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Hyzon (NASDAQ:HYZN) announced late on Monday that it will realign its strategic priorities after a comprehensive review of the company’s business operations.
The key part of the reset is that Hyzon (HYZN) will focus on several lines of the company’s core North American markets and the refuse industry.
In addition to previously disclosed efforts to secure capital, Hyzon (HYZN) said it retained PJT Partners as its financial advisor to lead the ongoing capital raise efforts, including via capital markets transactions. The company and PJT Partners will also explore a full range of strategic options, which could potentially include a sale of the company or a divestiture of its Europe and Australia/New Zealand businesses and subsidiaries.
While the strategic realignment plays out, Hyzon (HYZN) plans to continue to focus on cost reduction efforts and managing liquidity, including a reduction in work force or other strategic transactions and measures.
Looking ahead, the realignment process is anticipated to allow Hyzon (HYZN) to focus its financial resources and investments, which is seen better positioning it as it prepares its first-to-market, single stack 200kW, fuel cell technology in its zero emissions North American Class 8 and refuse truck FCEV platforms and prepares to launch its significant large fleet trial programs on both platforms in the U.S. and Canada this summer.
Shares of Hyzon (HYZN) rose $0.03 in after-hours trading to $0.40. The stock traded at over $15 per share in 2021.