Hyzon Motors announces realigning of strategic priorities

Hyzon announced that after a comprehensive review of Hyzon’s business operations, Hyzon has started realigning its strategic priorities along several lines to focus on the company’s core North American markets and the refuse industry. In addition to the company’s previously disclosed efforts to secure capital, the company announced that it has retained PJT Partners as its financial advisor to lead the ongoing capital raise efforts including via capital markets transactions, and to explore a full range of strategic options for the company, which could potentially include a sale of the company and/or a divestiture of its Europe and Australia/New Zealand businesses and subsidiaries, amongst other alternatives. As the company explores such strategic alternatives, it will continue to focus on cost reduction efforts and managing liquidity, including a reduction in work force or other strategic transactions and/or measures. The realignment process will allow Hyzon to focus its financial resources and investments, better position its first-to-market, single stack 200kW, fuel cell technology in its zero emissions North American Class 8 and refuse truck FCEV platforms as it prepares to launch its significant large fleet trial programs on both platforms in the U.S. and Canada this summer.