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Illustration: Aïda Amer/Axios

Hyzon Motors, the hydrogen fuel cell truck and bus startup, is going public via reverse merger with a special purpose acquisition company.

Driving the news: Hyzon is merging with Decarbonization Plus Acquisition Corp. in a deal that values the New York-based startup at $2.7 billion.

Why it matters: The 2020 craze of electric and hydrogen transportation startups going public is continuing in 2021.

  • And it's the latest sign of investors betting on commercial fleet buyers to eventually buy lots and lots of electric and hydrogen-powered big trucks.

The details: The deal will provide the company with $626 million in proceeds to fuel its expansion, the announcement states.

  • New and existing investors include BlackRock, Federated, Fidelity, Wellington and Riverstone Energy Limited.
  • It comes after the multinational oil-and-gas giant Total SE invested in Hyzon last year.
  • Hyzon CEO Craig Knight said heavy truck deliveries to customers in Europe and North America will begin later this year.

Catch up fast: Hyzon said last fall that it plans to deliver several thousand fuel cell trucks and buses over the next three years from its facilities in North America, Europe and Asia.

  • The company, a spinoff out of Singapore-based Horizon Fuel Cell Technologies, said at the time it had roughly 400 trucks and buses on the roads.

The big picture: Via Bloomberg, which reported a few days ago that the Hyzon SPAC deal was coming...

  • "According to BloombergNEF, fuel-cell vehicles could capture as much as 30% of bus-fleet volume globally by 2050 and as much as 75% of heavy-vehicle fleets, with growth driven primarily by demand from China and the European Union."

Go deeper: Trucking into the hydrogen era

Go deeper

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Why it matters: Cuomo had faced a revolt from legislators for his handling of nursing-home deaths from COVID. Now, the scandal is acutely personal, with obviously grave political risk.

Fauci: Children "very likely" to get COVID vaccine at start of 2022

NIAID Director Anthony Fauci. Photo: Win McNamee/Getty Images)

Children under age 12 will "very likely" be able to get vaccinated for coronavirus at the "earliest the end of the year, and very likely the first quarter of 2022," NIAID Director Anthony Fauci told "Meet the Press" Sunday.

Why it matters: Children generally aren't at risk of serious coronavirus infections, but vaccinating them will be key to protecting the adults around them and, eventually, reaching herd immunity, writes Axios' Caitlin Owens.

Virginia lawmakers vote to legalize marijuana in 2024

Virginia Gov. Ralph Northam. Photo: Alex Edelman/Getty Images

Lawmakers in Virginia on Saturday approved compromise legislation that would legalize marijuana in 2024, putting the state a step closer to becoming the first in the South to end prohibition on the drug, the Richmond Times-Dispatch reports.

Why it matters: The legislation will make Virginia the 16th state to legalize marijuana, per Politico. It would add to a slate of laws that have seen Virginia move in a more progressive direction during the tenure of Gov. Ralph Northam.