BOLINGBROOK, Ill. - Hyzon Motors Inc. (NASDAQ: NASDAQ:HYZN), a hydrogen fuel cell technology company, reported significant operational milestones in its fourth quarter 2023 financial results, including the delivery of its first commercial heavy-duty fuel cell electric truck (FCEV) in the United States. This marks the company's entry into the U.S. drayage market, with the vehicle operating at the ports of Los Angeles and Long Beach, California.
The company, focused on zero-emission power and decarbonization of heavy industries, has successfully delivered four FCEVs to Performance Food Group (NYSE:PFGC) at its Vistar facility in California. Additionally, Hyzon has commenced a trial deployment of a fuel cell electric waste collection truck with REMONDIS Australia, and in collaboration with New Way Trucks, they are accelerating a refuse program in North America.
Hyzon's technological advancements include progressing its 200kW fuel cell system from B-sample to C-sample development phase, a precursor to the planned start of production in the second half of 2024.
The company develops key components for its fuel cell systems at its Bolingbrook facility, expecting to reach a capacity of 700 systems over three shifts at SOP with less than $5 million in remaining capital expenditures.
The financial report also highlighted a reduced net cash burn to $25.5 million for the quarter, the fourth consecutive quarter of decline. As of December 31, 2023, Hyzon's unrestricted cash, cash equivalents, and short-term investments totaled $112.3 million.
Dr. Christian Mohrdieck, with extensive experience in the fuel cell industry, has been appointed as Hyzon's Chief Technology Officer. The company remains committed to enhancing operational efficiencies and financial discipline while advancing its fuel cell technology and commercialization efforts.
Hyzon's management team will be hosting a conference call to discuss these results and provide updates on the company's progress and outlook. The information presented in this article is based on a press release from Hyzon Motors Inc.
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