Macquarie joins Hyundai Motor to finance hydrogen fuel cell electric trucks in US

Macquarie Group is part of a consortium that includes Hyundai Motor and other parties that has been awarded grant funding to assist in the delivery of 30 XCIENT Class 8 hydrogen fuel cell electric trucks (FCETs) that will be deployed in Oakland, California, and the Port of Oakland area in early 2023.

The Center for Transportation and the Environment will lead the NorCAL ZERO project, which has received grants from the California Air Resources Board and the California Energy Commission’s Clean Transportation Program, as well as over $US6 million in cost-share funding from the Alameda County Transportation Commission and the Bay Area Air Quality Management District. It brings together the efforts of these organizations and industry experts to deliver across the program’s value chain.

The FCETs will be owned and leased by Macquarie’s Specialized and Asset Finance division, which is part of the Commodities and Global Markets group. First Element Fuel will construct and operate a high-throughput liquid hydrogen fuelling station using Air Liquide’s hydrogen fuel.

“Macquarie has actively been investing in projects and platforms related to the transition to a lower-carbon future and we are particularly pleased to contribute to an effort that will put 30 zero-emission trucks on the road in Northern California. This project is an important milestone in our efforts to develop and progress similar zero emission vehicle rollouts around the world.”

Julian Liddy, Senior Managing Director at Macquarie Group.

“We are proud to fund this hallmark deployment of 30 hydrogen fuel cell electric trucks and improve the air quality in Northern California. These investments will support zero-emission trucks and infrastructure development and deployment as part of the US market ecosystem. Public and private project partners have come together to take a big step forward in decarbonizing freight and goods movement, as part of CARB and CEC’s clean air initiatives.”

Hannon Rassool, Deputy Director of Fuels and Transportation Division at the California Energy Commission.