Hyzon Motors, a truck startup based in Illinois, has been making strides in the heavy-duty hydrogen fuel cell technology sector. In the second quarter, the company reported a focus on revenue opportunities, particularly in North America. This shift in strategy involved scaling back international ambitions to concentrate on core offerings, such as a line of refuse collection vehicles.
The company’s financial performance in the second quarter showed promising growth, with revenue reaching approximately $313,000 compared to zero reported in the same period last year. Hyzon’s strong first quarter contributed to a total revenue of $10.3 million in the first half of the year. CFO Stephen Weiland highlighted the company’s efforts to raise capital, with a monthly cash burn rate that met or fell below guidance ranges. As of June 30, Hyzon had $55.1 million in cash, cash equivalents, and short-term investments.
One of the key revenue drivers for Hyzon has been its demonstrations with waste companies. In May, the company unveiled a hydrogen fuel cell-powered refuse collection vehicle at WasteExpo, showcasing its joint development agreement with New Way Trucks. This partnership aims to integrate Hyzon’s fuel cell drivetrain with New Way’s automated side loader, offering a lighter weight vehicle with increased payload capacity and comparable range and performance to traditional diesel and CNG trucks.
Hyzon’s focus on proving the viability of hydrogen fuel cell technology in refuse collection has led to scheduled demonstrations with customers in various regions, including Los Angeles, California, and western Canada. Recology, a waste management company in the San Francisco Bay Area, is currently trialing Hyzon’s collection vehicle. The New Way and Hyzon truck boasts an estimated range of at least 125 miles and can handle over 1,200 cart lifts along with trips to the transfer station.
To further support its growth and innovation, Hyzon is actively pursuing federal funding opportunities, including an Advanced Energy Manufacturing and Recycling Grant from the Infrastructure Investment & Jobs Act. This grant, if awarded, could provide $19.9 million with a 50% match structure to expand Hyzon’s manufacturing facility and increase annual fuel cell production beyond its cash flow breakeven rate.
In conclusion, Hyzon Motors‘ focus on revenue opportunities in North America, particularly in the refuse collection sector, demonstrates its commitment to advancing hydrogen fuel cell technology in heavy-duty vehicles. With strategic partnerships, ongoing demonstrations, and potential federal funding, Hyzon is poised to make a significant impact in the industry and drive the adoption of sustainable transportation solutions.