© Hyzon Motors
© Hyzon Motors

Hyzon delivers four hydrogen trucks to PFG amid fresh listing concerns

Hyzon Motors has delivered four hydrogen fuel cell trucks to Performance Food Group (PFG) ahead of Californian deployment – while the hydrogen fuel cell and truck firm faces new delisting concerns.

The four trucks, equipped with hydrogen a fuel cell powertrain system, are set to be used as part of PFG’s fleets, delivering food and drink products to its customers.

With an expected range of 350 miles and a refuelling time of around 15 minutes with fast fill dispensing, the vehicles will be fuelled with hydrogen delivered by Pilot Travel Centres.

It comes after the companies signed an agreement for the supply of five trucks in June 2023, with potential of expanding to 50 trucks in the future.

The pair also completed a commercial test run of it’s a truck running on liquid hydrogen in August 2023, travelling over 540 miles on a 16-hour run.

Read more: First commercial test run of Hyzon’s liquid hydrogen-powered truck successful

Parker Meeks, CEO of Hyzon Motors, said the new deployments came as a “major milestone” for the company’s technology, as the firm continues to work on developing its 200kW single stack fuel cell system.

Read more: One system doing the job of two: Hyzon’s 200kW single stack fuel cell

However, the deployment followed notice from the Nasdaq Stock Market on January 23 that Hyzon was at risk of delisting, after its share prices failed to meet the stock market’s minimum bid price of $1/share for 30 consecutive days.

At the time the notice was given, the company’s share price was just $0.6099, having fallen from a year-to-date high of $2.22 in March 2023.

Hyzon has 180 calendar days to regain compliance with the listing rules by July 22, 2024, where it will have to hold a minimum share price of $1 for 10 consecutive business days.

If the company does not meet the requirement by then, it could be given a further 180 day period to regain compliance.

The latest listing concerns come after a period at the US firm that in the words of Meeks “drove the company to transform itself.”

You can read the whole Hyzon story below:

The year that rocked and reshaped Hyzon Motors

© Hyzon Motors

The tale of Hyzon Motors is one of a quick rise to success, followed by struggles within its operations, which in the words of CEO Parker Meeks, drove it to transform itself.

Springing into life at the start of the Covid-19 pandemic in March 2020, the Rochester, New York-headquartered hydrogen fuel cell and truck firm quickly grabbed headlines, basing its hydrogen-powered drives on technology developed by Singapore’s Horizon Fuel Cell Group.

In its first year, the company took the market by storm, carrying out an aggressive and ambitious commercialisation plan, securing partnerships with the likes of Raven SR, Hiringa Energy, TC Energy and Woodside, as well as launching Australian and European businesses.

For over two years, all seemed bright at Hyzon. New contract announcements, big partnerships and vehicle deliveries were commonplace. But in August 2022, a series of events came to light that would force Hyzon’s hand to fundamentally change its board, senior management team and strategic focus

Click here to keep reading.

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