Hyzon Motors Inc. (NASDAQ: HYZN) (Hyzon or the company), a high-power hydrogen fuel cell technology manufacturer and global supplier of zero-emission heavy-duty fuel cell electric vehicles (FCEVs), today announced business updates reflecting achievement of critical 2023 commercial and operational milestones. 

“2023 was marked by significant progress across Hyzon,” said Hyzon CEO Parker Meeks. “We deployed 19 FCEVs over three continents, including our first U.S. deliveries, and advanced our industry-leading, single-stack 200kW fuel cell technology from B- to C-sample development. Paired with continued advancement of U.S. and international government investment in the hydrogen ecosystem, we expect significant achievements in 2024, including Start of Production (SOP) for our 200kW fuel cell system, delivering the first 200kW FCEVs into trial, and advancing our fuel cell vehicle product offering.”

As of December 31, 2023, Hyzon had deployed 19 vehicles under commercial agreements to customers in 2023, meeting its annual guidance of 15-20 vehicles. Of those vehicles, five were deployed in the U.S. to both drayage and large fleet customers, three in Europe, and 11 in Australia. The North American deployments to fleet and drayage customers include the industry’s first publicly-announced sale and delivery of a heavy-duty fuel cell electric truck in the U.S. Delivery to the drayage customer, operating out of the Port of Los Angeles and Long Beach, marks the company’s entry into the U.S. drayage market, which Hyzon expects to be a significant long-term growth driver. 

Hyzon advanced the commercialization of its industry-leading, single stack 200kW fuel cell system (FCS) by completing the manufacturing and factory acceptance testing, full design verification and significant durability testing of 25 200kW FCS B-samples, meeting its operational milestones for the second half of 2023. The standard industry approach to reach approximately 200kW of fuel cell power typically combines two 100kW fuel cell systems; Hyzon's single stack 200kW fuel cell system is 30% lower in weight and volume, and is estimated to be 25% lower in total fuel cell system cost compared to two of its 110kW fuel cell systems combined.

Hyzon now begins its 200kW FCS C-sample development phase, progressing along the standard automotive product development methodology. In Hyzon’s C-sample phase, FCSs are built with production tooling to meet all technical requirements. This precedes pre-production and SOP, which is on track for the second half of 2024.

Hyzon develops and builds key components for its 200kW FCSs in-house at its world-class fuel cell production facility in the U.S. (Bolingbrook, Ill.), including proprietary electrode formulations and Hyzon’s roll-to-roll MEA manufacturing line. With less than $5 million in remaining capital investments expected to reach SOP, the facility is projected to have initial annual capacity for over 700 200kW FCSs operating on three shifts.