By Josh Beckerman
Fuel-cell vehicle developer Hyzon Motors reached a settlement with the Securities and Exchange Commission, which alleged the company misled investors about its business relationships and vehicle sales.
The SEC said its complaint alleged that in July 2021 Hyzon falsely stated that its first fuel-cell electric vehicle had been delivered. The SEC said the company went, “as far as posting a misleading video of the vehicle purportedly running on hydrogen, when the vehicle was not equipped to operate on hydrogen power.”
Hyzon said it agreed to pay $25 million in civil penalties in three installments without admitting or denying the allegations.
The SEC also announced charges against, and settlements with, Hyzon’s former CEO Craig Knight and Max C.B. Holthausen, former managing director of the company’s European unit.
In the second quarter, Hyzon accrued a $22 million loss contingency related to the SEC investigation.
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