What’s going on with HYZN?
Hyzon Motors (HYZN) stock was trading lower after the Rochester, N.Y.-based hydrogen fuel cell-powered commercial vehicle maker announced it signed a memorandum of understanding with RenewH2, a U.S.-basd sustainable hydrogen producer. Shares of HYZN were down 2.97% and trading at $6.85 per share on Thursday afternoon.
The MoU calls for RenewH2 to reform biogenic methane gas to generate hydrogen, which would then be liquefied and delivered to hydrogen fueling stations. The stations are expected to be developed jointly with Hyzon, and located near Hyzon customers to provide consistent fuel delivery.
What does this mean for Hyzon Motors?
Hyzon and RenewH2 are interested in expanding liquid hydrogen infrastructure because it offers major advantages over hydrogen gas and Hyzon recently announced a plan to develop ultra-heavy-duty liquid hydrogen-fueled trucks. Liquid hydrogen is able to provide a higher range for liquid hydrogen vehicles, up to 1,000 miles.
RenewH2 is expected to begin producing hydrogen in its Wyoming facility in 2023, with a capacity of 300 tons per day. The company expects to store and deliver the fuel, and per the MoU, the fuel could be delivered by a fleet of Class-8 Hyzon trucks, owned and operated by RenewH2.
“RenewH2 is excited about the opportunity to work with Hyzon Motors Inc. to provide an end-to-end hydrogen solution that will have a significant impact on the reduction of carbon emission,” said David Martineau, CEO, RenewH2.
“By aligning the production of hydrogen with the fueling infrastructure and the end-consumer – hydrogen-powered trucks – this partnership addresses the chicken-and-egg problem that has prevented broad-scale hydrogen adoption,” said Hyzon CEO Craig Knight. “This type of collaboration is crucial to accelerating decarbonization.”
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