Too Late to Triage: From Hype to Liquidation in 4 Years

The Business Emergency Room: For Leaders Facing Volatility, Uncertainty, Complexity & Ambiguity (VUCA)

A startup with cutting-edge tech and global momentum collapsed in under four years because no one stopped to build the structure needed to sustain it.

In this episode, Maartje van Krieken reflects on the rise and fall of Hyzon Motors, a hydrogen fuel cell startup that looked like a sure thing. The technology was solid. The market was ready. The company had funding, partnerships, and a compelling vision. So how did it all fall apart?

Drawing from her direct experience inside the organization, Maartje walks through the kind of operational breakdown that often gets overlooked in the rush to scale. Roles weren’t clearly defined. Regional strategies clashed. Expectations were sky high, but no one had a realistic plan for how to deliver on them. What happens when you bring in top talent but give them no framework to work within? What does growth look like when there’s no shared understanding of how the pieces fit together?

Seen through the lens of business triage, this story becomes a reminder of what’s easy to miss when everything feels urgent. If your team is under pressure to move fast and you’re not quite sure whether the foundation can hold, it’s worth asking: where are the cracks starting to show?

Episode Breakdown:

00:00 Case Study: Hyzon Motors and the SPAC Hype

02:10 Early Red Flags: Phantom Customers and Inflated Demand

04:10 European Joint Venture Breakdown

07:09 Unrealistic Timelines and Costly Missteps

09:19 Over-the-Wall Management and Organizational Chaos

11:47 Business Continuity Problem Hidden Beneath Activity

16:05 Inside the Collapse: Leadership Turnover and SEC Probes

19:05 Hyzon’s Final Collapse and Liquidation

20:03 Lessons in Startup Failure and Operational Breakdown

26:09 The Fix Illusion vs. What Businesses Actually Need

Links

Connect with Maartje van Krieken:

https://www.thechaosgamesconsulting.com/

https://www.linkedin.com/in/maartje/

https://maartjeturnschaosaround.substack.com/

Host Maartje van Krieken is a crisis strategist and decision-making expert who thrives in high-stakes business environments. Combining disaster management training, hands-on experience in global industries, and leadership skills honed as a seasoned sailor, she helps businesses navigate chaos with precision. Whether tackling transformation, scaling challenges, or leadership bottlenecks, Maartje delivers actionable insights to turn turbulence into traction.

Podcast production and show notes provided by HiveCast.fm