The Hyzon 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).

On December 23, 2024, the company issued a “Worker Adjustment and Retraining Notification (WARN) Act” which notified employees at its Bolingbrook, Illinois, and Troy, Michigan, facilities, of potential layoffs. These notices initiate a 60-day period before workforce reductions take effect, with layoffs expected to be completed by February 2025 if the company cannot secure additional funding.

Deliveries are set to start in Q4 2025 with the trucks built in partnership with Iowa-based family-run refuse and recycling truck body manufacturer New Way Trucks.

The single stack fuel cell is aimed at the heavy-duty CV market, including refuse vehicles. Hyzon says the new 200kW system is a major improvement over previous versions, offering 20% more range per kilogram of hydrogen compared with the 120kW model and reducing both volume and weight by about roughly 30%.

Hyzon has 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 will deliver groceries to retail stores in Southern California, USA.

The company has appointed Dr Christian Mohrdieck as Chief Technology Officer (CTO), effective immediately. Hyzon stated that Mohrdieck will oversee all product commercialisation, specifically focusing on the start of production of its single-stack 200kW Fuel Cell System (FCS), scaling up manufacturing and advancing the company’s R&D operations.

The company has appointed Stephen Weiland as the new Chief Financial Officer (CFO), taking over from interim CFO, Jiajia Wu, who is to transition to the role of Senior Vice President of Finance and Accounting.

Hyzon announced plans for a two-vehicle commercial trial with New Zealand’s largest truck operator, the TR Group, beginning in March 2024. Hyzon will power two FCEVs, fitted with its single-stack 200kW fuel cell system which will be deployed for three months.

The company has appointed Erik Anderson as the new Chairman of the Board of Directors, taking over from George Gu who will step down on August 24, 2023. Additionally, the Board has elected Andrea Farace to serve as Vice Chairman of Hyzon’s Board.

Over the course of this six-month trial, Hyzon’s FCEVs accumulated over 109,000 km (68,000 miles) and 2,900 hours of fuel cell run-time providing valuable data on fuel efficiency, vehicle durability and maintenance requirements.

In his role as Chair of the Audit Committee, Foulston will be expected to secure the financial stability of the company whilst ensuring that it remains on track for the series production of its new 200kW fuel cell system in 2024.

The system was announced last year and is expected to generate 200 kW of power from a single stack, enabling 20 per cent more range per kilogram of hydrogen compared to the 120-kW system, which significantly improves the total cost of ownership of H2 trucks.