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).

In late December 2024, Lion Electric obtained creditor protection under the Companies' Creditors Arrangement Act (CCAA) in Canada and filed for Chapter 15 bankruptcy in the United States.

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.

By restructuring the business, Northvolt hopes to raise a total of USD245m in new financing, including USD145m in cash collateral and USD100m of debtor-in-possession finance from an existing customer.

On 25 October, the entire Board of Directors at the Canadian manufacturer resigned from their positions, following the grant of a petition for receivership of the company by the Royal Bank of Canada.

The reason: Hino Motors concluded that it is “unlikely that the business of Shanghai Hino will grow in a sustainable manner” due mainly to growing sales of electric-powered commercial vehicles and construction machinery in China.

This move came as the company struggled with debts exceeding USD 35 million, prompting them to seek assistance in managing their financial challenges​. The company currently has manufacturing plants in Queensland and South Australia, producing diesel, hybrid and zero-emission buses.

In June, Phan Phạm Hà, the company’s General Director was arrested for financial management violations – causing the company’s stock price to plunge.

The administrators (ReSolve Advisory Ltd) announced that after this failure, the majority of the staff have been made redundant as the company prepares for an asset auction.

Through a special-purpose entity, “Zevx Liquidation LLC”, Resolution is running two sales processes in parallel: an auction of ZEVx equipment at its location in Gilbert, Arizona; and a separate sale of the company’s intellectual property. Attached to this article is a sale memorandum, providing details of the intellectual property and assets on offer.

ReSolve Advisory Ltd has been appointed as administrator as the company searches for interested partners and investors.

No further details have been announced, except that the two partners will initially keep between 650 and 950 Van Hool workers in employment.