HYZN - Hyzon Motors pops 14% on fuel cell co-development deal with Schlumberger

Hyzon Motors ( NASDAQ: HYZN ) +13.8% pre-market after announcing on Thursday that it is teaming with Schlumberger ( NYSE: SLB ) to decarbonize oil and gas field operations with high-power fuel cells.

Hyzon ( HYZN ) and Schlumberger ( SLB ) will co-develop zero-emissions fuel cell power generation solutions initially for North American oil and gas well construction for land drilling rigs, with opportunities for collaboration into other field operations in the broader oil and gas market.

The companies said they expect to demonstrate the first fuel cell power module in oil and gas field operations as early as this year's Q4, starting with powering an onshore drilling rig application.

Schlumberger ( SLB ) will lead the anticipated commercialization of the product to existing and new customers, and already has executed a memorandum of understanding to integrate the fuel cell solution in Ensign Energy Services drilling operations within the next year.

Hyzon ( HYZN ) said the Intelligent Power Management solution that its fuel cells will power is a direct replacement for the typical 4.0 MW of available diesel generators that currently power an oil and gas drilling rig today.

Seeking Alpha contributor Stephen Tobin is bearish on Hyzon ( HYZN ), citing a " poor track record [and] poor competitive situation ."

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