Climate Finance | February 10, 2021

Clean transport venture Hyzon Motors to IPO via SPAC

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, February 10 – Hyzon, which makes commercial vehicles powered by hydrogen fuel cells, is planning to merge with Decarbonization Plus Acquisition Corp., a special purpose acquisition company, or SPAC. The deal will take the company public.

The public offering includes a $400 million PIPE (for “private investment in public equity”) from BlackRock, Federated Hermes Kaufmann Funds, Fidelity, Wellington and Riverstone Energy. 

Another hydrogen fuel-based startup, C-Zero, raised funding from Breakthrough Energy Ventures.

Last week, Amazon’s Climate Pledge Fund invested in Infinium to power trucks, planes and ships from ‘electrofuel’ made from green hydrogen and waste carbon dioxide. ZeroAvia raised $37.7 million in December for hydrogen-based fuel cells for aviation. Green Hydrogen Systems secured €28 million ($34 million) to develop hydrogen-based fuel in support of Europe’s climate goals.