Fuel cell trucks are now shipping to Hyzon Motors customers
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The company has announced that it has ramped up its operations as a result of its recent merger.
Hyzon Motors, a heavy-duty hydrogen fuel cell truck maker, recently announced that it is now shipping its products to customers in Europe. This is the result of the merger the company has completed with blank-check firm Decarbonization Plus Acquisition Corp.
The merger has allowed the company to be able to boost its production level substantially.
The company reported its second quarter earnings last Wednesday. At that time, it also announced that it was getting ready to begin its first customer trials of its fuel cell trucks in the United States.
As is the case among other transport companies that have used a merger to go public via a special purpose acquisition fund, Hyzon Motors has yet to have any revenue worth announcing. Instead, the truck maker is counting on a massive capital boost of over $500 million through the merger, combined with customer order growth so that it can achieve positive cash flow.
Hyzon Motors manufactures powertrains for hydrogen fuel cell trucks, as well as H2 hubs.
The hydrogen fuel production hubs are a new investment from the company and are meant to play a substantial role in boosting the adoption of H2 powered technology. It also signed an MoU with Raven SR back in April. That was for a joint venture with the renewable fuels company. The MoU is for up to 100 of the new H2 production hubs. According to the company’s CFO Mark Gordon, those hubs will both be located in the San Francisco Bay area.
Additionally, when speaking at the Hyzon Motors earnings call, Gordon stated that the company is slated to deliver its first 85 vehicles before the close of this year. He followed this statement with an indication that the first revenue for the company would be next quarter.
Its orders and MoUs have risen from $55 million in April to the current $83 million. That said, many of the MoUs are non-biding, so they are not considered as solidly as a contract or partnership. One example is for 70 fuel cell trucks to be delivered in 2022 to the MRPEIS Austrian grocer.