Why EV Stock Hyzon Motors Is Skyrocketing Today
Shares of Hyzon Motors (NASDAQ: HYZN) are headed for the skies this morning, trading up 16.9% as of 11:10 a.m. EDT. The manufacturer of hydrogen fuel cell heavy-duty commercial vehicles just bagged its biggest order yet since the stock went public on July 19 after a merger with a special purpose acquisition company, and investors can't contain their excitement.
Thursday morning, Hyzon Motors announced an agreement to deliver up to 500 electric trucks to Shanghai Hydrogen HongYun Automotive, a China-based logistics company that's also among the leading fuel cell EV players in the nation.
Hyzon is a new entrant in the world of EV stocks in the U.S., but you'd be surprised to know the company's history. It is backed by Singapore-based Horizon Fuel Cell Technologies, one of the world's largest hydrogen fuel cell manufacturers with nearly two decades of experience. Hyzon currently sources all of its fuel cell systems from Horizon, but intends to become self-reliant once its manufacturing facilities in the U.S. become operational.
Source Fool.com