News, 8 August 2025
Singapore-based Horizon Fuel Cell Group has reacquired the intellectual property (IP) of its former spin-out, Hyzon Motors, aiming to ensure continued service for customers and further integrate its fuel cell systems into hydrogen truck production. Horizon, which previously spun off Hyzon in 2020, intends to leverage this acquisition to resume hydrogen truck manufacturing and support Hyzon’s existing clientele across the US, Europe, Australia, and New Zealand.
Horizon Fuel Cell Group Chairman George Gu, who also previously chaired Hyzon, stated, “The acquisition of Hyzon vehicle IP allows us to serve customers and bring new revenue streams to Horizon.” The terms of the acquisition, including the purchase price, have not been disclosed.
Hyzon Motors, known for its heavy-duty trucks and waste disposal vehicles, faced significant financial, operational, and governance challenges, ultimately leading to its collapse earlier this year. The US hydrogen truck manufacturer experienced a period of non-compliance with Nasdaq listing rules between Q2 2022 and Q1 2023 due to an investigation into its revenue recognition practices for deliveries in China and Europe.
Following the discovery of incorrect revenue recognition for numerous truck deliveries, Hyzon regained Nasdaq compliance and underwent a leadership change, resulting in a new executive team and a $25 million penalty from the US Securities and Exchange Commission (SEC). During these investigations, former executives, including George Gu, were replaced.
Despite efforts to reset its strategy, Hyzon struggled with increasing cash burn, uncertainty regarding subsidies, and stalled customer orders. These factors led to staff layoffs and, ultimately, the company’s liquidation. The acting CEO exercised special voting powers to facilitate the liquidation, which provided minimal value to shareholders.
