Hydrogen vehicle company HYZON Motors secures investment from Total
US-based hydrogen vehicle company HYZON Motors has secured an undisclosed investment from French energy giant Total and other specialist hydrogen investors in a new funding round.
HYZON Motors is a supplier of hydrogen fuel-cell powered commercial vehicles such as heavy duty trucks, buses, and coaches.
Total made the investment in the hydrogen vehicle company through its venture capital arm Total Carbon Neutrality Ventures.
The other investors in the funding round are Ascent Hydrogen Fund, Audacy Ventures, and Hydrogen Capital Partners.
Proceeds from the new investment round will support the manufacturing and engineering centers of the hydrogen vehicle company in Honeoye Falls in New York, Groningen in the Netherlands, and Shanghai in China.
Girish Nadkarni – CEO at Total Carbon Neutrality Ventures said: “Total Carbon Neutrality Ventures invests in early stage companies which support Total’s ambition to get to net-zero emissions by 2050, together with society. Its investments allow us to expand the reach of our low carbon- businesses beyond our own borders.
“About a decade ago, Total has set up the H2 Mobility joint venture, alongside other industry partners, to develop the hydrogen mobility ecosystem. Since then, we have developed several H2-related mobility projects, mainly in Europe.
“Building on this experience, Total is now moving forward in decarbonizing not only mobility -and notably heavy-duty transport- but also industry and energy.
“We are pleased to partner with Hyzon, one of the leading suppliers of hydrogen fuel-cell powered commercial vehicles and look forward to working closely with them as they expand their operations around the world.”
HYZON Motors was established as a spin-off from Singapore-based Horizon Fuel Cell Technologies.
The hydrogen vehicle company is said to commercialize a hydrogen technology developed called proton-exchange membrane (PEM) by Horizon Fuel Cell Technologies for 17 years for applications in the transportation industry.
Horizon Fuel Cell Technologies has deployed nearly 400 fuel cells in commercial vehicles last year before spinning off HYZON Motors early this year.
Earlier this year, HYZON Motors opened its new US headquarters and engineering center at a former ex fuel cell facility of General Motors in Honeoye Falls, thereby expanding its existing operations.
The hydrogen vehicle company also started its European operations in Groningen with its joint venture partner Holthausen Clean Technology.
HYZON Motors in the next three years anticipates delivering nearly 5,000 fuel cell trucks and buses with production facilities across North America, Europe, and Asia.
By the year 2025, the hydrogen vehicle company expects to ramp up its turn-key capacity to over 40,000 fuel cell vehicles annually.
Craig Knight – CEO and Co-Founder of HYZON Motors said: “While we already have around 400 buses and trucks on the road with our fuel cells today, the global appetite for zero-emission heavy vehicles has grown significantly and Hyzon is now ramping operations to meet this demand.
“Building out hydrogen mobility technology and assets is a long game and requires significant partnerships. This is why we are pleased to welcome today our new investors and their support for accelerating the energy transition in mobility. In particular, we are delighted to welcome global energy company Total, a leader in the energy transition.
“As an investor and strategic partner, their experience, technology and infrastructure to supply clean energy, including hydrogen, around the world will be important to the success of HYZON.”