Hyzon, primarily based close to Rochester, N.Y., plans to go public via a SPAC, or special-purpose acquisition firm, within the second quarter.
Hydrogen-vehicle know-how has been in growth for many years. Such automobiles make their very own electrical energy, which is a bonus over EVs, which depend on energy produced at crops that additionally emit carbon to supply power.
However hydrogen hasn’t been adopted nearly as widely as EVs. There are fewer than 10,000 hydrogen-powered passenger automobiles on the highway in California. Toyota Motor Corp., a key participant on this section, launched hydrogen automobiles within the U.S. in 2015. Honda Motor Co. and Hyundai Motor Co. are also experimenting with hydrogen fuel-cell automobiles.
Whereas Amazon has invested in hydrogen fuel-cell know-how, it is also a significant investor in EVs. It plans to purchase 100,000 EVs from Rivian, which is going to begin making electric pickup trucks later this year on the former Mitsubishi meeting plant in Regular, Sick.