Another Hydrogen Truck Firm Meets Its Inevitable Fate As Roadkill
All hydrogen fuel cell transportation firms are doomed to fail, it’s just a question of when, and it’s that time for Hyzon
It’s been a while since I bothered to bash hydrogen for transportation or cleantech special purpose acquisition corporations (SPAC), but the intersection of the two just crossed my screen. I’m talking about Hyzon, the SPAC-funded US-based manufacturer of heavy vehicles.
Let’s start with SPACs and cleantech. These “blank check” companies raise capital through initial public offerings (IPOs) with the sole purpose of acquiring or merging with existing private firms, thereby bypassing the traditional IPO process. Historically, SPACs were used as a niche financial instrument, primarily for acquiring undervalued companies in niche markets or distressed assets.
However, that all changed after the cryptocurrency initial coin offering (ICO) craze was cracked down on by the US SEC and others, preventing the money bros on Wall Street from creating fat bonuses from vapor, other people’s money and delusions. That had followed the crowdfunding abuse of the early 2010s. That had followed the reverse mergers abuse of the 2000s. That had followed the dot-com IPO abuse of the late 1990s and early…
