Hyzon to pull out of Australia

U.S. based manufacturer and supplier of hydrogen fuel cell systems, Hyzon, has announced that after a comprehensive review of its business operations, the company has "started realigning its strategic priorities along several lines to focus on the Company’s core North American markets and the refuse industry".

In a press statement released this week, Hyzon said: "In addition to the Company’s previously disclosed efforts to secure capital, the Company announced that it has retained PJT Partners as its financial advisor to lead the ongoing capital raise efforts including via capital markets transactions, and to explore a full range of strategic options for the Company, which could potentially include a sale of the Company and/or a divestiture of its Europe and Australia/New Zealand businesses and subsidiaries, amongst other alternatives."

Hyzon added that it will continue to focus on cost reduction efforts and managing liquidity, including a reduction in work force or other strategic transactions and measures.

The realignment process will allow Hyzon to focus its financial resources and investments, better position its single stack 200kW, fuel cell technology in its zero emissions North American Class 8 and refuse truck FCEV platforms as it prepares to launch its fleet-trial programs in the U.S. and Canada this summer.

Lately, here in Australia, Hyzon under a partnership agreement struck with the RACV in 2022, established a regional HQ in the Melbourne suburb of Noble Park, which includes corporate offices, showroom, assembly warehousing, and workshop.

Hyzon also collaborated with Remondis Australia to trial one of the world’s first zero emission waste collection trucks as part of its commercial operations.

However, the company has recently be struggling with liquidity problems and a savage downturn in its share price.