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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

7 mins ago - World

COVID cases surge in South Africa in sign Omicron wave is coming

Recreated from Our World in Data; Chart: Axios Visuals

South Africa alerted the world to the Omicron variant. Now data out of South Africa may serve as a warning of what we're facing.

Driving the news: South Africa recorded 11,535 new cases Thursday with 22.4% of tests coming back positive — up from an average of about 300 new cases, with a 2% test positivity rate 10 days earlier. The country's top public health officials expect that exponential rise to continue as Omicron rapidly becomes the dominant variant.

BuzzFeed to go public, after shareholders approve SPAC deal

Photo by Charley Gallay/Getty Images for BuzzFeed

BuzzFeed is set to become publicly traded on Monday, after shareholders of a SPAC called 890 Fifth Avenue Partners voted to approve a previously-announced merger.

Yes, but: The vast majority of the money the SPAC raised in January was yanked, a signal that investors aren't very optimistic about BuzzFeed's future prospects.

Omicron cases confirmed in 4 U.S. states

A healthcare worker inserts a Covid-19 rapid test into a machine in Denver, Colorado. Photo: Daniel Brenner/Bloomberg via Getty Images

Five cases of the newly-discovered Omicron variant were detected in New York, Gov. Kathy Hochul (D) and New York City Mayor Bill de Blasio announced on Thursday, making New York the fourth state with confirmed cases.

The latest: In addition to New York, the variant has been confirmed in California, Colorado and Minnesota.