What happened
Shares of electric-truck start-up Hyzon Motors (NASDAQ: HYZN) were trading higher on Monday. The company is scheduled to report its second-quarter results on Wednesday, Aug. 9, in what will be the first quarterly earnings report since it completed its merger with a special-purpose acquisition company (SPAC).
As of noon EDT, Hyzon's shares were up about 9.9% from Friday's closing price.
So what
Hyzon is one of a slew of electric-vehicle start-ups to go public via SPAC deals since early 2020. The company, based in Rochester, New York, is a spinoff of Singapore-based Horizon Fuel Cell Technologies, which has been developing hydrogen fuel cells for commercial applications for over 15 years. Hyzon's investors include Total SE, the French oil and energy giant.
That may not sound impressive, but Hyzon stands out from other EV start-ups in a couple of significant ways.
First, as you'd expect given its corporate roots, Hyzon is focused entirely on electric heavy trucks and buses powered by hydrogen fuel cells. While some electric-vehicle enthusiasts have dismissed fuel-cell technology, Hyzon (and many others, including me) believes that it has an important role to play in electrifying heavy vehicles like semis and buses, particularly those that drive regular routes along which refueling stations can be installed.
Hyzon is building semis and buses powered by hydrogen fuel cells. It began deliveries in Europe in the second quarter. Image source: Hyzon Motors.
Second, unlike many of its better-known rivals, Hyzon is already delivering vehicles. The company's plant in the Netherlands began delivering small numbers of vehicles in Europe in the second quarter. Deliveries should increase soon: Hyzon expects to begin delivering vehicles in Australia in the fourth quarter, and to begin customer trials in the United States with vehicles from its factory in Rochester by the end of 2021.
Why is the stock up today when there's no news? I think it's up because auto investors are starting to take note of the company, and some might think it's worth owning ahead of earnings.
Now what
As I said above, Hyzon will report its second-quarter results -- and, probably more importantly, update investors on its plans and outlook for the remainder of 2021 -- before the U.S. markets open on Wednesday.
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