Fleet operators in search of low-emissions options for their freight trucks may soon have another option in the market after a startup firm making hydrogen fuel cell-powered heavy vehicles filed papers today to go public by merging with a special purpose acquisition company (SPAC).
As previously announced, Rochester, New York-based Hyzon Motors Inc. will merge with the publicly traded company Decarbonization Plus Acquisition Corp., according to forms required by the U.S. Securities and Exchange Commission (SEC).
Merging with a SPAC is a strategy for taking a startup firm public by combining with a shell company, and bypassing many of the traditional steps required to launch an initial public offering (IPO) on a stock market. The approach has become an increasingly popular way to raise funds in the logistics sector in recent months, as seen in examples like warehouse robotics and automation provider Berkshire Grey and autonomous truck builder Plus.
In the case of two-year-old Hyzon, the approach will support the development of its proprietary hydrogen fuel cell technology, which is designed to produce zero-emission heavy duty trucks and buses for customers in North America, Europe, and worldwide. The company has offices in Europe, Singapore, Australia, and China, as well the U.S.
Other applications of similar hydrogen fuel technology for logistics applications includes: a pilot of clean trucks and cargo-handling equipment at the Port of Los Angeles supported by Toyota Motor North America and Kenworth Truck Co.; plans to launch cargo vans and other light commercial vehicles (LCVs) in Europe by Renault Group and Plug Power Inc., and the creation of a line of fuel cell electric vehicle (FCEV) semi trucks from General Motors (GM) and Navistar Inc.