Hydrogen mobility and clean energy company Hyzon Motors Inc. and Total Carbon Neutrality Ventures, the venture capital arm of European energy giant Total SE, have announced a strategic investment led by Total and other specialist hydrogen investors.
Financial details of the investment were not disclosed, but Bloomberg reported that the investment totaled more than $15 million and valued Hyzon at around $200 million. That could rise to $20 million, Bloomberg reported, citing parties close to the matter.
Hyzon Motors early this year unveiled its U.S. headquarters and production facility at the former General Motors Corp. fuel-cell facility in Honeoye Falls.
With production facilities in North America, Europe and Asia, Hyzon expects to deliver some 5,000 fuel cell trucks and buses over the next three years. By 2025, Hyzon’s expected turn-key capacity will be more than 40,000 fuel cell vehicles annually.
“Over the past 17 years, the Hyzon founding team has been fully focused on developing our own proton-exchange membrane (PEM) fuel cell technology, the ‘engine’ of any hydrogen-powered vehicle, with the aim of producing the world’s most advanced fuel cell and the world’s most powerful yet cleanest heavy vehicles,” said Craig Knight, CEO and co-founder of Hyzon Motors. “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.”
Other investors in this round of funding include Ascent Hydrogen Fund, Hydrogen Capital Partners and Audacy Ventures Ltd., officials noted.
“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,” said Girish Nadkarni, CEO at Total Carbon Neutrality Ventures. “Its investments allow us to expand the reach of our low-carbon businesses beyond our own borders.”
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