Hyzon Motors

New York-based Hyzon Motors (Hyzon), listed on Nasdaq since July 2021, is a spin-off of Horizon Fuel Cell Technologies, headquartered in Singapore. Hyzon develops hydrogen fuel cell-powered commercial vehicles, including ultra-heavy, heavy and medium-duty trucks, buses, coaches, and liquid hydrogen-powered heavy-duty trucks. The company also unveiled a patent-pending on-board modular hydrogen storage system for fuel cell-powered commercial vehicles in July 2021, which can be configured to hold 5–7 or 10 hydrogen tanks. Hyzon also develops fuel cell stacks and systems. The company has production facilities in the US, the Netherlands, China, and Australia, with a facility also planned for Saudi Arabia. It also targets the Taiwan market and has a product development partnership with MiTAC-Synnex Group, a Taiwanese industrial conglomerate.

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 vehicles in 2021, and plans to deliver around 5,000 trucks and buses over 2021–2023, and more than 40,000 by 2025.

Key customers and partnerships

The company has signed agreements with several companies to supply its trucks, and as of March 2022, its order book was worth USD 287 million including both purchase orders and non-binding MoUs. The orders included New Zealand’s Hiringa Energy (for 1,500 trucks; February 2021), Netherland-based Jan Bakker and Millenaar & van Schaik (20 trucks; May 2021), Austria-based MPREIS (70 trucks; June 2021), Australian company Ark Energy Corporation (five trucks; July 2021), Australia-based Coregas (two trucks; July 2021),   US-based SoCalGas (a Class 3 body utility truck; September 2021), Shanghai Hydrogen HongYun Automotive (500 trucks; September 2021), Dutch company Geesinknorba (300 waste collection trucks; December 2021), Chinese company Foshan Dump Trucks Association (8 dump trucks; December 2021), Australian Nationwide Group (three tilt-tray trucks; January 2022), Sweden-based MaserFrakt (two trucks; February 2022), Hylane GmBH (23 trucks; since April 2022), Hanjie Urban Environmental Management Co (a bid of up to USD 8 million to supply municipal trucks; Q1 2022), US-based Airgas (pilot two trucks; May 2022) , US-based Performance Food Group (PFG; to pilot five FCEVs, with the potential to deploy up to 50 FCEVs; June 2023), REMONDIS Australia (to trial one waste collection truck; October 2023 ) and New Zealand-based TR Group (to upfit up to 20 fuel cell electric vehicles; October 2023 ). Hyzon also completed its first commercial test run using a liquid hydrogen FCEV truck in partnership with PFG in August 2023.

Hyzon also has a March 2022 partnership with John G Russell Transport, a British logistic group, to facilitate the distribution of FCEV trucks in the UK. The company also agreed to take part in the Netherlands’ “Hydrogen in Mobility in Utrecht” in May 2021 (an initiative to deploy 1,800 hydrogen vehicles and 10 fueling stations by 2025), and supply its trucks to the HyTrucks consortium in Europe in July 2021 (an initiative to deploy 1,000 hydrogen-powered trucks and fueling stations by 2025). Hyzon also has partnerships with Total Transportation, a Mississippi-based port trucking company (August 2021), as well as Sha Steel Group and Chinese hydrogen equipment and storage system supplier Guofu HEE (November 2021) for limited-period trials in California and China, respectively. Its first trials in North America commenced in March 2022, in partnership with Total Transportation. In March 2023 , Hyzon announced a collaboration with the electrified powertrain solutions provider Hyliion, to jointly develop a heavy-duty fuel cell truck.

The company also has partnerships to develop hydrogen fueling infrastructure. This includes collaborations with ReCarbon (July 2020), BayoTech (November 2020), Raven SR (April 2021; first sites to be operational by end 2022), RenewH2 (July 2021), TC Energy (November 2021), Woodside Energy (December 2021), Transform Materials (January 2022), and Royal Automobile Club of Victoria (RACV; April 2022). In April 2021, Hyzon introduced the Hyzon Zero Carbon Alliance, a collaboration with several leading companies in related industries, including Hiringa Energy, to fast track the deployment of hydrogen mobility worldwide by creating hydrogen ecosystems in parallel with vehicle deployments. The company also plans to deploy 1,000 green hydrogen production and refueling hubs to service a fleet of 500,000 commercial hydrogen vehicles worldwide by 2030, as announced in June 2021.

Funding and financials

Hyzon generated revenue of USD 295,000 and reported an operating loss of USD 188.0 million during the year ended December 2023. 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.