As Parker mentioned, with dynamic market conditions, Hyzon is assessing multiple options to raise capital. Given what I know about the organization’s leadership, technology, business model, and the important work that we are doing, I am confident on our fundraising prospects. I believe that our differentiated, capital-efficient strategy to become an OEM supplier is the right path. Transitioning now to some guidance for the rest of the year, we are happy to report that against the previously stated second half 2023 cash burn target range of $65 million to $73 million, our cash burn in Q3 was approximately $35 million. The company has done a tremendous job to stay on track against this goal. In Q2, we accrued $22 million for the SEC Investigation Settlement that was ultimately reached in September for $25 million.
The $25 million settlement is to be paid in three installments, $8.5 million within 30 days of court approval, $8.5 million at the end of 2024, and the remaining $8 million within 730 days or two years after court approval. We originally assumed an initial payment in 2023. With the final court approval still pending, this could potentially be pushed to 2024, moving the cash flow impact from 2023 to 2024. Subject to that potential timing impact, our guidance is unchanged for both the second half 2023 cash burn range of $65 million to $73 million and the 2024 range of $110 million to $120 million. While the original 2024 range that we gave during our Q2 earnings call did not include potential SEC payments, we now feel that we can achieve that range, including the SEC payments.
Given our October cash balance, as well as our current and forecast cash burn rate, we believe that we have sufficient cash to sustain us well into 2024 in support of our continued execution and fundraising efforts. Again, thank you to everyone at Hyzon for the welcome, and thank you for listening. With that, I will pass the call back to Parker. Parker?
Parker Meeks: Thank you, Steve. And thank you, JiaJia. As we sit here today, we are working toward important milestones in the fourth quarter. Driving Hyzon’s single-stack 200kW fuel cell system technology to commercialization, including producing and validating 25 200kW fuel cell B-samples, declaring C-sample of the 200kW fuel cell system, meeting our revised guidance of 15 to 20 vehicles deployed commercially this year, including delivering Hyzon’s first commercial Class 8 fuel cell trucks to Performance Food Group, and converting additional major fleet customers to multi-stage commercial agreements. In closing, Hyzon is in a much different and stronger position today, building that strength quarter- on-quarter, which we look forward to continuing in Q4.
Our company is at an inflection point as we transition from development to production and delivery. We have and continue to make significant strides in advancing a proprietary fuel cell technology and remain on track for SOP and commercialization of single-stack 200kW fuel cell system in a second half of 2024. We continue to show progress in a commercialization of our heavy-duty trucks, including the recent 1st commercial delivery on revenue in the US. And additional major fleet contract conversions. And are confident in our strong customer pipeline, continuing to convert going forward. With the appointment of Steve as permanent CFO and additional board appointments, we have a management bench and board with deep experience, allowing us to entirely focus our efforts on our streamlined, refocused, and centralized company with a clear vision for the future.
We believe our technology and business model lead, commercial progress, and low required capital spending needs through SOP, position us well as we engage with potential strategic partners. The resolution of the SEC investigation removed a significant obstacle, all with a supportive backdrop of increasing government support and customer interest. We thank you for your continued engagement with us as we drive with our customers and partners to commercialize Hyzon’s leading hydrogen fuel cell technology in trucking today and many other use cases in the future. With that, I will turn it back over to the operator for questions. Operator?
Operator: [Operator Instructions] Steven Fox with Fox Advisors.
Steven Fox: Hi, good morning. Can you hear me, okay? Okay, thanks. Good morning. First question, I had two, but just Parker, can you sort of dig into the concept of why this is such an important inflection point for the company in terms of the pipeline conversion. It’s the first of hopefully many in terms of your US delivery, but like what else does it say to the marketplace or the customers that we maybe should appreciate further? And then I had a follow-up.
Parker Meeks: That’s great. Well, I’d love to dig into that, Steve, because we truly do believe as a company, we are at a critical inflection point, moving from development, which we’ve been in for the company’s history, to production and starting to deliver vehicles. This milestone of a first revenue delivery in the U.S. shows a few things. I think first it shows the breadth of the market application that we have in front of us. So the drayage market superficially in Port of Los Angeles and Long Beach is substantial, 20,000 drayage trucks operating in a very nice circular ecosystem with back-to-base operations and fueling stations already in place. And now multiple layers of funding opportunity as the IRA Zero Emission Port Equipment Grants are expected to be awarded December of 2024 and potential as well from the DOE Hydrogen Hub that was awarded to the state, stacking on top of $147 million that CARB has set aside for drayage.
That is in addition, of course, to our large fleet customer focus, where we are really excited to build on this momentum with deliveries later this year to Performance Food Group with their first vehicles well into assembly. And you combine that transition and inflection point in delivery, that’s finally come to the US after deploying customers already commercially in Europe for some time and even in Australia with the customer progression in the pipeline, right? So we talked about the trial program continuing to advance in North America where we went from seven trials this year at our last call to 10, so three more large fleet trials conducted in North America. Additionally, we are progressing quite well with several large fleet customers who have completed their trials and framing the contracts that we hope to finalize with them soon.
