Hyzon Motors

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 and medium-duty trucks, buses, and coaches. The company has production facilities in the US, the Netherlands, China, and Australia , and a planned facility in Saudi Arabia. 

In July 2020, the company established its European headquarters and manufacturing center in Groningen, Netherlands, with plans to start shipping vehicles by the end of 2021. In addition, the company has two facilities in New York, one being 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 (expected to close in Q4 2022). Production at both US plants is expected to begin by H2 2022. Hyzon delivered 87 trucks in 2021. The company plans to deliver around 5,000 trucks and buses over 2021–2023 and more than 40,000 by 2025. 

In July 2023 , Hyzon reported that it 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.

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 and Airgas for commercial pilot testing of two heavy-duty FCEV trucks. 

In addition to supplying trucks, the company has collaborated with BayoTech to develop hydrogen fueling infrastructure for Hyzon’s customers and 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 assess the possibility of bringing new fuel cell-powered machinery, such as forklifts, to the market, and have supplied fuel cell stack systems to two of ZeroAvia’s prototype aircrafts. Hyzon has also partnered with Ricardo, a British engineering services provider, to develop hydrogen fuel cell systems for commercial vehicles. Hyzon announced a non-binding memorandum of understanding (MoU) with Transform Materials , a company that provides renewable hydrogen, 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.

Funding and financials

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