Hyzon Motors is set to deliver the first set of fuel cell trucks to its buyers within Europe. The manufacturer is also gearing for the launch of its first customer trials in the United States.
The immediate plan is to deliver the first 85 fuel cell trucks into the region before the close of 2021.
Hyzon announced these plans during an event held to present its Q2 earnings to its investors and stakeholders, although it declined to name its first clients. The firm however indicated that the first set of trucks will be assembled at its European headquarters in Groningen in the Netherlands.
“A lot of customers are getting the first fuel cell vehicles they’ve ever seen in the next six to 12 months,” CEO Craig Knight said during the quarterly earnings conference call. “This is a real kind of technology validation process and customers need to feel comfortable that the vehicles will work well in their use case.”
The firm’s CFO Mark Gordon said Hyzon has a backlog of orders and letters of intent. The monetary value of backlogs also rose from US$55m in April to US$83m (the equivalent of 47 million to 70.5 million euros).
Hyzon also plans a merger with Decarbonization Plus Acquisition Corp, a SPAC deal that will make the firm a publicly traded company and also grant it access to US$500m in fresh capital. This will raise its available capital to US$517m, putting it on track to reach free cash flow by 2024.
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