Hyzon Motors, the truck startup producing heavy-duty hydrogen fuel cell technology, reported it continued to focus on revenue opportunities in the second quarter. It previously announced a plan to shrink its international ambitions and focus on core offerings in North America, including a line of refuse collection vehicles.
The Illinois-based truck manufacturer reported a modest revenue of about $313,000 in the second quarter, compared with zero reported in the second quarter of last year. A strong first quarter meant that Hyzon generated $10.3 million in revenue through the first half of the year.
CFO Stephen Weiland said the company is pursuing multiple opportunities to raise capital, and has retained financial advisor PJT Partners for that effort. Hyzon's monthly cash burn was "at or below the low-end of our guidance ranges," with net cash burn of $27.5 million for the second quarter, Weiland said. Its cash, cash equivalents and short term investments totaled $55.1 million as of June 30.
The company is also pursuing multiple federal funding opportunities, including an Advanced Energy Manufacturing and Recycling Grant from the Infrastructure Investment & Jobs Act. That grant could provide $19.9 million with a 50% match structure to expand Hyzon’s current manufacturing facility. If it receives that grant, Hyzon believes it would boost annual fuel cell production beyond its cash flow breakeven rate.
Hyzon also reported 25 trials of its 200-kilowatt Class 8 and refuse collection vehicles through January 2025 in its earnings report.
Hyzon has touted its demonstrations with waste companies as it seeks to grow revenue. The company debuted a hydrogen fuel cell-powered refuse collection vehicle at WasteExpo in May. That truck was produced as part of a joint development agreement with New Way Trucks, which was first announced in February.
“Refuse collection presents an ideal application to showcase the viability of hydrogen fuel cell technology across the environmental services industry,” New Way Chief Product Officer Eric Evans said in a release on Aug. 12. “Integrating the performance and functionality of our New Way Sidewinder automated side loader and the consistent and regenerative power of Hyzon’s hydrogen fuel cell drivetrain offers a lighter weight refuse vehicle with more payload, compared to battery electric, and similar range and performance as the diesel and CNG trucks in customers’ fleets.”
Hyzon previously provided demonstrations of its refuse collection capabilities in Australia. It now says it's scheduled demonstrations with customers in Los Angeles, other parts of California and western Canada. Recology is trialing Hyzon's collection vehicle in the San Francisco Bay Area starting this month, per Hyzon's earnings report.
The New Way and Hyzon truck has an estimated range of "at least 125 miles" and is capable of "at least 1,200 cart lifts along with trips to the transfer station," per a release touting the partnership.
Proving that range in a variety of environments will be key to encouraging wider adoption of hydrogen fuel cell technology. Earlier this year, CEOs of multiple waste companies said at WasteExpo that they were holding off on battery-electric collection vehicles because they wanted to see a model that could run a 125-mile route. Range anxiety has also cropped up for CNG vehicle manufacturers, though new technology is expected to assuage those concerns somewhat.
Disclosure: WasteExpo is run by Informa, the owner of Waste Dive’s publisher, Industry Dive. Informa has no influence over Waste Dive’s coverage.
