On February 18, 2025, hydrogen fuel cell electric truck manufacturer Hyzon ceased operations, marking the end of a company that once promised to revolutionize the trucking industry. The closure comes nearly four years after its ambitious goal of producing 40,000 trucks by 2025, a target that remained far from realization. Despite efforts to secure additional funding or a buyer, Hyzon ultimately faced dissolution following a decisive shareholder vote on February 13.
Hyzon’s financial struggles had been evident for months. The company issued Worker Adjustment and Retraining Notification (WARN) Act notices in December 2024, signaling impending layoffs for employees in Illinois and Michigan. Hyzon attributed its difficulties to challenges in securing further funding and uncertainty surrounding government subsidies, particularly California’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP). The unpredictability of these incentives led many customers to delay or suspend purchasing decisions, exacerbating the company’s financial instability.
Signs of Hyzon’s decline became increasingly apparent in late 2024. Senior employees, including Vice President of Global Systems Engineering Justin Yee and Senior Manager of Engineering Services Andy Blysniuk, publicly announced their job searches. Additionally, CEO Parker Meeks stepped down on February 4, shortly before joining hydrogen production startup Utility as its CEO on February 18. Chief Technology Officer Christian Mohrdieck assumed leadership for Hyzon’s final days, having joined the company just a month prior.
The financial reality of Hyzon’s situation was stark. By the third quarter of 2024, the company reported a $41.3 million loss, with cash reserves dwindling to $30.4 million, down from $112.3 million at the start of the year. Production milestones, such as the September 2024 launch of its 200-kilowatt Class 8 tractor, were overshadowed by a rapid cash burn rate that exceeded revenue generation. The company had also shuttered its overseas operations in the Netherlands and Australia, further signaling its financial distress.
Hyzon’s rise and fall reflect broader struggles within the hydrogen truck sector. Spun out of Singapore-based Horizon Fuel Cell Technologies, Hyzon entered the public market in 2021 through a merger with Decarbonization Plus Acquisition Corp. While it gained traction with high-profile customers such as Performance Food Group and Greenwaste, persistent financial losses and shifting market conditions undermined its viability. The industry at large is facing similar turbulence, with companies like Nikola and Quantron undergoing layoffs and asset sales amid concerns about long-term sustainability.
The collapse of Hyzon underscores the volatility of the hydrogen fuel cell trucking industry. While hydrogen remains a promising alternative to fossil fuels, the financial and logistical challenges associated with its adoption continue to hinder widespread commercialization. The future of hydrogen trucking now rests on whether remaining players can navigate these hurdles and secure the necessary support to sustain operations in an increasingly competitive landscape.