Gasoline-cell car developer
Hyzon Motors Inc.
recruited a brand new finance chief simply months after it obtained a subpoena from U.S. securities regulators and because the firm appears to be like to extend orders for its fleet of industrial quality vans and buses.
Samuel Chong, CFO of Hyzon Motors
Picture:
Samuel Chong
The Mendon, N.Y.-based firm on Tuesday mentioned
Samuel Chong
would turn out to be chief monetary officer, succeeding
Mark Gordon,
successfully instantly. Mr. Chong most just lately served as treasurer and head of investor relations at
Fluence Vitality Inc.,
an Arlington, Va.-based renewable-energy expertise agency.
Mr. Gordon, who has a background in portfolio administration and had served as Hyzon CFO since August 2020, will stay with the corporate as a senior adviser for the subsequent 12 months. Hyzon in 2020 spun off from Singapore-based Horizon Gasoline Cell Applied sciences Pte. Ltd. and listed on Nasdaq final July by way of a special-purpose acquisition firm.
The CFO change comes after Hyzon in January disclosed a subpoena from the Securities and Alternate Fee in relation to allegations made by short-seller Blue Orca Capital final September. Blue Orca claimed that some orders for Hyzon automobiles weren’t actual. Hyzon referred to as the report inaccurate and deceptive.
Blue Orca Capital on Tuesday didn’t reply to a request for remark. Hyzon in January mentioned it was cooperating with the subpoena. On Tuesday, a spokeswoman declined to remark additional on the SEC matter.
The corporate reported $6.0 million in income for the 12 months ended Dec. 31 after producing no income the earlier 12 months. It booked a internet lack of $19.3 million in 2021, in comparison with a internet lack of $14.4 million the earlier 12 months.
Hyzon mentioned it’s working to finish new services in Bolingbrook, Unwell., and arrange meeting operations in Rochester, N.Y. The corporate’s prospects embrace companies and authorities companies in areas such because the U.S., Europe, Asia and Australia. It has mentioned it expects to ship 300 to 400 automobiles this 12 months, with deliveries largely within the second half.
Mr. Chong, a treasurer at earlier employers, will probably strengthen Hyzon’s monetary reporting, notably with reference to income recognition, mentioned
Michael Shlisky,
a managing director at funding financial institution D.A. Davidson & Co.
Mr. Chong additionally is anticipated to assist the corporate construct out manufacturing, convert buyer curiosity into car orders and navigate lingering supply-chain points, mentioned
Robert Wertheimer,
a associate at funding analysis agency Melius Analysis LLC.
Write to Mark Maurer at Mark.Maurer@wsj.com
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