Hydrogen fuel cell-powered vehicle manufacturer Hyzon Motors (HYZN) is a relatively new player in the automotive industry. The company has had an influx of orders for its breakthrough hydrogen-powered vehicles despite being an early-stage company. However, with no revenue history and declining profit margins, is HYZN a sound investment bet now? Read more to find out.Pure play hydrogen mobility company Hyzon Motors USA Inc. went public through a reverse merger with Decarbonization Plus Acquisition Corporation on July 16. The combined company, named Hyzon Motors Inc. (HYZN), began trading on the Nasdaq stock exchange on July 19.
The Honeoye Falls, N.Y.-based company raised $559 million in primary capital through this business combination. Regarding its SPAC listing, Hyzon CEO Craig Knight said, “Our public listing will foster greater awareness that the future of commercial transportation—hydrogen fuel cell-powered vehicles—is today’s reality. It’s the beginning of a new chapter in the history of Hyzon as we accelerate the transition to hydrogen commercial transport worldwide and advance our commitment to reducing carbon emissions in a sector that is one of the largest contributors to climate change.”
The stock opened at $9.70 on its first trading session, which was 34.3% above its $7.22 pre-listing price. However, it has since declined 19% in price and is currently trading below its 200-day moving average of $10.50.