 60-day trial in November 2021), TR Group (New Zealand; 20 trucks by 2022), Foshan Dump Truck Association (China; 8 dump trucks), Geesinknorba Group (Netherlands; 300 trucks), Hylane (Germany; 18 trucks by 2022) and MiTAC-Synnex Group. 

Hyzon has also partnered with BLK Auto to launch hydrogen-powered coaches in Australia, with Airgas for commercial pilot testing of two heavy-duty FCEV trucks, with Chart Industries to develop a liquid hydrogen-powered HD commercial vehicle, and with Hyliion to jointly integrate a Hyzon fuel cell into a Hyliion powertrain on a Class 8 semi-truck.

In addition to supplying trucks, the company has collaborated with BayoTech to develop hydrogen fueling infrastructure for Hyzon’s customers and with TC Energy Corporation to build and operate modular hydrogen production facilities across North America. Moreover, Hyzon has entered into a strategic partnership with Sojitz Machinery Corporation of America to explore the possibility of bringing new fuel cell powered machines, such as forklifts, to the market, and has supplied fuel cell stack systems for two of ZeroAvia’s prototype aircraft. Hyzon has also partnered with Ricardo, a UK-based engineering services company, to develop hydrogen fuel cell systems for commercial vehicles. Hyzon announced a non-binding memorandum of understanding (MoU) with Transform Materials , a renewable hydrogen provider, to produce sustainable hydrogen. In June 2022, Hyzon signed a joint development agreement (JDA) with Schlumberger Limited , an NYSE-listed oilfield services company, to develop the first fuel cell-powered modules by Q4 2022, to decarbonize oil and gas operations.

In October 2023 , Hyzon partnered with TR Group, to upfit up to 20 fuel cell electric vehicles (FCEVs) with Hyzon's single-stack 200kW fuel cell system. In February 2024 , the company partnered with New Way Trucks to develop a fuel cell refuse truck for the North American market that was later launched in May 2024 .

Funding and financials

Hyzon was listed on the Nasdaq in July 2021 through a merger with a special purpose acquisition company (SPAC), which valued the combined entity at USD 2.7 billion. The company started generating revenue in 2021, reporting revenue of USD 6 million and a net loss of USD 13.8 million (a loss of USD 0.07 per share) for the year ended December 2021 . In December 2022, Hyzon invested USD 8.5 million in Raven SR and plans to invest the remaining USD 1.5 million by 2023 to deploy a waste-to-hydrogen facility in California. For the year ended December 2022, the company reported revenues of USD 3.7 million and a net loss of USD 32.2 million.

Truck Industry Tech

Truck Industry Tech

Key stats
Featured companies
90
Total funding (USD)
34.6 Bn
Total addressable market (USD)
125.5 Bn
Key competitors
 
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Recent Updates

Product updates
May 7, 2024
Hyzon and New Way unveil first hydrogen fuel-cell refuse truck in North America
Hydrogen Economy
Partnerships
Feb 6, 2024
Hyzon Motors and New Way Trucks partner to develop fuel cell refuse vehicles
Hydrogen Economy
Partnerships
Jan 25, 2024
Hyzon and PFG deploy four FCEVs in California
Truck Industry Tech
Partnerships
Oct 26, 2023
Hyzon to upfit up to 20 FCEVs for New Zealand’s TR Group
Truck Industry Tech
Partnerships
Oct 26, 2023
Hyzon to upfit up to 20 FCEVs for New Zealand’s TR Group
Hydrogen Economy
Partnerships
Oct 23, 2023
Hyzon partners with REMONDIS for commercial trial of FCEV waste collection truck
Truck Industry Tech

Company Brief


HQ location:
475 Quaker Meeting House Rd Honeoye NY USA
Founded year:
2019
Employees:
251-500
Total Funding:
USD 400.0 million
Last Funding
USD 400.0 million, Jul 2021

Funding


Investors


No investor data is available

Funding data are powered by Crunchbase
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