Company: HYSR
Filing Date: 2025-09-15
Form Type: 10-K
Source: 0001213900-25-087311
Chunk: 15

Company: SUNHYDROGEN, INC.
Filing Date: 2025-09-15
Form: 10-K
Item: Item 1
Chunk 15
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).

For heavy-duty road freight, evidence suggests
battery-electric will dominate shorter routes and fuel-cell can play a role in certain long-haul duty cycles that value fast refueling
and competitive payloads. Comparative advantages depend on route length, depot vs. corridor fueling, and electricity access; leading analyses
emphasize a segment-by-segment approach rather than a blanket preference (NACFE).

Recent developments

●Hyundai XCIENT (Class-8) – ACT Expo 2025. Hyundai unveiled its next-generation heavy-duty fuel-cell truck for North America,
highlighting range and TCO improvements and expanding its hydrogen mobility strategy (Hyundai, PR, 2025).

●AVL fuel-cell demonstrator truck – 2025 Sustainability Award. AVL’s Fuel Cell Technology Demonstrator Truck won the “Technology
– Complete Vehicle” category (AVL, PR, 2025).

●Ballard marine order – Samskip vessels (6.4 MW). Ballard announced a 6.4 MW order of FCwave™ engines via eCap Marine to
power two Samskip vessels (Ballard, PR, 2025).

●Siemens Mireo Plus H in passenger service (Germany). Hydrogen multiple units received authorization and entered passenger service
aligned with the Dec 15, 2024 timetable change (Siemens, PR, 2024).

●Norway (Enova) record maritime funding. Enova announced record support (USD 114 million) for zero-emission vessels, including hydrogen
and ammonia projects (Business Norway, Article, 2024).

Integrated “hydrogen valleys”

●Hydrogen mobility clusters are advancing within broader regional ecosystems that co-locate production, distribution, and end-use.
The EU-backed Hydrogen Valleys initiative maps and funds such projects across Europe, with ongoing calls and program reviews documenting
pipeline growth (H2 Valley, map, 2025; Clean Hydrogen Partnership, 2024).

Competition

Most hydrogen today is produced from fossil fuels,
primarily via steam methane reforming (SMR) of natural gas, with coal gasification the next largest source; less than 1% of global supply
in 2023 came from low-emissions pathways. The IEA estimates that around two-thirds of dedicated hydrogen production was from unabated
natural gas in 2023 and about 20% from unabated coal (with China accounting for most coal-based output). The remainder is mainly by-product
from oil processes and small volumes from