The huge multinational oil-and-gas company Total SE is investing in the hydrogen fuel cell truck and bus startup Hyzon Motors, the companies announced this morning.
Why it matters: It's the latest sign of increasing interest in hydrogen-powered heavy vehicles amid moves by startups and legacy automakers alike.
It also shows how European-headquartered oil giants are boosting their alternative energy portfolios, even though hydrocarbons remain their dominant business lines.
Total's VC arm is leading the funding round that also has participation from Ascent Hydrogen Fund, Hydrogen Capital Partners and Audacy Ventures Ltd.
Yes, but: The size of the investments in Hyzon were not disclosed, but Bloomberg reports that they're relatively small. The funding round "totaled more than $15 million and valued Hyzon at around $200 million," it reports.
What's next: Hyzon says it plans to deliver around 5,000 fuel cell trucks and buses over the next three years from its facilities in North America, Europe and Asia. The company, a spinoff out of Singapore-based Horizon Fuel Cell Technologies, says it currently has roughly 400 trucks and buses on the roads - Link
Total's VC arm is leading the funding round that also has participation from Ascent Hydrogen Fund, Hydrogen Capital Partners and Audacy Ventures Ltd.
Yes, but: The size of the investments in Hyzon were not disclosed, but Bloomberg reports that they're relatively small. The funding round "totaled more than $15 million and valued Hyzon at around $200 million," it reports.
What's next: Hyzon says it plans to deliver around 5,000 fuel cell trucks and buses over the next three years from its facilities in North America, Europe and Asia. The company, a spinoff out of Singapore-based Horizon Fuel Cell Technologies, says it currently has roughly 400 trucks and buses on the roads - Link
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