Paul Rodden • Season: 2024 • Episode: 349
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Welcome to The Hydrogen Podcast!
In episode 349, Hyzon announces a major milestone with their 200 kilowatt single stack fuel cell. A finished Power Company adds hydrogen to their mix, and a billion dollar merger could signal the future of hydrogen hypercars. I’ll go over all of this and give my thoughts on today’s hydrogen podcast.
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Paul Rodden
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Transcript:
Hyzon announces a major milestone with their 200 kilowatt single stack fuel cell. A finished Power Company adds hydrogen to their mix, and a billion dollar merger could signal the future of hydrogen hypercars. I’ll go over all of this and give my thoughts on today’s hydrogen podcast.
So the big questions in the energy industry today are, how is hydrogen the primary driving force behind the evolution of energy? Where is capital being deployed for hydrogen projects globally, and where are the best investment opportunities for early adopters who recognize the importance of hydrogen? I will address the critical issues and give you the information you need to deploy capital. Those are the questions that will unlock the potential of hydrogen, and this podcast will give you the answers. My name is Paul Rodden, and welcome to the hydrogen podcast.
First up today in a press release on September 16, Hyzon fuels the future with start of production for class eight, 200 kilowatt fuel cell electric truck production, hyzon a U.S.-based high-performance hydrogen fuel cell system manufacturer and technology developer focused on providing zero-emission power to decarbonize the most demanding industries, today announced the Start of Production (SOP) of its innovative Class 8 200kW Fuel Cell Electric Truck (FCET). This milestone signals that through its collaboration with North Carolina-based Fontaine Modification, the company can now begin production of its 200kW FCET. “Today marks the beginning of a new chapter for ‘hard-to-decarbonize’ heavy-duty industries, as Hyzon sets the standard for high-performance, zero-emission alternatives to diesel,” said Hyzon Chief Executive Officer Parker Meeks. “Our Class 8 200kW FCET is the culmination of years of engineering, and today we are proud to announce it has evolved from a prototype to a vehicle ready for full production, empowering fleet operators to reduce emissions without sacrificing power, range, or reliability.”
With the finalization of its first 200kW Class 8 vehicle built using production parts and processes, Hyzon’s Class 8 truck platform now transitions from prototype to series production. This milestone comes as Hyzon expects to declare SOP on its unique single stack 200kW Fuel Cell System (FCS) at its Bolingbrook facility – one of the largest fully-integrated fuel cell systems production facilities in the United States and the only 200kW plus single-stack fuel system to be launched into serial production – in the next few weeks.
As part of the development of the FCET, Hyzon has arranged for Fontaine Modification to perform vehicle assembly and production in Charlotte, North Carolina. Hyzon provides Fontaine with kits for the fuel cell system, battery packs, and hydrogen storage systems. Fontaine assembles these into vehicle chassis, ensuring each truck is road ready. As part of the SOP, Fontaine has confirmed the necessary equipment, documentation, and processes are in place for series production.
The Class 8 200kW FCET features a single stack 200kW fuel cell system, which is 30% lighter and smaller, and 25% more cost-efficient than using two 110kW systems combined. This revolutionary, high-power density design allows for a compact, powerful vehicle that meets the operational demands of heavy-duty road transport. Additionally, Hyzon expects to achieve ISO 9001 – the world’s most recognized quality management standard — certification in Q4 2024.
Okay, so big news from hyzon, as they are now officially in production of their 200 kilowatt fuel cell electric truck. Now we’ve had Parker Meeks on this show a couple of times, and I am a huge supporter of the work he and Hyzon are doing in the class eight truck space. Combining this news with the fact that their waste collection vehicle is working in California gives hyzon real credibility and showcases that hydrogen fuel cell vehicles can live up to the hype. So congratulations to all of you over at hyzon. This is a big win.
Next in an article published September 12, Alfie Shaw writes Energy company’s partner on green hydrogen production in Finland. Finnish energy company Helen Oy has partnered with MAN Energy Solutions and PEM electrolysis specialist H-TEC SYSTEMS to build a 3MW green hydrogen production plant in the vicinity of Helsinki’s district heating network and the Vuosaari Harbour.
Green hydrogen is produced by running an electric current produced by renewable sources through electrodes in water, separating water into hydrogen and oxygen. It is considered the most environmentally friendly form of hydrogen, and is therefore sought after by governments across the world. The EU aims to produce ten million tonnes (mt) and import 10mt of green hydrogen by 2030.
As part of the development of green hydrogen in Finland, MAN Energy Solutions will be responsible for the engineering, procurement and construction of the hydrogen plant, along with the delivery of hydrogen-related equipment.
H-TEC SYSTEMS will supply three proton exchange membrane (PEM) electrolysers for the plant. According to a press release, PEM electrolysis is well suited for coupling with intermittent renewable energy sources such as wind and solar. It requires less energy per kilogram of hydrogen produced than alkaline electrolysis. H-TEC is a subsidiary of MAN Energy Solutions.
The PEM electrolysers will produce up to 1,350kg of green hydrogen per day utilising renewable energy generated from Helen’s portfolio. Helen Oy plans to distribute the hydrogen to industrial customers via a pipeline. Any waste heat will be used in Helen’s district heating network.
Sari Mannonen, senior vice-president of business and hydrogen at Helen Oy, said: “The 3H2 project is the first of its kind in the world by combining four different sectors, electricity, heating, transportation and hydrogen as well as flexibility between them.”
Okay, so Helen Oy bringing in green hydrogen as another Electricity Generating option for their city energy generation. Now, if you don’t know what Helen Oy this is a massive plant that produces heat, cooling and electricity. It also holds the world’s largest heat pump. Has three power plants, over 10 heating plants and two underground cooling centers. So adding hydrogen to the mix does make sense, especially since they can leverage their own renewable energy sources. And like I said in the last podcast, I believe we will continue to see more of these smaller, self contained, hub style hydrogen developments with production and off take located together as all these factors that break apart supply and demand hydrogen deals are effectively removed.
And lastly, in a press release, VivoPower announces strategic merger heads of agreement with fast at a pro forma combined equity value of $1.13 billion. VivoPower has announced a strategic heads of agreement to merge with Future Automotive Solutions and Technologies (FAST) that reflects an equity valuation of $556 million for VivoPower and $578 million for FAST. The heads of agreement is exclusive for 90 days, but non-binding until such time definitive transaction documents are executed. A target completion date of 31 December 2024 has been agreed and is conditional upon, among other things, the consummation of the previously announced business combination transaction between Tembo and Cactus Acquisition Corp. 1 (CCTS), the satisfactory completion of a third-party fairness opinion, minimum net cash at closing of $20 million as well as the fulfilment of customary regulatory and merger transaction requirements.
As contemplated in the heads of agreement, the proposed merger will involve the issuance of 5.72 million restricted new shares in VivoPower to FAST shareholders as consideration. VivoPower shareholders are expected to own 49% of the pro forma combined group upon closing of the proposed merger based on the current pro-forma fully diluted VivoPower shares on issue. The implied value of VivoPower’s current outstanding shares at the US$538 million merger equity value is approximately US$101 per share.
FAST is a Canadian headquartered hydrogen technology company that converts ICE (internal combustion engine) vehicles to run on hydrogen with offices and factory locations in Canada and Japan. FAST was co-founded and is led by one of the automotive industry’s leading luminaries, Ken Okuyama. Mr. Okuyama is best known for being the chief designer of the Enzo Ferrari, whilst working at Pininfarina. He also oversaw projects including Ferrari 599 GTB Fiorano, Ferrari 456M GT, Ferrari California, Ferrari 612 Scaglietti, Ferrari Rossa (Concept car), Mitsubishi Colt CZC, Maserati Birdcage 75th, Maserati Quattroporte V and Ferrari P4/5. Mr. Okuyama previously worked for Porsche, helping design the new generation of the Porsche 911 (aka 996) as well as the Boxster. Prior to that Mr. Okuyama was a design director at Advanced Concept Center of General Motors where he directed the world’s first production electric car, EV1, and solar energy race car, Sunracer.
Okay, so VivoPower, which is a sustainable energy solutions provider, is now teaming up with FAST. Now, Vivo power has an EV platform already in one of their subsidiary companies, Tembo, which makes light rugged mining, industrial and commercial vehicles. And as this press release stated, Ken okuyama has a great legacy already of designing gorgeous vehicles.
My question now is this, could we be looking at the future of HyperCar design and development with this merger, all the big parts are there to make happen and you won’t hear any arguments from me if that’s the case.
All right, that’s it for me, everyone. If you have a second, I would really appreciate it. If you could leave a good review on whatever platform it is that you listen to Apple podcasts, Spotify, Google, YouTube, whatever it is, that would be a tremendous help to the show. And as always, if you ever have any feedback, you’re welcome to email me directly at info@thehydrogenpodcast.com. So until next time, keep your eyes up and honor one another. Hey, this is Paul. I hope you liked this podcast. If you did and want to hear more. I’d appreciate it if you would either subscribe to this channel on YouTube, or connect with your favorite platform through my website at www.thehydrogenpodcast.com. Thanks for listening. I very much appreciate it. Have a great day.
