BOLINGBROOK, Ill. - Hyzon Motors Inc. (NASDAQ:HYZN), a hydrogen fuel cell technology firm with a market capitalization of $14.1 million, announced today that it has received an order for two Fuel Cell Electric Trucks (FCETs) from South San Francisco Scavenger Co. According to InvestingPro analysis, the company appears undervalued based on its Fair Value metrics, despite showing a strong return over the last month. The order, contingent on applicable subsidies, includes a refuse collection vehicle and a Class 8 200kW truck, following successful trials of the FCETs.
The partnership with South San Francisco Scavenger Co., a waste and recycling service provider since 1914, marks Hyzon's second FCET order in the refuse collection segment. The first order was placed by GreenWaste in October 2024. Hyzon's CEO, Parker Meeks, expressed pride in the collaboration, citing the company's century-long commitment to community service and the alignment with Hyzon's zero-emission technology goals.
Hyzon's FCETs, produced in cooperation with New Way Trucks, are designed to meet the rigorous demands of refuse collection, boasting a range of at least 125 miles and the capability of performing over 1,300 cart lifts per charge. The trucks are reported to achieve up to three times the fuel efficiency of traditional diesel trucks, contributing to the reduction of emissions in heavy-duty transport. InvestingPro data reveals the company has achieved impressive revenue growth of over 1,200% in the last twelve months, with analysts projecting further sales growth of 55% this year. Get access to 16+ additional ProTips and comprehensive analysis with an InvestingPro subscription.
Doug Button, President of South San Francisco Scavenger Co., highlighted the company's dedication to sustainability and innovation, stating that the integration of Hyzon's hydrogen-powered trucks into their fleet reflects a commitment to advanced technologies that uphold their service standards while reducing emissions.
Hyzon, known for its high-performance hydrogen fuel cell systems, is focusing on the deployment of its technology in heavy-duty commercial vehicles, aiming to decarbonize industries that are traditionally challenging to electrify. The company's broader strategy involves expanding into stationary power applications and other markets in North America.
The information regarding this order is based on a press release statement from Hyzon. The company's forward-looking statements, including its strategies and future performance, involve risks and uncertainties that could affect actual results. With an overall Financial Health Score rated as 'WEAK' by InvestingPro, and significant cash burn concerns, Hyzon's continued operation and ability to fulfill orders depend on various factors, including market acceptance, capital needs, and the availability of subsidies critical to customer orders. For detailed insights into Hyzon's financial health and future prospects, access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Hyzon Motors has made considerable strides in its corporate and technological development. The company has expanded its authorized shares of Class A common stock from 20 million to 120 million, a move that received strong support from stockholders. In its Q3 2024 earnings call, Hyzon reported a net cash burn of $8.2 million, with plans to reduce this figure by year-end. The company's Bolingbrook facility is now producing 700 fuel cell systems annually, demonstrating its commitment to quality and efficiency.
Hyzon has also made significant progress in hydrogen fuel cell technology for commercial vehicles. The company successfully completed trials of its hydrogen-powered Fuel Cell Electric Truck (FCET) in various Californian locations, marking a key step in environmental innovation. Furthermore, Hyzon's fuel cell electric trucks reportedly outperformed competitors in weight, range, and performance, leading to negotiations for multiple contracts based on successful trials.
In addition, Hyzon secured North America's first contract for hydrogen-powered refuse trucks with GreenWaste, further strengthening its position in the clean energy solutions market. These recent developments highlight Hyzon's ongoing commitment to advancing clean energy solutions in the heavy-duty transportation sector.
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