Rochester, New York-based Hyzon Motors, an automotive company specializing in developing and manufacturing hydrogen fuel cell systems and zero-emission heavy-duty fuel cell electric vehicles, has announced plans to liquidate assets and lay off employees as it reaches the end of its cash runway.
According to an SEC filing, the company plans to bypass the Bankruptcy process and assign all assets to its creditors free of unsecured debt.
If no operator can be found to resurrect the company, the process will impact 360+ employees. If the Company cannot raise funds or find a buyer, the reduction in force is expected to be completed in February 2025.
According to the company's filing, “The reduction in force is primarily a result of the company’s inability to raise funding and the future uncertainty relating to the availability of government subsidies.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something terrible hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. While many employees can read the writing on the wall, why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?