Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Image courtesy of Hyzon Motors

The huge multinational oil-and-gas company Total SE is investing in the hydrogen fuel cell truck and bus startup Hyzon Motors, the companies announced this morning.

Why it matters: It's the latest sign of increasing interest in hydrogen-powered heavy vehicles amid moves by startups and legacy automakers alike. It also shows how European-headquartered oil giants are boosting their alternative energy portfolios, even though hydrocarbons remain their dominant business lines.

  • Total's VC arm is leading the funding round that also has participation from Ascent Hydrogen Fund, Hydrogen Capital Partners and Audacy Ventures Ltd.

Yes, but: The size of the investments in Hyzon were not disclosed, but Bloomberg reports that they're relatively small. The funding round "totaled more than $15 million and valued Hyzon at around $200 million," it reports.

What's next: Hyzon says it plans to deliver around 5,000 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, says it currently has roughly 400 trucks and buses on the roads.

The big picture: Hydrogen-powered heavy vehicles are having a moment even though it remains a small market with plenty of barriers to major growth. Two recent examples...

  • Hyundai delivered its first XCIENT fuel cell heavy-duty trucks to European customers this week and announced plans to bring hydrogen-powered trucks to the U.S. and China, too. It plans to build up to 2,000 trucks a year starting in 2021.
  • Toyota and its subsidiary Hino said Monday they're developing a fuel cell heavy truck for the North American market, with a demonstration model arriving in the first half of 2021.

The intrigue: It has been a busy stretch for Total's growing cleantech portfolio and investments.

  • This week Total made its latest renewables investment by taking a 20% stake in a floating wind project off the French coast.
  • Last week Total announced the acquisition of Blue Point London, the city's largest EV charging network.

Go deeper

Sep 25, 2020 - Economy & Business

Eyeing the end of gas-powered cars

Illustration: Eniola Odetunde/Axios

Gasoline-powered cars may be going the way of the woolly mammoth, even if it will take decades to replace them and seems hard to fathom today.

The big picture: Internal combustion engines (ICEs) have powered automobiles for more than 100 years. But the shift to electric vehicles, slow to materialize at first, is now accelerating due to tightening government policies, falling costs and a societal reckoning about climate change.

Officer who shot Ashli Babbitt during Capitol riot won't face charges

Gary Phaneuf, Tony Naples and Melody Black visit a memorialon Jan. 7 near the Capitol Building for Ashli Babbitt. Photo: Joe Raedle/Getty Images

The Capitol Police officer who fatally shot Air Force veteran Ashli Babbitt on Jan. 6 as she joined a pro-Trump mob ransacking the Capitol will not face criminal charges, the Justice Department said on Wednesday.

Driving the news: In their investigation, federal prosecutors were unable to prove that the officer was not acting in self-defense or acting to defend members of Congress.

Dan Primack, author of Pro Rata
31 mins ago - Economy & Business

Coinbase opens at $102 billion valuation on first day of public trading

Illustration: Sarah Grillo/Axios

Cryptocurrency exchange Coinbase opened trading on Wednesday at $381 per share, giving it a fully diluted market value of around $102 billion.

Why it matters: This is a slight premium to the most recent private trades for Coinbase stock, and more than 50% higher than the reference price set last night by the Nasdaq.