Hyzon Starts Shipping Hydrogen Fuel Cell Trucks to Clients
Hydrogen-powered heavy-duty truck company Hyzon Motors said that it is ramping up operations in the wake of its merger with blank-check firm Decarbonization Plus Acquisition Corp, including shipping its first trucks to European customers. The company, which reported second-quarter earnings Wednesday, said it is also preparing to start its first customer trials in the United States.
Like other transportation companies that have gone public via a merger with a special purpose acquisition fund, Hyzon doesn’t yet have any revenue to speak of. Instead, Hyzon is banking on the huge injection of capital from the transaction , more than USD 500 million, and growing customer orders to take it to positive cash flow. As of now, the company reported a net loss for the quarter of USD 9.4 million, including USD 3.5 million in R&D expenses. It had a negative adjusted EBITDA of USD 9.1 million.
In addition to manufacturing hydrogen fuel cell powertrains, Hyzon is also investing in hydrogen fuel production hubs, a key piece of infrastructure for technology uptake. In April, the company signed an MOU for a joint venture with renewable fuels company Raven SR for up to 100 hydrogen production hubs. Gordon confirmed the first two will be in the Bay Area.