Hyzon, a U.S.-based manufacturer of high-performance hydrogen fuel cell systems, has announced its decision to focus on core North American markets and the refuse industry while strategically halting its operations in the Netherlands and Australia. The company cited challenging market conditions in Europe and Australia, including the decline of government support for fuel cell transportation and hydrogen subsidies. Hyzon intends to maintain the potential to re-enter the European and Australian markets as a fuel cell system supplier to OEMs in the future. The CEO of Hyzon, Parker Meeks, expressed gratitude to the European and Australian teams for their efforts in advancing the hydrogen transition. The company expects to incur charges of approximately $17 million for the exit activities, with a significant portion in cash. These charges include inventory write-downs, employee-related costs, exit-related costs, and impairment charges, to be realized in the second and third quarters of 2024. Furthermore, Hyzon received a notice from Nasdaq regarding non-compliance with the minimum bid price requirement. The company is actively working to regain compliance within the specified timeline. In parallel, Hyzon is exploring strategic capital efforts and liquidity management, which may involve a sale of the company or its business segments, cost reductions, workforce reduction, or pursuing bankruptcy protection. Despite the operational changes, Hyzon remains committed to developing its 200kW hydrogen fuel cell technology for North American markets, specifically for Class 8 and refuse truck platforms. The company plans to conduct large-fleet trial programs in the U.S. and Canada starting in the summer, alongside optimizing operations in China. Hyzon aims to position itself as a leader in zero-emission technology, contingent upon successful capital raising and strategic initiatives.