Total Carbon Neutrality Ventures, the venture capital arm of European energy giant Total SE, has announced a strategic investment in the U.S. hydrogen mobility and clean energy company, HYZON Motors.
HYZON is a global supplier of hydrogen fuel cell-powered commercial vehicles, including heavy duty trucks, buses and coaches.
Other investors in this funding round include Ascent Hydrogen Fund, Hydrogen Capital Partners and Audacy Ventures Ltd.
Craig Knight, CEO and Co-Founder of HYZON Motors, says: “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.”
He adds: “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.”
Girish Nadkarni, Chief Executive Officer at Total Carbon Neutrality Ventures, comments: “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 decarbonizing not only mobility -and notably heavy-duty transport- but also industry and energy.”
He adds: “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.”
With production facilities in North America, Europe and Asia, Hyzon expects to deliver around 5,000 fuel cell trucks and buses over the next three years. By 2025, Hyzon’s expected turn-key capacity will be more than 40,000 fuel cell vehicles annually.
Keyword: Energy Giant Total Invests in U.S. Hydrogen Mobility Company, HYZON Motors