Hyzon Motors goes public via merger
The US commercial fuel cell vehicle developer Hyzon Motors has announced a merger with the Nasdaq-listed Decarbonization Plus Acquisition Corporation. This merger is also about a quick IPO as has often been apparent in rapidly growing electric mobility companies lately.
The transaction is expected to take place in the second quarter of 2021 and raise gross proceeds of up to US$626 million for the company. This includes a $400 million private placement of DCRB common shares (“PIPE”). The company says the combined company is expected to be valued at $2.7 billion.
Hyzon Motors only started operations in March 2020, with its European headquarters opening in Groningen in July. By autumn, the company announced the financial participation of an unknown amount by the energy group Total as well as other investors. Hyzon Motors is headquartered in Rochester, New York, but was founded as a subsidiary of Singapore-based fuel cell manufacturer Horizon Fuel Cell Technologies to dramatically accelerate the introduction of hydrogen-powered commercial vehicles as a full-service provider. In the spring, fuel cell commercial vehicles ranging from light vans to buses and 140-tonne “road trains” were among the vehicles promised.
Craig Knight, CEO and co-founder of the company, announced in the course of the merger announcement that deliveries of fuel cell-powered heavy commercial vehicles to customers in Europe and North America are to start this year. He calls the cooperation with DCRB an “important turning point for our company”. Knight will remain CEO after the merger and continue to work with Hyzon’s current leadership team. The board of directors of the combined company will consist of representatives from Hyzon and DCRB.