Hyzon Motors Inc., a company once celebrated for its strides in hydrogen fuel cells, is now at a crossroads.

On Thursday, the board of directors approved, pending shareholder approval, the divestiture of nearly all of the company’s assets, along with a liquidation and dissolution planaccording to a filing with the Securities and Exchange Commission. The move comes as Hyzon continues to explore strategic alternatives aimed at maximizing its business and asset values.

Despite efforts since June to identify strategic paths, none have presented themselves as viable options, prompting the current course of action, the company said. Before officially moving forward with the dissolution, Hyzon plans to hold a special meeting of shareholders to seek approval, and an SEC filing is expected in the near future.

The company also announced that it would be making layoffs at its facilities in Bolingbrook, Illinois and Troy, Michigan, according to a news release. All employees at those locations were given notices under the WARN Act, setting a 60-day countdown to possible layoffs if a financial lifeline doesn’t materialize.

Hyzon’s financial situation has been precarious, with recent reports indicating cash reserves and cash burn rates forecasting resource depletion by 2024. This financial strain is exacerbated by a $25 million fine SEC related to allegations of misrepresented trade claims fraud, adding to the challenges that have beset Hyzon recently.

While the board will continue to pursue strategic alternatives and financing opportunities, it retains the option to modify or abandon the dissolution plan if circumstances permit.

However, without new capital or strategic mergers, Hyzon’s bold attempts in the sustainable transport sector could soon come to an end.

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