Hyzon Realigns Corporate Strategy to Focus on Core Markets in North America and the Waste Industry
The company is evaluating strategic alternatives and is exploring international markets for consolidation.
BOLINGBROOK, Ill. , June 24, 2024 /PRNewswire/ — Hyzon (NASDAQ: HYZN) (Hyzon or the Company), a U.S. manufacturer and global supplier of high-performance hydrogen fuel cell systems focused on providing zero-emission power to decarbonize the most demanding industries, today announced that after a comprehensive review of Hyzon’s business operations, it has begun to realign its strategic priorities along several lines to focus on the Company’s core North American market and the waste management industry.
In addition to its previously announced efforts to secure capital, the company announced that it has retained PJT Partners as financial advisor to lead efforts to raise capital through capital markets transactions and to explore various strategic options, including a sale of the company and/or its European and Australia/New Zealand operations and subsidiaries. As the company explores these strategic options, it will continue to focus on cost reduction efforts, including workforce reductions and other strategic transactions and actions, and liquidity management.
This restructuring process will enable Hyzon to focus its financial resources and investments to better position its first-to-market, single-stack 200kW fuel cell technology on its zero-emission North American Class 8 and refuse truck FCEV platforms, and prepare to launch a large-scale fleet testing program on both platforms this summer in the U.S. and Canada.
About Hyzon
Hyzon is a global supplier of high performance hydrogen fuel cell technology focused on providing zero-emission power for the decarbonization of demanding industries. With agile, high-power technology designed for heavy-duty applications, Hyzon is at the center of a new industrial revolution fueled by an abundant, clean source of energy: hydrogen. Hyzon is currently focused on deploying its fuel cell technology in heavy commercial vehicles in North America, Europe and Australia/New Zealand, with future deployments in power generation, energy storage, mining, construction, rail, marine and airport ecosystems. To learn more about how Hyzon is partnering across the hydrogen value chain to accelerate the transition to clean energy, visit www.hyzonfuelcell.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, express or implied forward-looking statements regarding Hyzon’s ability to pursue and close strategic transactions, raise additional capital and achieve the objectives and benefits of its cost reduction and liquidity management initiatives. Please note that these statements are not guarantees of future performance and our actual results may differ materially from those expressed in the forward-looking statements. All these forward-looking statements are subject to risks and uncertainties that may change at any time. Factors that could cause our actual expectations to differ materially from these forward-looking statements include our ability to improve our capital structure, our liquidity needs for Hyzon’s business operations and execution of our strategy and the related uses of cash, our ability to raise capital through equity issuances, asset sales and incurring debt. Hyzon’s ability to fully implement measures and steps that may alleviate significant doubts about its ability to continue as a going concern, its ability to enter into desired strategic alternatives on a timely and acceptable basis, its ability to maintain the listing of its common stock on the Nasdaq Global Select Market, requirements to retain, hire or change its officers, key employees or directors, retail and credit market conditions, increases in its cost of capital and borrowing costs, impairments, changes in general economic conditions and other factors under the heading “Risk Factors” contained in the Company’s Annual Report on Form 10-K (supplemented by its Quarterly Reports on Form 10-Q and Current Reports on Form 8-K). These filings are available on the Company’s website or at www.sec.gov. Undue reliance should not be placed on these forward-looking statements, which are made only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect subsequent developments, events or circumstances, except as required by applicable securities laws.
Source Hyzon
