Hyzon Issues Worker Adjustment And Retraining Notification, Citing Its Inability To Raise Funding And The Future Uncertainty Relating To Availability Of Government Subsidies

The Company has issued a Worker Adjustment and Retraining Notification Act (WARN Act) notice (the Notice) to its employees at the Company's Bolingbrook, Illinois and Troy, Michigan facilities, as well as to substantially all of its remaining employees in the states of Illinois and Michigan. 

Hyzon cited its inability to raise funding and the future uncertainty relating to the availability of government subsidies, most notably the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project, which the Company believes has caused certain of its customers to slow down or suspend their purchasing decisions.

If the Company cannot raise funds or find a buyer, it is expected that the reduction in force will be completed in February 2025.