Hydrogen fuel-cell-electric truck maker Hyzon will wind down operations, its board has decided.

On Dec. 20, the company issued a Worker Adjustment and Retraining Notification (WARN) Act notice to regulators, citing an inability to raise funds needed for continued operations.

Hyzon cited its inability to raise funding and the future uncertainty relating to the availability of government subsidies, most notably the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project, which the company believes has caused certain customers to slow down or suspend their purchasing decisions.

The board put forward a recommendation to shareholders that dissolve the company and distribute remaining assets to creditors.

“The company is unable to continue its ongoing operations with its current cash and anticipated future cash flow and has been unable to secure sufficient equity, debt or other financing,” the company told stockholders. “The board believes that the Assignment [Proposal} presents the best opportunity to maximizing recoveries for creditors while preserving an opportunity for future payments of any residual value to stockholders if available.”