Hyrodgen truck company Hyzon begins trading on Nasdaq with big valuation
New York-based hydrogen truck company Hyzon Motors has begun trading on the Nasdaq Global Select market under the ticker symbol “HYNZ” in a move the company hopes will accelerate its hydrogen-fuelled growth. Coming in the wake of a flurry of announcements – including several purchase agreements for the company’s “heaver than the Space Shuttle” hydrogen trucks – its Class A Common Stock commenced trading on the Nasdaq Global Select market on Monday with a market value of £US2.7 billion The move to go public was fostered by a merger with special purpose acquisition company Decarbonization Plus Acquisition Corporation – an increasingly common method for zero-emission mobility companies to go public, bypassing a traditional Initial Public Offering (IPO).
Announced earlier this year but finalised in late-June, the merger with special purpose acquisition company – a listed company with no commercial operations formed solely to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company – served to value the new company at £US2.7 billion. “This exciting step marks the starting line for Hyzon Motors,” said CEO Craig Knight. “Our public listing will foster greater awareness that the future of commercial transportation – hydrogen fuel cell-powered vehicles – is today’s reality. “It’s the beginning of a new chapter in the history of Hyzon, as we accelerate the transition to hydrogen commercial transport worldwide, and advance our commitment to reducing carbon emissions in a sector that is one of the largest contributors to climate change.”
Hyzon Motors, a spin-off from Singapore based Horizon Fuel Cell Technologies, is a global supplier of zero-emissions hydrogen fuel cell-powered commercial vehicles, including heavy-duty trucks, buses, and coaches. It has operations in Europe, Singapore, Australia, and China, and aims to produce zero-emission heavy-duty trucks and buses for customers across North America, Europe, Asia, and Australia. Already this month Hyzon announced it has signed several agreements to supply what is expected to be the world’s heaviest zero-emissions truck on record, at twice the weight of the Space Shuttle.
Specifically, Hyzon signed a Memorandum of Understanding (MoU) with an unnamed European heavy-lift, transport, and rigging group to supply one of its hydrogen fuel cell-powered trucks, which weigh in at 154-tonnes, fully loaded, and are considered to be the industry’s heaviest, providing 480-kilowatts of power.
When fully loaded, this makes the truck twice as heavy as an empty Space Shuttle.
A few days later, Hyzon announced that they had signed a second supply agreement for their 154-tonne hydrogen fuel cell-powered truck, this time with Ark Energy Corporation, the Australian subsidiary of the world’s largest zinc, lead, and silver producer, Korea Zinc.
- ^ earlier this year (thedriven.io)
- ^ in late-June (hyzonmotors.com)
- ^ said CEO Craig Knight. (hyzonmotors.com)
- ^ Hyzon announced (thedriven.io)
- ^ Hyzon announced (thedriven.io)
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