Horizon Fuel Cell acquires Hyzon’s hydrogen truck IP
Source：H2 view
Horizon Fuel Cell Group has acquired the IP of its collapsed former hydrogen truck spin-out out Hyzon Motors as it looks to continue serving customers.
The Singapore-based technology firm plans to use Hyzon’s IP to continue producing hydrogen trucks and integrating its own fuel cell systems, and serve Hyzon’s customers in the US, Europe, Australia, and New Zealand.
“The acquisition of Hyzon vehicle IP allows us to serve customers and bring new revenue streams to Horizon,” explained George Gu, Chairman of Horizon Fuel Cell Group, who previously chaired Hyzon.
The company has not announced a price for the acquisition.
Having spun out from Horizon in 2020, Hyzon developed heavy-duty trucks and waste disposal vehicles.
The US hydrogen truck maker finally collapsed earlier this year after long-running financial, operations, and governance issues.
Between Q2 2022 and Q1 2023, the firm was out of compliance with listing rules after not posting its results while it investigated its revenue recognition for deliveries in China and Europe.
Having found incorrect recognition for the deliveries of numerous trucks across the regions, Hyzon regained compliance with Nasdaq rules, emerging from the ashes with a new executive team and a $25m US Securities and Exchange (SEC) penalty.
Gu, among other executives, was ousted during the investigations.
Despite a strategy reset, increasing cash burn, subsidy uncertainty and stalled customer orders, Hyzon was forced to lay off staff and eventually liquidate the company.
Its acting CEO granted special voting powers to push the plan through, which left shareholders with little to no value.