Hyzon, a US-based manufacturer and global hydrogen fuel cell supplier, has said it is completing its assessment of the challenging market conditions across Europe and Australia.
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Consequently, it has announced it will halt its sales operations in the Netherlands in Australia.
In comparison to North American efforts to accelerate the hydrogen transition and adoption of zero-emission, fuel cell technology, the firm said the government support for fuel cell-powered transportation in Europe and Australia has waned, including the disbandment in many European countries of hydrogen subsidies.
The company said it currently intends to maintain the potential to return to the European and Australian markets as a fuel cell system supplier to Original Equipment Manufacturers (OEMs).
In March, Hyzon launched its single stack 200kW fuel cell system and powertrain in a heavy-duty commercial vehicle application in Australia.
Hyzon launches 200kW fuel cell system and powertrain
Hyzon Chief Executive Officer Parker Meeks said: “I would like to express my utmost gratitude to our dedicated European and Australian teams who have tirelessly worked toward advancing the hydrogen transition. This was a complex and difficult decision.”
In connection with the planned exit activities, Hyzon expects to incur charges of approximately $17 million, of which approximately $7 million is expected to be in cash.
It expects to incur these costs in the second and third quarters of 2024 and make the related cash payments in the Q3 and Q4 of 2024.
