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Hyzon Motors Inc. (NASDAQ:HYZN) announced on Tuesday that it struck a deal with privately-held New Way Trucks to develop a fuel cell powered refuse vehicle for the North American market.
Hyzon (HYZN) and New Way plan to start the advanced phases of truck development, with the initial base FCEV prototype ready for refuse collection equipment integration. Hyzon (HYZN) will be responsible for the supply and integration of its advanced fuel cell technology and integrated powertrain, while New Way will be responsible for the supply and integration of the prototype’s Sidewinder XTR automated side-load refuse body, thereby combining both companies’ expertise to develop a sustainable refuse collection solution.
The development process is expected to leverage Hyzon’s (HYZN) real-world experience developing, assembling and deploying a hydrogen fuel cell refuse truck in operation since 2023 in Australia.
Across North America, Hyzon (HYZN) estimates that about 120K refuse trucks are currently operational, consuming a total of over 953 million gallons of diesel fuel annually. The integration of FCEVs into refuse collection fleets in North America is seen providing an opportunity to help decarbonize the industry and reduce noise pollution from diesel trucks.
“Zero emission hydrogen fuel cell technology is the key to reducing emissions from many hard-to-abate industries, including refuse collection,” said Hyzon Chief Executive Officer Parker Meeks. “Hyzon is primed to begin this partnership with New Way as we pursue a shared goal of decarbonizing the refuse industry,” added Meeks.
Shares of Hyzon Motors (HYZN) are down 23% on a year-to-date basis and are off 68% over the last 52 weeks.