Hyrodgen truck company Hyzon begins trading on Nasdaq with big valuation

New York-based hydrogen truck company Hyzon Motors has begun trading on the Nasdaq Global Select market under the ticker symbol “HYNZ” in a move the company hopes will accelerate its hydrogen-fuelled growth. Coming in the wake of a flurry of announcements – including several purchase agreements for the company’s “heaver than the Space Shuttle” hydrogen trucks – its Class A Common Stock commenced trading on the Nasdaq Global Select market on Monday with a market value of £US2.7 billion The move to go public was fostered by a merger with special purpose acquisition company Decarbonization Plus Acquisition Corporation – an increasingly common method for zero-emission mobility companies to go public, bypassing a traditional Initial Public Offering (IPO).

Announced earlier this year[1] but finalised in late-June[2], the merger with special purpose acquisition company – a listed company with no commercial operations formed solely to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company – served to value the new company at £US2.7 billion. “This exciting step marks the starting line for Hyzon Motors,” said CEO Craig Knight.[3]  “Our public listing will foster greater awareness that the future of commercial transportation – hydrogen fuel cell-powered vehicles – is today’s reality. “It’s the beginning of a new chapter in the history of Hyzon, as we accelerate the transition to hydrogen commercial transport worldwide, and advance our commitment to reducing carbon emissions in a sector that is one of the largest contributors to climate change.”

Hyzon Motors, a spin-off from Singapore based Horizon Fuel Cell Technologies, is a global supplier of zero-emissions hydrogen fuel cell-powered commercial vehicles, including heavy-duty trucks, buses, and coaches. It has operations in Europe, Singapore, Australia, and China, and aims to produce zero-emission heavy-duty trucks and buses for customers across North America, Europe, Asia, and Australia. Already this month Hyzon announced[4] it has signed several agreements to supply what is expected to be the world’s heaviest zero-emissions truck on record, at twice the weight of the Space Shuttle.

Specifically, Hyzon signed a Memorandum of Understanding (MoU) with an unnamed European heavy-lift, transport, and rigging group to supply one of its hydrogen fuel cell-powered trucks, which weigh in at 154-tonnes, fully loaded, and are considered to be the industry’s heaviest, providing 480-kilowatts of power.

When fully loaded, this makes the truck twice as heavy as an empty Space Shuttle.

A few days later, Hyzon announced[5] that they had signed a second supply agreement for their 154-tonne hydrogen fuel cell-powered truck, this time with Ark Energy Corporation, the Australian subsidiary of the world’s largest zinc, lead, and silver producer, Korea Zinc.

References

  1. ^ earlier this year (thedriven.io)
  2. ^ in late-June (hyzonmotors.com)
  3. ^ said CEO Craig Knight. (hyzonmotors.com)
  4. ^ Hyzon announced (thedriven.io)
  5. ^ Hyzon announced (thedriven.io)