Hyzon Motors was able to close the first quarter with a low stated loss of minus 0.03 USD per share. At the end of the quarter, cash and cash equivalents amounted to about 407 million USD. This should be evaluated in relation to the stock market valuation of about 1 billion USD. The build-up of capacity is proceeding according to plan. So 10 to 15 trucks for testing will be delivered to customers by the end of the year. A total of around 300 to 400 commercial vehicles are to be delivered in 2022. It is said that a variety of customers is involved, among them in China.
Cummins Engine is highly committed to the H2 industry – also in the commercial vehicle sector, starting with trucks and going all the way to ships. The company is also expanding its own electrolysis technologies. A project with Sinopec consists of an electrolysis capacity of 1 GW – 1,000 H2 fueling stations for the Greater Peking Area. Cummins Engine is vehemently driving its transformation from a diesel engine producer to a fuel cell company and in doing so majorly implementing and scaling the special knowhow of the purchased/integrated Canadian company Hydrogenics.
Cummins has opened a location in Europe. On March 3rd, 2022, the US engine manufacturer put its new fuel cell factory in Herten into operation. Cummins had taken over the Hydrogenics Corp. and with it the German branch Hydrogenics GmbH in the summer of 2019, which had been located in Gladbeck and is now in the HTVG (Gesellschaft für Technologieentwicklung und Vermögensverwaltung der Stadt Herten mbH) technology development center H2Herten.
In mid-November 2020, diesel and gas engine maker Cummins, which has more than 6,700 employees in Europe, announced plans to erect a production site above Germany’s defunct Ewald mine in Herten. The decision was not surprising. Hydrogenics Germany lies a mere 20 kilometers west of Herten, and Cummins acquired parent company Hydrogenics Corp. in September 2019.