Illinois-Based OEM Fails to Find Additional Funds, Buyer
(Hyzon Motors)
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Hydrogen fuel cell electric truck manufacturer Hyzon closed its doors Feb. 18, according to an executive, almost exactly four years after promising to produce 40,000 trucks in 2025.
A hollowed-out Hyzon struggled through the past couple of months’ search for a last-minute reprieve via additional funding or a buyer, but none materialized following December warnings of layoffs and board expectations.
The company’s end came Feb. 18, said David Zhang, senior director of controls, software and system integration, in a social media post.
A Feb. 13 shareholder vote sealed the company’s fate absent a white-knight investor.
Company representatives were not available for comment and Hyzon is yet to file any notice with the U.S. Securities and Exchange Commission.
Bolingbrook, Ill.-based Hyzon’s demise was preceded most immediately by senior employees advertising publicly they were looking for work, including Justin Yee, vice president of global systems engineering; Andy Blysniuk, senior manager of engineering services; and Alan Frampton,…
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