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Hyzon Motors

Hydrogen truckingUSA
📉 Public < $1B
Peak $2.7 BillionToday
~-95%
from peak
  1. 🦄
    Became a unicorn
    2021
  2. 📈
    Peak valuation
    $2.7 Billion ’21
  3. 💔
    Became a Unitard
    ~2022
  4. 💸
    Last valuation
    ~$135M
Current status
Public sub-$1B; wind-down 2025

How it happened

Hyzon Motors was a US developer of hydrogen fuel-cell systems for heavy trucks, valued around $2.7B after a 2021 SPAC merger. The company faced accounting scrutiny, delayed commercialization, and mounting losses, and its stock fell well below $1B. Unable to reach sustainable production, Hyzon moved to wind down operations in 2025, down roughly 95% from peak.

Source: De-SPAC 2021