French energy giant Total has made a strategic investment in HYZON Motors, a global supplier of hydrogen fuel cell-powered commercial vehicles.
The investment has been made through its venture capital arm, Total Carbon Neutrality Ventures, which is focused on finding, funding and fostering technology and solutions that contribute to creating a low carbon future.
HYZON Motors, established as a spin-off from Singapore-headquartered Horizon Fuel Cell Technologies, supplies hydrogen commercial vehicles including heavy-duty trucks, buses and coaches.
With production facilities in North America, Europe and Asia, HYZON expects to deliver around 5,000 hydrogen fuel cell trucks and buses over the next three years and is targeting an annual capacity of 40,000 vehicles by 2025.
Craig Knight, CEO and Co-founder of HYZON Motors said: “Over the past 17 years, the HYZON founding team have been fully focused on developing our own proton-exchange membrane (PEM) fuel cell technology, the ‘engine’ of any hydrogen-powered vehicle, with the aim of producing the world’s most advanced fuel cell and the world’s most powerful yet cleanest heavy vehicles.
“While we already have around 400 buses and trucks on the road with our fuel cells today, the global appetite for zero emission heavy vehicles has grown significantly and HYZON is now ramping operations to meet this demand.
“We are delighted to welcome global energy company Total, a leader in the energy transition. As an investor and strategic partner, their experience, technology and infrastructure to supply clean energy, including hydrogen, around the world will be important to the success of HYZON.”
Other investors supporting HYZON in this round include Ascent Hydrogen Fund, Hydrogen Capital Partners and Audacy Ventures Ltd.
Girish Nadkarni, Chief Executive Officer at Total Carbon Neutrality Ventures, added: “Total Carbon Neutrality Ventures invests in early-stage companies which support Total’s ambition to get to net zero emissions by 2050, together with society. Its investments allow us to expand the reach of our low carbon businesses beyond our own borders.
“About a decade ago, Total has set up the H2 Mobility joint venture, alongside other industry partners, to develop the hydrogen mobility ecosystem. Since then, we have developed several H2-related mobility projects, mainly in Europe. Building on this experience, Total is now moving forward in decarbonising not only mobility – and notably heavy-duty transport – but also industry and energy.
“We are pleased to partner with HYZON, one of the leading suppliers of hydrogen fuel-cell powered commercial vehicles and look forward to working closely with them as they expand their operations around the world.”