Startups require access to considerable funding on the road to manufacturing, and even more to remain afloat once production begins, especially for OEMs of alt-power trucks in 2024.

Hyzon expects to start laying off U.S. employees in February if the hydrogen fuel cell electric truck maker cannot raise more funds or find a buyer, the company said Dec. 20.

Losses at Hyzon narrowed in the third quarter of 2024, but the hydrogen fuel cell electric truck maker’s cash reserves continue to erode rapidly.

Hyzon Motors on Oct. 8 began series production in Bolingbrook, Ill., of the 200-kilowatt fuel cell system set to power its Class 8 hydrogen fuel cell truck, the company announced.

Hyzon began series production of its 200-kilowatt Class 8 hydrogen fuel cell electric truck Sept. 16, the Bolingbrook, Ill.-based company said.

Hyzon Motors is set to bolster its working capital through an equity sale, the latest move in the hydrogen fuel cell-powered truck maker’s ongoing restructuring, it said July 19.

Hyzon Motors could put up a for sale sign as the Bolingbrook, Ill.-based startup continues to hemorrhage cash, and it may begin layoffs before that.

Hyzon delivered four trucks to Performance Food Group’s Vistar facility in Fontana, Calif., the first deliveries of the hydrogen fuel cell electric vehicle to its largest U.S. customer.

Third-quarter losses at Hyzon Motors Inc. increased to $41 million from $25 million in the year-ago period as the Class 8 hydrogen FCEV manufacturer eyes the start of serial production.

Hyzon Motors plans to begin testing the next generation of its Class 8 hydrogen fuel cell electric trucks with U.S. customers in the first quarter of 2024.