Hyzon Signs MoU For 500 Electric Trucks

Hyzon Motors Inc HYZN has signed a memorandum of understanding (MoU) with Shanghai Hydrogen HongYun Automotive Co., ltd to purchase 500 hydrogen-powered electric trucks. The financial terms of the arrangement were not disclosed.
Hyzon expects to provide 49-ton hydrogen-powered tractor trucks to HongYun. Hyzon anticipates the initial order of 100 vehicles before the end of 2021 and orders for 400 vehicles in 2022.
After Hyzon delivers the vehicles, HongYun will be responsible for the subsequent commercial arrangements with its end customers.
"Hydrogen fuel cell technology has been adopted more quickly in China than in the rest of the world. This allows Hyzon to begin the critical work of decarbonizing the environment while building experience, capacity, and expertise which will be applied globally," commented Hyzon CEO Craig Knight.
Analyst Rating: JP Morgan analyst Bill Peterson initiated coverage on Hyzon with an Overweight rating and announced a Price Target of $18, indicating an Upside of 67.6%.
Price Action: HYZN shares are trading higher by 22.24% at $10.85 on the last check on Thursday.