American hydrogen fuel cell truck specialist Hyzon has announced plans to quit Australia, and other international markets, as it retreats to its home base to work through its financial problems.
Hyzon is a specialist in heavy trucks fuelled by hydrogen fuel cells, and in Australia has commenced trials for passenger coaches in Brisbane, tow trucks in Victoria, 154-tonne hydrogen trucks that serviced a giant zinc refinery in north Queensland, and garbage trucks in NSW.
But the company has also struggled with financial problems and a plunging share price following its stock market listing in mid 2021 – that initially gave it a market cap of $US2.7 billion.
On Monday Hyzon said that after a comprehensive review of its business operations, it has “started realigning its strategic priorities along several lines to focus on the company’s core North American markets and the refuse industry.”
It is seeking to raise new capital and has also retained investment bank PJT Partners to evaluate options, including an outright sale of the company, or a possible sale of its Australian and New Zealand operations, and its European business.
Hyzon hopes that by realigning to focus on its North American market it will be able to prioritise the launch of its single stack 200kW fuel cell technology in its zero emissions Class 8 and refuse truck platforms. It hopes to launch a large fleet trial programs on both platforms in the United States and Canada later this year.
It’s a significant retreat from its global ambitions, which had previously also targeted power generation and energy storage, mining, construction, rail, marine, and airport ecosystems. However, hydrogen technologies are struggling to compete with battery electric competitors in many parts of the transport and power sectors,
Joshua S. Hill is a Melbourne-based journalist who has been writing about climate change, clean technology, and electric vehicles for over 15 years. He has been reporting on electric vehicles and clean technologies for Renew Economy and The Driven since 2012. His preferred mode of transport is his feet.