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Hyzon announces first quarter financial and operating results

In a difficult market, Hyzon is excelling, with the hydrogen fuel-cell OEM releasing positive financial and operating results for the first quarter of 2024

US-based hydrogen fuel-cell heavy vehicle manufacturer Hyzon has unveiled its financial and operating results for the first quarter of 2024, with $10 million in the period being a leading highlight.

The revenue is compared to the lack of profit that the business made in the same period last year, with Hyzon demonstrating material progress as a global OEM.

Alongside a newly announced joint development agreement with New Way Trucks, North America’s largest private refuse manufacturer, Hyzon also unveiled its first hydrogen-powered refuse truck for the US market at WasteExpo in May.

Alongside these highlights, Hyzon also delivered a Class 8 fuel cell truck to a drayage customer at the Ports of Los Angeles and Long Beach.

More trials are now set to begin with major refuse collection fleets later this year, as Hyzon has prepared five 200kW C-sample fuel cell systems (FCS) in the first quarter of the year.

An additional five 200kW FCS’s in April has allowed Hyzon to remain on track for start of production of further systems in the second half of the year.

Hyzon also successfully completed a four-month refuse truck trial with REMONDIS Australia and launched a 200kW fuel cell system in an Australian heavy-duty cabover truck.

“I am pleased with our start to 2024, during which we have built upon the commercial and technology inflection points we achieved in 2023,” Hyzon CEO Parker Meeks says.

“We’ve successfully completed the commercial cycle for vehicles deployed last year, evident in our quarterly revenue progression. We continue to receive positive data and feedback from initial vehicle deployments.

“Recently we unveiled the first US fuel cell refuse vehicle with New Way, and we eagerly anticipate commencing trials for this vehicle and the 200kW Class 8 fuel cell truck this summer.

“We remain on schedule for the SOP of our single stack 200kW fuel cell system in the latter half of this year and are enhancing manufacturing efficiencies and expanding our facility capabilities.

“I am highly encouraged by the progress we have made and the strength of the Hyzon platform as we progress through the balance of 2024.”

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