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Hyzon reports plans to halt operations in Netherlands and Australia
Hydrogen Economy
Jul 8, 2024
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Hydrogen Economy

Jul 8, 2024

Hyzon reports plans to halt operations in Netherlands and Australia

Management news

  • Hyzon, a US-based hydrogen fuel cell manufacturer, reported that it would halt its operations in the Netherlands and Australia due to waning government support for fuel cell-powered transportation in Europe and Australia.

  • The decision was made after assessing the challenging market conditions in these regions, including the disbandment of hydrogen subsidies in many European countries. Beginning this year, Hyzon plans to focus its efforts on the North American market and oversee its large fleet trial programs.

  • Hyzon expects to incur approximately USD 17 million in charges for the planned exit activities, including non-cash inventory write-downs, employee-related costs, and impairment charges. The company is also exploring strategic alternatives, including potential divestiture of its Europe and Australia/New Zealand businesses, cost reductions, and evaluating the need to pursue bankruptcy protection if its financing efforts are unsuccessful.

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