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Roth MKM started off coverage on Hyzon Motors (NASDAQ:HYZN) with a Buy rating on Wednesday.
Analyst Craig Irwin sees upside for the heavy-duty fuel cell truck maker as it makes rapid progress towards commercial introduction of its 200 kW fuel cell system and clears up other obstacles to positive investor sentiment.
"We expect the production of a new 200 kW FC stack to deliver a tailwind in 2H24 driving adoption. New mgmt has finalized the SEC settlement and restated financials to put prior issues behind Hyzon and lift a material overhang. Trading catalysts ahead include technology milestones, customer confirmations, an increased delivery tempo, and release of subsidy funding.
The availability of substantial subsidy funding is expected to help facilitate accelerating deliveries for Hyzon Motors (HYZN).
Last month, Hyzon Motors (HYZN) announced that it struck a deal with privately-held New Way Trucks to develop a fuel cell powered refuse vehicle for the North American market. Hyzon (HYZN) and New Way plan to start the advanced phases of truck development, with the initial base FCEV prototype ready for refuse collection equipment integration. Hyzon (HYZN) will be responsible for the supply and integration of its advanced fuel cell technology and integrated powertrain, while New Way will be responsible for the supply and integration of the prototype's Sidewinder XTR automated side-load refuse body, thereby combining both companies' expertise to develop a sustainable refuse collection solution.
Shares of Hyzon Motors (HYZN) rose 2.50% in premarket trading to $0.614. Short interest on HYZN is 7.70% of the total float.