Hydrogen dead end: Hyzon board votes to dissolve company

The board of directors of the troubled hydrogen fuel cell maker has voted to dissolve the company that developed the first HFC garbage truck to North America last spring, pending shareholder approval.

After a promising global start that saw the American startup announce pilot programs that would see its hydrogen fuel cells put to work in transit buses in Brisbane, its tow trucks (above) in Victoria, and five 154-ton severe duty trucks scheduled to service a zinc refinery operation in north Queensland, slow sales and an inability to deliver on its ambitious goals saw the company quit Australia in July.

Now, Hyzon is quitting altogether.

After issuing a WARN letter to employees in December announcing layoff plans, citing an inability to raise funding and the future uncertainty relating to the availability of government subsidies. Now, it appears the Hyzon board of directors has unanimously voted to dissolve the company and liquidate its assets (pending shareholder approval).

Unanimously approved, subject to stockholder approval, the transfer of all or substantially all of the Company’s assets through an assignment for the benefit of creditors, and the liquidation and dissolution of the Company pursuant to a plan of dissolution while continuing to pursue strategic alternatives and potential funding sources intended to maximize the value of its business and assets.

HYZON, IN A STATEMENT TO NASDAQ

If Hyzon is unable to find a buyer or an patient, bullish customer soon, expect all of Hyzon’s staff at its Bolingbrook, Illinois and Troy, Michigan facilities to be laid off by the end of February 2025.

Electrek’s Take

When I wrote about Hyzon retreating from Australia’s shores, I noted that Australia’s commercial BEV sales were booming. The same is true in the US, as well, with Cox Automotive expecting fully 1 in 4 new cars sold this year to be fully electric.

It seems like the market has spoken, then – and hydrogen has lost.

SOURCE | IMAGES: NASDAQ, via ACT.