Company reviewing international markets for
consolidation while advancing strategic alternatives
assessment
BOLINGBROOK, Ill., June 24,
2024 /PRNewswire/ -- Hyzon (NASDAQ: HYZN) (Hyzon or
the Company), a U.S.-based manufacturer and global supplier of
high-performance hydrogen fuel cell systems focused on providing
zero-emission power to decarbonize the most demanding industries,
today announced that after a comprehensive review of Hyzon's
business operations, Hyzon has started realigning its strategic
priorities along several lines to focus on the Company's core North
American markets and the refuse industry.
![Hyzon logo (PRNewsfoto/Hyzon) Hyzon logo (PRNewsfoto/Hyzon)](https://mma.prnewswire.com/media/2360197/Hyzon_Logo.jpg)
In addition to the Company's previously disclosed efforts to
secure capital, the Company announced that it has retained PJT
Partners as its financial advisor to lead the ongoing capital raise
efforts including via capital markets transactions, and to explore
a full range of strategic options for the Company, which could
potentially include a sale of the Company and/or a divestiture of
its Europe and Australia/New
Zealand businesses and subsidiaries, amongst other
alternatives. As the Company explores such strategic alternatives,
it will continue to focus on cost reduction efforts and managing
liquidity, including a reduction in work force or other strategic
transactions and/or measures.
The realignment process will allow Hyzon to focus its
financial resources and investments, better position its
first-to-market, single stack 200kW, fuel cell technology in its
zero emissions North American Class 8 and refuse truck FCEV
platforms as it prepares to launch its significant large fleet
trial programs on both platforms in the U.S. and Canada this summer.
About Hyzon
Hyzon is a global supplier of
high-performance hydrogen fuel cell technology focused on providing
zero-emission power to decarbonize demanding industries. With
agile, high-power technology designed for heavy-duty applications,
Hyzon is at the center of a new industrial revolution fueled by
hydrogen, an abundant and clean energy source. Hyzon focuses on
deploying its fuel cell technology in heavy-duty commercial
vehicles across North America,
Europe, and Australia/New
Zealand today and in tomorrow's power generation and energy
storage, mining, construction, rail, marine, and airport
ecosystems. To learn more about how Hyzon partners across the
hydrogen value chain to accelerate the clean energy transition,
visit www.hyzonfuelcell.com.
Forward-Looking Statements
This press release includes
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements include,
but are not limited to, express or implied forward-looking
statements relating to Hyzon's ability to pursue and enter into a
strategic transaction, raise additional capital, and achieve the
goals and benefits of its cost cutting and liquidity management
initiatives. You are cautioned that such statements are not
guarantees of future performance and that the Company's actual
results may differ materially from those set forth in the
forward-looking statements. All of these forward-looking statements
are subject to risks and uncertainties that may change at any time.
Factors that could cause the Company's actual expectations to
differ materially from these forward-looking statements include the
Company's ability improve its capital structure; Hyzon's liquidity
needs to operate its business and execute its strategy, and related
use of cash; its ability to raise capital through equity issuances,
asset sales or the incurrence of debt; Hyzon's ability to fully
execute actions and steps that would be probable of mitigating the
existence of substantial doubt regarding its ability to continue as
a going concern; our ability to enter into any desired strategic
alternative on a timely basis, on acceptable terms; our ability to
maintain the listing of our common stock on the Nasdaq Global
Select Market; our ability to retain or recruit, or changes
required in, our officers, key employees, or directors; retail and
credit market conditions; higher cost of capital and borrowing
costs; impairments; changes in general economic conditions; and the
other factors under the heading "Risk Factors" set forth in the
Company's Annual Report on Form 10-K, as supplemented by the
Company's quarterly reports on Form 10-Q and current reports on
Form 8-K. Such filings are available on our website or at
www.sec.gov. You should not place undue reliance on these
forward-looking statements, which are made only as of the date
hereof. The Company undertakes no obligation to publicly update or
revise forward-looking statements to reflect subsequent
developments, events, or circumstances, except as may be required
under applicable securities laws.
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SOURCE Hyzon