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Hyzon Motors, a global supplier of commercial vehicles driven by hydrogen fuel cells, is a leading contender in its field, having already delivered around 500 fuel cell electric vehicles (FCEVs) in 2020 through its parent company and partners. Now, the company is upping the ante with the imminent launch of FCEVs under its own brand name.
For those unfamiliar with Hyzon Motors’ operational model, the company produces some of the most efficient hydrogen fuel cells currently on the market. To wit, the G2 Titan Stack offers a power density of 1.2 W/cm², just behind the Toyota Mirai. However, the G3 Titan Stack, which is currently under testing, offers a power density of 1.5 W/cm², surpassing the capability of all other fuels in the market. Moreover, the Titan’s stacked design offers superior volumetric efficiency, which serves to reduce the overall cost. Moreover, the company is also planning to establish hydrogen hubs where green electricity would be used to produce hydrogen gas from electrolysis. In order to obtain this electricity, the company plans to use the decomposition of organic matter to produce syngas, which in turn would drive microturbines.
This brings us to the crux of the matter. On the 10th of March 2021, Hyzon Motors’ CEO, Craig Knight, participated in a fireside chat with Jeff Osborne, managing director and senior research analyst at Cowen. During the chat, Mr. Knight revealed that Hyzon Motors was about to launch its branded FCEVs in Europe in the current quarter:
“So, you mentioned in terms of early movers, obviously Hyzon is aiming to have vehicles – we’re launching vehicles this quarter, actually, in Europe – Hyzon-branded vehicles in Europe. Yeah, we aim to have about 5,000 commercial vehicles on the road before the end of 2023, and we do believe that that is a substantial early mover advantage in the market that will enable us to continue iterating on the core base of technology that’s got us into this position in the first place. And continue to help us expand up by being an early adopter.”
Of course, Hyzon Motors is pursuing a shrewd strategy by focusing on commercial FCEVs – including Class 8 trucks. The weight of the batteries required to propel these trucks for a commercially feasible distance is quite prohibitive at the moment. Consequently, FCEVs are an attractive alternative to BEVs in this sphere. The following slides, sourced from Hyzon Motors’ investor presentation deck, details its FCEV’s cost dynamics:
Readers should note that Hyzon Motors is slated to go public by merging with the SPAC Decarbonization Plus Acquisition Corp. (NASDAQ:DCRB) in Q2 2021. Unlike the majority of SPAC mergers these days, Hyzon Motors is already generating revenue. For FY 2021, the company expects to generate $37 million in revenue. Moreover, Hyzon Motors is expected to turn profitable – on an EBITDA basis – by 2023 and, by 2025, its full-year revenue is expected to exceed $3.2 billion.