Hyzon is set to be liquidated
By Luke Willetts - 14th January 2025
USA – Earlier this year Hyzon Motors Inc*, a manufacturer of hydrogen-powered commercial vehicles based in Bolingbrook Illinois, announced that it would be laying off workers at its Bolingbrook, Illinois, and Troy, Michigan, facilities if the company could not secure additional funding. Things have spiralled as the Board of Directors announced that they have unanimously approved a plan to dissolve the company and liquidate its assets, pending shareholder and regulatory approval. A mandatory disclosure has been submitted to the US Securities and Exchange Commission (SEC). This decision follows significant financial challenges, including an inability to secure sufficient funding and uncertainties regarding government subsidies, which have hindered the company's operations and growth prospects.
In 2024, the company delivered its first four heavy-duty Fuel Cell Electric Vehicles (FCEV) to American food distributor, Performance Food Group. With a range of 350 miles (563 km) and an expected refuelling time of 15 minutes, these vehicles are currently delivering groceries to retail stores in Southern California, USA.