Despite efforts to downsize its operations in Europe and Australia, and actively seeking an injection of new funding since June 2024, the woes at hydrogen-powered truck producer Hyzon Motors continue. A filing at the US Securities and Exchange Commission, posted on 19 December, states that the board of directors at the company have approved a plan, subject to shareholder agreement, to liquidate and dissolve the company.
The filing at the SEC states “the Board of Directors of the company have unanimously approved, subject to stockholder approval, (i) the transfer of all or substantially all of the Company’s assets through an assignment for the benefit of creditors, and (ii) the liquidation and dissolution of the Company pursuant to a plan of dissolution while continuing to pursue strategic alternatives and potential funding sources intended to maximize the value of its business and assets”.
The latest development follows a prolonged period of financial instability, operational challenges, and restructuring efforts aimed at stabilising the company. Hyzon’s decision to file its intention to liquidate reflects its inability to secure sufficient financing or implement effective strategic alternatives. The company ceased its manufacturing operations in the Netherlands in 2023 and a strategy review in June 2024, indicated the company was downsizing its operations both in Europe and Australia as it sought to focus on the North American market.
At the same time as the SEC filing, Hyzon also issued a press release announcing it would be laying off staff at its Bolingbrook, Illinois, and Troy, Michigan, facilities.
