Heavy hitter: Hyzon Motors to supply world's heaviest hydrogen-powered truck to transport company
Hyzon Motors Inc. announces plans to supply a 154-ton hydrogen fuel cell-powered truck to a European heavy lift transport group, marking a significant step in replacing diesel with hydrogen in heavy-duty applications. The trucks will deliver 480 kilowatts of power, showcasing Hyzon's advanced fuel cell technology. This agreement precedes Hyzon's public listing on Nasdaq via a business combination with Decarbonization Plus Acquisition Corporation (DCRB). Interest in these trucks is growing among mining and industrial firms in Europe and Australia.
- Hyzon plans to supply the heaviest hydrogen-powered truck, enhancing its position in the market.
- The agreement expands Hyzon's reach into Europe, targeting high-performance vehicle needs.
- Dependence on non-binding memoranda for future orders may pose execution risks.
- Potential financial uncertainties for counterparties could hinder the conversion of agreements into sales.
ROCHESTER, N.Y., July 1, 2021 /PRNewswire/ -- Nearly twice as heavy as the Space Shuttle, Hyzon Motor Inc.'s 154-ton hydrogen fuel cell-powered trucks are planned for launch in Europe.
Hyzon, a leading global manufacturer of hydrogen commercial vehicles, announced today that it will sign a memorandum of understanding to supply the truck, used in construction operations, to a European heavy lift, transport and rigging group.
Hyzon already produces the highest-density fuel cell on the market, as verified by third-party testing authorities. The new truck deployment is expected to build on this existing advantage, allowing Hyzon's customers to power more challenging industrial work with clean hydrogen fuel.
"This technological development will demonstrate that hydrogen fuel cell vehicles can replace diesel for even the most heavy-duty needs," said Hyzon CEO Craig Knight. The fully loaded trucks, 154 tons by U.S. measurement, are considered the industry's heaviest, and are expected to provide 480 kilowatts of power.
The truck agreement comes as Hyzon readies for a public listing on Nasdaq via a business combination with Decarbonization Plus Acquisition Corporation. (NASDAQ: DCRB).
Additional interest in Hyzon's heavy trucks has been expressed by current and potential customers in Europe and Australia, such as mining companies and companies in other industries which require high-performance vehicles for use in rugged terrain, over long distances, and in rigorous industrial activities.
About Hyzon Motors Inc.
Headquartered in Rochester, N.Y., with U.S. operations also in Chicago and Detroit, and international operations in the Netherlands, Singapore, Australia and China, Hyzon is a leader in hydrogen mobility. Hyzon is a pure-play hydrogen mobility company with an exclusive focus on hydrogen in the commercial vehicle market. Utilizing its proven and proprietary hydrogen fuel cell technology, Hyzon aims to supply zero-emission heavy duty trucks and buses to customers in North America, Europe and around the world. The company is contributing to the escalating adoption of hydrogen vehicles through its demonstrated technology advantage, leading fuel cell performance and history of rapid innovation. Visit www.hyzonmotors.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, including those regarding Decarbonization Plus Acquisition Corporation's ("DCRB") proposed acquisition of Hyzon and DCRB's ability to consummate the transaction, are forward-looking statements. When used in this press release, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, DCRB and Hyzon disclaim any duty to update any forward -looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. DCRB and Hyzon caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of either DCRB or Hyzon, including risks and uncertainties described in the "Risk Factors" section of Exhibit 99.3 of DCRB's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the "SEC") on February 9, 2021, the "Risk Factors" section of DCRB's definitive proxy statement on Schedule 14A filed with the SEC on June 21, 2021, and other documents filed by DCRB from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements, such as risks related to the ability to convert non-binding memoranda of understanding into binding orders or sales (including because of the current or prospective financial resources of the counterparties to Hyzon's non-binding memoranda of understanding and letters of intent), or the ability to identify additional potential customers and convert them to paying customers. Hyzon gives no assurance that Hyzon will achieve its expectations.
Important Information for Investors and Stockholders
In connection with the proposed business combination, DCRB filed a proxy statement and other relevant documents with the SEC. Stockholders and other interested persons are urged to read the proxy statement and any other relevant documents filed with the SEC because they contain important information about DCRB, Hyzon and the proposed business combination. Stockholders may obtain a free copy of the proxy statement, as well as other filings containing information about DCRB, Hyzon and the proposed business combination, without charge, at the SEC's website located at www.sec.gov.
Participants in the Solicitation
DCRB, Hyzon and their directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from DCRB's stockholders in respect of the proposed business combination and the other matters set forth in the proxy statement. Information regarding DCRB's directors and executive officers is available in DCRB's Annual Report on Form 10-K for the annual period ended December 31, 2020, and under the heading "Information About DCRB" in DCRB's definitive proxy statement related to the proposed business combination filed with the SEC on June 21, 2021. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is set forth in the proxy statement relating to the proposed business combination.
Hyzon Motors contacts
For U.S., Europe and Asia media:
Caroline Curran
Hill+Knowlton Strategies
+1 256-653-5811
caroline.curran@hkstrategies.com
For Australasian media:
Fraser Beattie
Cannings Purple
+61 421 505 557
fbeattie@canningspurple.com.au
For investors:
Caldwell Bailey
ICR, Inc.
HyzonMotorsIR@icrinc.com
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SOURCE Hyzon Motors Inc.
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