Hydrogen fuel cell manufacturer Hyzon has announced that it is leaving the Australian market, shifting its strategy following an intensive review to focus on its core North American markets.
Sale of the company or divestiture in its European and Australasian subsidiaries could follow the decision, and in an official release the company stated “it will continue to focus on cost reduction methods and managing liquidity, including a reduction in work force or other strategic transactions”.
Hydrogen fuel has been earmarked as a potentially crucial component in both Australia and the world’s efforts to decarbonise the transport industry as water is the only component that is produced when the fuel is utilised.
Hyzon has previously stated it focus is on “deploying its fuel cell technology and heavy-duty commercial vehicles across North America, Europe and Australia/New Zealand”, prior to its now likely divestiture from international markets.
Hyzon is currently preparing to launch fleet trial programs across the USA and Canada later this year.