Artist's impression of a Hyzon heavy-duty truck. Source: Hyzon
Hyzon Motors set to merge, ahead of listing
New York fuel cell vehicle company has secured finance for ambitious expansion programme
Hyzon Motors, a hydrogen fuel cell heavy vehicle company, has announced plans to go public via a merger with Decarbonization Plus Acquisition Corporation (DCRB). DCRB, an investment vehicle affiliate of multinational private equity firm Riverstone Holdings, will combine businesses with Hyzon in a $2.1bn deal. Upon completion, the company will have up to $570mn of cash on its balance sheet. New York state-based Hyzon forecasts that its revenue will grow from $37mn on 85 units sold in 2021 to $3.3bn in revenue on nearly 10,000 units sold during 2025. The new entity is expected to list on Nasdaq. DCRB says Hyzon’s revenue model was what made the company so attractive for a merger. It is not dep
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