Hyzon, a maker of hydrogen-powered big rigs, buses and coaches, is the latest in a string of clean-energy vehicle startups to pursue SPAC mergers. Investor interest has intensified since U.S. startup Nikola Corp. went public in June in a deal with blank-check company VectoIQ Acquisition Corp.
Despite having no meaningful revenue, Nikola’s market value surged as high as $28.8 billion before sliding back to its current valuation of about $9 billion.
Hyzon was spun out of Singapore-based Horizon Fuel Cell Technologies, which has been developing fuel cell technology for commercial applications for almost 20 years. The startup, whose investors include Total SE, is headquartered at a former General Motors facility near Rochester in Honeoye Falls, N.Y.
In July, Hyzon announced plans for a plant in the Netherlands as part of a joint venture with Holthausen Clean Technology. It also has unspecified manufacturing activities with an undisclosed partner in Shanghai and operations elsewhere in Asia and in Australia.
In August, Hyzon reached a deal with Australian mining company Fortescue Metals Group to build a fleet of hydrogen fuel cell buses.
Hyzon already has more than 400 commercial vehicles on the road using its fuel cell technology, according to the company. It expects to deliver about 5,000 fuel cell-powered trucks and buses by 2023 and is targeting annual capacity of around 40,000 fuel cell-electric vehicles by 2025.