Hyzon Motors, a US-based commercial vehicle producer backed by petroleum supplier Total, agreed yesterday to list through a reverse merger with special purpose acquisition company Decarbonization Plus Acquisition Corporation (DCRB).
The deal will value the combined company at $2.1bn and it will take the spot on the Nasdaq Capital Market taken by DCRB when it floated in a $200m initial public offering in October 2020.
Investors including financial services and investment group Fidelity, funds and accounts managed by BlackRock, Federated Hermes Kaufmann Funds, Wellington Management and Riverstone Energy are supplying $400m in financing to support the transaction.
Hyzon has developed a range of hydrogen fuel cell-powered trucks and coaches, and will begin shipping them to customers later this year.
The company was spun off by fuel cell manufacturer Horizon Fuel Cell Technologies in January 2020 and raised an undisclosed sum from Total subsidiary Total Carbon Neutrality Ventures, Ascent Hydrogen Fund, Hydrogen Capital Partners and Audacy Ventures in October.
Craig Knight, Hyzon’s co-founder and chief executive, will remain in his post at the merged business. He said: “We are excited to partner with DCRB at an important inflection point for our company, hydrogen and society.
“Deliveries of Hyzon fuel cell-powered heavy trucks to customers in Europe and North America will occur this year, well ahead of our competitors, and our committed sales pipeline is proof that the world is truly recognising the need to develop innovative solutions to mitigate climate change and accelerate efforts to move the world economy down the path to net-zero emissions.”
