HYZN - Hyzon Motors rallies after reporting key milestone targeting 2024 production

2023-07-10 08:30:39 ET

Hyzon Motors ( NASDAQ: HYZN ) announced the successful completion and factory acceptance testing of the first nine single-stack 200kW Fuel Cell System B-samples at its production and innovation center in Bolingbrook, Illinois.

The global supplier of fuel cell electric mobility said it remains on track to declare the start of production and commercialization of its innovative FCS in 2024 after hitting the milestone.

The successful completion of testing of Hyzon's nine 200kW FCS B-samples in the first half of the year is said to demonstrate consistent progress toward commercial production. The new achievement also follow the commissioning of Hyzon's ( HYZN ) proprietary, automated roll-to-roll Membrane Electrode Assembly production line including in-line inspection and the installation of its single cell and fully automated fuel cell stack manufacturing lines. HYZN said the progression of the 200kW FCS B-samples validates the design, equipment, and operating procedures, which are noted to be critical to the final tooling and production of C-samples and the eventual commercialization of the FCS.

"Additionally, we believe it shows growth in the company's prototype assembly rate, with six of the B-samples produced and tested in Q2 2023, an increase from three in Q1 2023."

Looking ahead, Hyzon Motors ( HYZN ) believes it is positioned to increase its FCS manufacturing rate with the installation of additional full and semi-automation equipment in the assembly and inspection processes, which is already underway.

"Our goal is to accelerate the clean energy transition by providing hydrogen fuel cells to power zero-emission mobility," said Hyzon Motors ( HYZN ) CEO Parker Meeks.

Shares of Hyzon Motors ( HYZN ) rallied 8.99% in premarket action on Monday.

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