US-based manufacturer and supplier of hydrogen fuel cell systems, Hyzon, considers departing Australia as it turns its focus to core North American markets and refuse industry.
In a statement released 24 June, the company outlined that it has undergone a comprehensive review of the business, deciding to realign its strategic priorities to focus primarily on North American operations.
“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,” the company said in the official statement.
The company outlined that it is exploring a range of strategic options, which could include a sale or divestiture of its Australia/New Zealand and European businesses and subsidiaries.
In addition to the Company’s previously disclosed efforts to secure capital, Hyzon announced that it has retained PJT Partners as its financial advisor to lead the ongoing capital raising efforts.
Hyzon says it will continue to focus on cost reduction efforts and managing liquidity as it explores strategic options, including a reduction in workforce among other measures.
