Hydrogen-powered heavy-duty truck company Hyzon Motors said Wednesday 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 $500 million — and growing customer orders to take it to positive cash flow.
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 - link - Aria Alamalhodaei - link - more like this (H2) - link - more like this (trucks) - link
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