Hyzon Motors (NASDAQ: HYZN) fell 9.10% during trading today, despite beating delivery expectations for 2021.
Bad news had a heavier impact on sentiment, as the company shared that the Securities and Exchange Comission has subpoenaed documents in relation to allegations from Blue Orca Capital.
The latter has been a vocal short-seller of Hyzon and has previously called the hydrogen fuel-cell producer a “zero-revenue” hydrogen SPAC, after claiming that it doesn’t have major customers and has misled investors that it did.
Hyzon confirmed it is cooperating with the request and seems to have decided not to add to a previous strong-worded response to Blue Orca’s accusations back in October.
The company did however express confidence that its ability to deliver 87 fuel cell powered vehicles last year (vs 85 expected), will allow them to grow even more in 2022.
Given that supply chain issues have plagued the entire automotive industry, co-founder and CEO Craig Knight was understandably upbeat: “Thank you to all of our customers, employees, suppliers, shareholders and supporters who helped us battle the global supply chain headwinds and better the expectations for 2021 deliveries.
As Hyzon completes compliance and homologation requirements for vehicles in North America and Australasia, government support for hydrogen steadily grows, and commercial understanding of fuel cell electric vehicles’ unique suitability for heavy transport increases.”
Orders from clients in Europe and China were some of the highlights of last year, but Hyzon Motors also worked on several other directions in 2021.
Hydrogen production in Oklahoma, more effective H2 storage and a partnership with TC Energy seem to be paving the way for other revenue streams, apart from those of heavy vehicle deliveries which seem to be grabbing the headlines.
The broader market still seems unconvinced by the company’s prospects, as the stock has dropped 41% in the past 12 months.