Hyzon Fuel Cell Truck Manufacturer Facing Liquidation

Hyzon Motors, a US manufacturer of fuel cell commercial vehicles, is facing a challenging time and has made the decision to liquidate and dissolve the company. This news comes after the company had already pulled out of Europe and Australia due to tough market conditions in those regions.

In a recent statement to the US Securities and Exchange Commission (SEC), Hyzon Motors shared that it had informed employees about potential job reductions. The company had also mentioned the possibility of downsizing unless they could secure additional funding or find a buyer soon. One of the factors complicating their situation was the uncertainty around state subsidies, particularly the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project, which had impacted some customer decisions.

Now, the company is not just looking at reducing its workforce but is also planning to dissolve entirely. This course of action includes the transfer of assets and a strategic plan to maximize the company’s value. Shareholders will vote on this plan at an upcoming General Meeting, while a new Chief Restructuring Officer, Glenn Kushiner, will work towards finding a way forward for the company.

Hyzon Motors, which originated as a spin-off of Horizon Fuel Cell Technologies in Singapore, started its operations in New York before relocating its headquarters to Illinois. The company, which employed over 350 individuals globally in 2023, converts the Freightliner Cascadia model from Daimler Truck into fuel cell trucks for the US market. Recently, Hyzon introduced a new fuel cell stack and a refuse collection vehicle for initial customer trials.

While facing challenges, Hyzon remains committed to exploring all options to navigate this difficult period. Stay tuned for updates on the company’s future.