Hyzon, a US-based manufacturer and global supplier of hydrogen fuel cell systems, has announced a strategic realignment of its business to concentrate on core markets in North America and the refuse industry. This decision follows a thorough review of the company’s operations.
Hyzon has also announced it has retained PJT Partners as its financial advisor to assist with capital-raising efforts and to explore various strategic options. These options may include the sale of the company or divestiture of its businesses in Europe and Australia/New Zealand, the company saidn in an announcement at the end of June. In the interim, Hyzon will continue to focus on reducing costs and managing liquidity, which may involve workforce reductions or other strategic actions.
This realignment is intended to optimize Hyzon’s financial resources and investments, enhancing the positioning of its 200kW single-stack Fuel Cell technology in zero-emission North American Class 8 and refuse truck platforms. The company is preparing to launch significant fleet trial programmes in the US and Canada this summer, it said.
In May Hyzon announced its Q1 2024 trading results which showed revenues for the period of $10.0 million as compared to no revenue in the prior-year period,In addition, the company announced a Joint Development Agreement with New Way Trucks, North America’s largest private refuse manufacturer, and unveiled the first hydrogen-powered refuse truck for the US market at WasteExpo in May and confirmed trials with major refuse collection fleets are expected to begin this summer.
On the product development front, Hyzon announced it had completed five 200kW C-sample Fuel Cell Systems (FCS) in Q1 and five additional 200kW FCSs in April and that it was on track for Start of Production (SOP) of the 200kW FCS in the second half of 2024.
“I am pleased with our start to 2024, during which we have built upon the commercial and technology inflection points we achieved in 2023,” said Hyzon Chief Executive Officer Parker Meeks, announcing the Q1 trading update. “We’ve successfully completed the commercial cycle for vehicles deployed last year, evident in our quarterly revenue progression. We continue to receive positive data and feedback from initial vehicle deployments. Last week, we unveiled the first US fuel cell refuse vehicle with New Way, and we eagerly anticipate commencing trials for this vehicle and the 200kW Class 8 fuel cell truck this summer.
”We remain on schedule for the SOP of our single stack 200kW fuel cell system in the latter half of this year, and are enhancing manufacturing efficiencies and expanding our facility capabilities. I am highly encouraged by the progress we have made and the strength of the Hyzon platform as we progress through the balance of 2024.”
In Europe, despite acquiring the remaining shares in the joint venture Hyzon Motors Europe from Holthausen Clean Technology Investments in Q4 2022, Hyzon has been scaling back its activities, having closed its truck making facilities in the Netherlands last year.
