Enough for a turnaround? | Hyzon Motors deployed 19 hydrogen trucks across three continents in 2023
Production on 200kW fuel cell systems will start in 2024, says CEO, but stock price remains in the doldrums
Nearly two years after falsely claiming it had received revenues for sales of 87 hydrogen trucks — which resulted in a hefty $25m fraud case settlement with financial regulators — US truckmaker Hyzon has finally logged its first annual tally of hydrogen-powered vehicles sales.
Hyzon has deployed 19 of its fuel cell-powered trucks (FCEVs) across three continents, including five in the US, three in Europe and 11 in Australia during last year.
Although Hyzon is receiving cash payments for the deployed vehicles, it is as yet unable to log official revenue for most of them, as they must be signed off by customers as fully operational in order to do so.
The company also reported progress on its 200kW fuel cell stack, which it hopes to bring into production in 2024, as well as trialling its first 200kW FCEVs.
The deployment represents something of an operational turnaround for Hyzon, which has had a turbulent year following the Securities and Exchange Commission’s fraud case against it, a tanking share price and a fall-out with its European partner which ultimately led to a buy-out and the closure of its European factory.
Hyzon Motors told Hydrogen Insight in November that it is receiving recognised revenue on just one vehicle, for a drayage (shipping to road freight) customer in Los Angeles in the US, which will be counted as official revenue in the company’s Q4 2023 results, due in the coming weeks.
The remaining vehicles, which are deployed under commercial agreements, will be reported as revenue in future quarters.
Hyzon’s share price remains in the doldrums, sitting at around $0.76 per share, falling from $2.35 a year ago and an all-time high of $16.50 in February 2021.
As the current share price has been below the $1 floor set by the index on which the company is listed, Nasdaq, since 7 December, Hyzon is now at risk once again of being delisted.
However, Nasdaq, which usually requires a share price of $1 or higher at least once in every 30 days, has not yet issued a public statement on the matter.