One of the newer next-generation auto stocks on the market, Hyzon Motors (HYZN 1.67%), had a day to remember on Monday. Investors are clearly digesting one happy piece of news from the hydrogen truck specialist, as they pushed its shares more than 11% higher.
Hyzon announced that it has devised a new hydrogen onboard storage system that is considerably lighter and cheaper to manufacture than existing solutions.
It explained that the patent-pending system "has the potential to reduce the overall weight of the system by 43%, storage system costs by 52%, and the required manufacturing component count by 75%, based on a single-rack system with capacity to store five hydrogen cylinders."
The company added that its new solution, which was jointly developed by its U.S. and European research teams, will be used in its vehicles throughout the world. It has been installed in pilot trucks in Europe, and the company anticipates full deployment in all its vehicles starting in the fourth quarter of this year.
The company also plans to license the technology to outside automobile manufacturers, although it did not provide any financial details or forecasts for such a strategy.
Like the current internal combustion engines (ICEs) that run on gasoline, hydrogen vehicles are highly dependent on how much of the gas they can store, and how effectively they can do so. If Hyzon's new system can cut down on weight and costs by the mentioned amounts, it would be a highly compelling solution not only for its trucks, but for peer manufacturers anywhere in the world.