Hyzon Motors, a New York-based hydrogen-powered truck company, has started trading on the Nasdaq Global Select market under the symbol “HYNZ,” which the company hopes will accelerate its hydrogen-fueled growth.
Following a wave of announcements – including several purchase deals for the company’s “heavier-than-space shuttle” hydrogen trucks – its Class A common stock began trading on the Nasdaq market. Global Select Monday with a market value of US $ 2. 7 billions
The decision to go public was helped by a merger with the ad hoc acquisition company Decarbonization Plus Acquisition Corporation – an increasingly common method for zero-emission mobility companies to go public, bypassing a public offering traditional initial (IPO).
Announced earlier this year but finalized end of June, the merger with an ad hoc acquisition company – a listed company without commercial operations formed solely to raise capital through an initial public offering (IPO) with the aim of acquiring an existing company – made it possible to value the new company at $ 2.7 billion. .
“This exciting stage marks the starting line for Hyzon Motors”, said CEO Craig Knight. “Our public registration will promote greater awareness that the future of commercial transportation – hydrogen fuel cell vehicles – is today’s reality.
“This is the start of a new chapter in Hyzon’s story as we accelerate the transition to commercial hydrogen transportation around the world and advance our commitment to reducing carbon emissions in a sector which is one of the biggest contributors to climate change. “
Hyzon Motors, a spin-off of Singapore-based Horizon Fuel Cell Technologies, is a global supplier of zero-emission hydrogen fuel cell commercial vehicles, including heavy trucks, buses and coaches.
It operates in Europe, Singapore, Australia and China and aims to produce heavy duty trucks and zero emission buses for customers in North America, Europe, Asia and Australia.
Already this month, Hyzon announced that it has signed several agreements to deliver what is expected to be the world’s heaviest zero-emission truck on record, at twice the weight of the space shuttle.
Specifically, Hyzon signed a Memorandum of Understanding (MoU) with an anonymous European heavy haulage, haulage and rigging group to supply one of its 154-ton hydrogen fuel cell trucks at full capacity. load, and are considered to be the heaviest in the industry, delivering 480 kilowatts of power.
When fully loaded, it makes the truck twice as heavy as an empty space shuttle.
Days later, Hyzon announced that they had signed a second supply agreement for their 154-ton hydrogen fuel cell truck, this time with Ark Energy Corporation, the Australian subsidiary of the world’s largest zinc producer, lead and silver, Korea. Zinc.