Hyzon announced Monday it was halting its operations in the Netherlands and Australia to focus on the North American market and refuse industry.
"I would like to express my utmost gratitude to our dedicated European and Australian teams who have tirelessly worked toward advancing the hydrogen transition," says Hyzon CEO Parker Meeks. "This was a complex and difficult decision. Given the challenges of bringing new technology to market in an emerging industry, we believe we need to focus our efforts on the North American market and refuse industry as well as overseeing our large fleet trial programs, which commence this summer."
Additionally, the company says it expects to incur charges of about $17 million, with $7 million of that in cash, including non-cash inventory write downs, employee-related costs and other exit-related costs.
Hyzon says it continues to work to secure capital and explore other alternatives, including a sale of all or part of the company, cost reductions, a reduction in workforce and more. It's evaluating the need to pursue bankruptcy protection, a news release says, or other in-court relief.
