Hyzon Motors (HYZN) stock is surging today after the company announced an important deal. The fuel cell technology producer has confirmed that it has entered into a purchase agreement with GreenWaste. As part of it, Hyzon will provide the recycling company with 12 hydrogen-powered refuse Fuel Cell Electric Vehicles (FCEVs), the first ones sold in North America.
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This deal is contingent on Hyzon being able to meet certain requirements specified in the purchase agreement. But if it moves forward with no complications, this could be the start of a new chapter for Hyzon, a company that could use a growth-driving catalyst.
What’s Happening with Hyzon Stock?
The market’s reaction to news of this deal suggests that investors are happy to see Hyzon finally moving forward after a difficult year. HYZN stock has risen more than 27% today and it looks primed to continue this upward trajectory. However, shares are still down 67% over the past three months and the penny stock has a lot of ground to make up.
Even so, this new deal with GreenWaste bodes well for Hyzon, as it means the company finally has a partner to commercially operate its trucks. If GreenWaste orders more in the future, other companies could follow suit, allowing Hyzon to procure a niche for itself in the recycling and waste management industry.
Hyzon CEO Peter Meeks is optimistic about the company’s future. In a statement released by Hyzon today, he noted that “It is clear hydrogen-powered refuse collection demand is growing, powered by Hyzon’s high-performance hydrogen fuel cells.”
Is Hyzon Stock a Buy, Sell, or Hold?
Due to its penny stock status, most Wall Street analysts have not issued ratings or price targets for Hyzon. As such, it is difficult to assess if it is a Buy, Sell, or Hold. The last rating it received came from Roth MKM on May 14, 2024, when analyst Craig Irwin reiterated a Buy rating and set a price target of $80. Since then, shares have fallen roughly 98%.
