Rust Belt Industrials
Equipment Manufacturing / Hydrogen Fuel Cell Vehicles

Hyzon Motors

Rochester, NYStartuphyzonmotors.com
Total Funding
~$626M (via SPAC/PIPE in 2021)
Founded
2020
Employees
101-250
Headquarters
599 Fishers Station Dr, Victor, NY 14564

Hyzon Motors Inc. was an American hydrogen fuel cell electric vehicle (FCEV) company headquartered in Rochester, New York, founded in March 2020 as a spin-off of Singapore-based Horizon Fuel Cell Technologies (founded 2003). The company designed, manufactured, and deployed zero-emission heavy-duty commercial vehicles - including Class 6, 7, and 8 trucks, buses, and coaches - powered by proprietary hydrogen fuel cell systems ranging from 110kW to 200kW. Hyzon's technology converted hydrogen into electricity via electrochemical reactions, producing zero tailpipe emissions (only water vapor), and was positioned for demanding long-haul and heavy-payload applications where battery-electric solutions face limitations in range and payload capacity. The company operated globally with offices in the US, the Netherlands, Australia, and China.

At its peak, Hyzon represented one of the most high-profile bets on hydrogen's role in decarbonizing commercial transportation - a sector responsible for a significant share of US freight emissions. Its vehicles targeted fleets in food distribution, refuse collection, and logistics, and in 2021 it delivered 87 fuel cell heavy trucks. The company partnered with Performance Food Group for Class 8 fuel cell vehicles, achieved CARB zero-emission certification for multiple vehicle classes, and in 2023 completed the first commercial liquid hydrogen truck journey in Texas - showcasing the potential of liquid hydrogen as a higher-energy-density fuel for long-haul freight. Hyzon also partnered with SLB (Schlumberger) to explore fuel cell applications in oil and gas operations.

However, Hyzon ultimately struggled with the commercial realities of the nascent hydrogen vehicle market. Slowing government subsidy availability (notably California's HVIP program), difficulty raising additional capital, and a very limited number of delivered vehicles (~16 FCETs over its full operational life) led to unsustainable cash burn of approximately $6.4 million per month. In December 2024, Hyzon's board voted to wind down operations and dissolve the company, issuing a WARN Act notice and recommending asset distribution to creditors. In 2025, its parent company Horizon Fuel Cell Technologies acquired Hyzon's intellectual property to continue serving hydrogen vehicle customers globally - preserving the core technology even as the US commercial entity closed. Hyzon's story stands as both a pioneering chapter and a cautionary tale in the buildout of America's hydrogen transportation supply chain.

Funding

Went public via SPAC merger with Decarbonization Plus Acquisition Corporation in 2021, in a deal valuing Hyzon at $2.7 billion; the SPAC raised approximately $626 million, including a $400 million PIPE (private investment in public equity) from investors including BlackRock and Riverstone Energy. Had 4 total funding rounds (including post-IPO equity rounds). Company was unable to raise additional capital and dissolved in December 2024.

Investors

  • BlackRock
  • Riverstone Energy
  • Decarbonization Plus Acquisition Corporation (SPAC)
  • CHERAMI
  • Wellington Management

Key People

  • Parker Meeks, CEO (appointed March 2023)
  • Shinichi Hirano, CTO
  • Jiajia Wu, CFO
  • Bappa Banerjee, COO
  • Gary Robb, Co-Founder
  • George Gu, Co-Founder
  • Stephen Weiland, CFO (prior)
  • Shawn Yadon, President, Commercial

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