Reported 1 day ago
Hyzon Motors, a fuel cell developer that went public during the 2020-2021 SPAC boom, has officially succumbed to financial pressures despite initial optimism and a significant cash influx from a merger with Decarbonization Plus Acquisition Corp. The company faced numerous challenges including regulatory fines for fabricating orders in China, struggling revenue, and mounting operational costs, leading to its board's decision to use the remaining cash for creditor payments. With dwindling prospects and a diminishing workforce, Hyzon Motors joins the ranks of several other electric vehicle and fuel cell companies that have recently faced similar fates.
Source: YAHOO