Universal Hydogen’s Aviation Fuel Pod Firm Plummets to Earth
All hydrogen for transportation firms are fated to fail, so another one imploding fiscally is merely schadenfreude
After a brief period when hydrogen for energy and transportation plays managed to mostly limp along without failing entirely, apparently it’s time for another spate of bankruptcies and closures.
A few days ago, it was Hyzon’s time to admit failure. Having gone public via a reverse takeover SPAC, the firm suffered the usual SEC investigations, gave over $25 million to the SEC to settle, and expanded to multiple countries. Then it contracted back to solely the USA and most recently admitted it was considering putting itself up for sale, although it is unclear what assets they have worth buying.
Now it’s Universal Hydrogen, the aerospace startup that wanted to create Nespresso pods full of hydrogen for aircraft. It was a terrible idea from the very beginning, which shows using very little math. The firm was founded in 2020 by Paul Eremenko, the former CTO of Airbus and United Technologies, and Jon Gordon, with the mission to decarbonize the aviation industry through hydrogen-powered flight. The company garnered significant interest and investment, raising over $85 million from prominent investors like…
