Hyzon resolves SEC investigation for $25M without addressing allegations

Hyzon Motors announced a final resolution of the investigation by the SEC, subject to court approval. The investigation was previously reported by the company on January 12, 2022. “Hyzon is pleased to put this chapter behind us, and continue our disciplined execution of operational milestones including commercial vehicle deployments and fuel cell technology developments,” said Hyzon Motors’ CEO Parker Meeks. Without admitting or denying the allegations in the SEC’s complaint, Hyzon has agreed to pay a civil monetary penalty of $25M in three installments: $8.5M within 30 days of entry of final judgment; $8.5M by December 31, 2024; and $8M within 730 days of entry of final judgment. In the second quarter of 2023, Hyzon accrued a $22M loss contingency, based upon management’s assessment of the SEC investigation. Also named in the SEC’s complaint were Craig Knight, the company’s former CEO and a former director, and Max C.B. Holthausen, a former managing director of the company’s European subsidiary, Hyzon Motors Europe B.V. Knight and Holthausen also separately consented to the entry of final judgments, subject to court approval, resolving the SEC’s allegations.