Hyzon Motors Announces Strategic Collaboration with Sojitz Machinery Corporation of America

Rhea-AI Summary

Hyzon Motors has partnered with Sojitz Machinery Corporation of America to explore new markets and fuel cell applications for hydrogen-powered vehicles. This strategic collaboration aims to assist logistics businesses in decarbonizing operations by providing access to cutting-edge hydrogen technology. The partnership emerges ahead of Hyzon's planned business combination with Decarbonization Plus Acquisition Corporation (DCRB), a SPAC that will make Hyzon publicly listed. The transaction is subject to customary closing conditions.

Positive

• Strategic collaboration with Sojitz to penetrate new markets.
• Focus on decarbonizing logistics operations using hydrogen fuel cell technology.
• Potential access to significant customer bases in North America.

Negative

• None.

ROCHESTER, N.Y., May 24, 2021 /PRNewswire/ -- Hyzon Motors Inc. ("Hyzon"), a leading global supplier of zero-emission hydrogen fuel cell-powered heavy vehicles, today announced it has signed a strategic collaboration agreement with Sojitz Machinery Corporation of America ("SMA") to partner in penetrating new markets and exploring the development of new fuel cell-powered commercial mobility applications. This comes ahead of Hyzon's proposed business combination with Decarbonization Plus Acquisition Corporation (NASDAQ: DCRB), a publicly-traded special purpose acquisition company (SPAC), as announced on February 9, 2021, that would result in Hyzon becoming a publicly listed company. Completion of the proposed transaction is subject to customary closing conditions.

SMA is a subsidiary of the Sojitz Group, a world-class global distributor of machinery and equipment headquartered in Tokyo, Japan. Sojitz Group has established new policies and targets to fulfil its commitment for realizing a decarbonized society as announced in Sojitz's long-term sustainability vision alongside Japan's broader commitment to reduce CO2 emissions by up to 50% by 2030.

The strategic relationship between Hyzon and SMA is designed to connect Hyzon's hydrogen fuel cell-powered heavy vehicles and leading fuel-cell technologies with Sojitz customers and suppliers, enabling access to new markets and helping warehouse and logistics businesses decarbonize their operations. Hyzon and Sojitz will also jointly explore possibilities to bring new fuel cell-powered machinery to market, including forklifts.

Craig Knight, CEO and Co-Founder of Hyzon, said:

"As the global energy transition takes hold, hydrogen has rapidly become the preferred fuel for a multitude of applications. We are excited to partner with Sojitz to look at providing the world's largest retailers, manufacturers, warehouses, distribution centers and logistics companies with zero-emission vehicles and a viable path to decarbonize their operations. This collaboration presents an opportunity to scale our core business of hydrogen powered heavy vehicles while potentially building new offerings in complementary areas that bring additional value to customers."

Tadashi Miyazaki, President of SMA said:

"Our partnership with Hyzon Motors, which will help Sojitz Machinery of America and our customers decarbonize commercial mobility, is timely and supportive of Sojitz Group's larger goal to achieve carbon neutrality by 2050. We look forward to a close relationship with Hyzon to bring its leading hydrogen fuel cell technologies to an increasing range of commercial applications, as the North American hydrogen mobility story gains pace. We are excited for the possibilities that collaboration between Sojitz and Hyzon can enable for clean commercial mobility - both in North America and globally."

About Hyzon Motors Inc.
Headquartered in Rochester, NY and with operations in Europe, 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 produce zero-emission commercial vehicles for customers in North America, Europe, and across 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. 

About Sojitz Machinery Corporation of America
Sojitz Machinery Corporation of America (SMA) is a subsidiary of Sojitz Corporation, and is 80% owned by Sojitz Machinery Corporation and 20% owned by Sojitz Corporation of America. SMA is specialized to handle all production machinery equipment in North and South America. Recently SMA is enhancing the field of advanced technology development of mobilities, such as battery cells and fuel cells, plastic recycling and contributing to reducing running cost so that its customers can be more productive and competitive. SMA is trying to contribute to make a better and enriched society through trading production machinery equipment and its parts.

About Sojitz Corporation
Sojitz Corporation is an integrated global trading company with approximately $15 billion in revenue. Headquartered in Tokyo, Sojitz Corporation consists of approximately 400 subsidiaries and affiliates located in Japan and throughout the world, developing wide-ranging general trading company operations in a multitude of countries and regions, and over 20,000 employees around the world. Sojitz Group has established new policies and targets to fulfill its commitment for realizing a decarbonized society as announced in Sojitz's long-term sustainability vision for 2050, the "Sustainability Challenge", aiming to realize net-zero carbon emissions by 2050.

Important Information for Investors and Stockholders

In connection with the proposed business combination, DCRB will file a definitive 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 when they become available because they will contain important information about DCRB, Hyzon and the proposed business combination. Stockholders will be able to obtain a free copy of the proxy statement (when filed), 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 definitive proxy statement. Information regarding DCRB's directors and executive officers is available under the heading "Information About DCRB" in DCRB's preliminary proxy statement related to the Proposed Business Combination filed with the SEC on March 17, 2021, as amended on May 14, 2021. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement relating to the proposed business combination when it becomes available.

Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act. All statements, other than statements of present or historical fact included in this press release, including those regarding DCRB's proposed acquisition of Hyzon and DCRB's ability to consummate the transaction and the strategic collaboration agreement with Sojitz Machinery Corporation of America, 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 DCRB's Preliminary Proxy Statement on Schedule 14A filed with the SEC on March 17, 2021, as amended on May 14, 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. Hyzon gives no assurance that Hyzon will achieve its expectations.

Hyzon Motors Contacts

For US, Europe and Global Media:
Brian Brooks
H+K Strategies
713.752.1901
brian.brooks@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

FAQ

What is the strategic collaboration between Hyzon Motors and Sojitz Machinery Corporation of America about?

Hyzon Motors' partnership with Sojitz Machinery aims to develop new applications for hydrogen fuel cell vehicles and assist logistics companies in reducing their carbon footprint.

What is the significance of Hyzon's business combination with Decarbonization Plus Acquisition Corporation (DCRB)?

This business combination will enable Hyzon to become a publicly listed company, providing access to capital and enhancing its growth potential.

What are the goals of Hyzon Motors in the hydrogen fuel cell market?

Hyzon Motors aims to produce zero-emission commercial vehicles and advance the adoption of hydrogen technology across North America and globally.

What markets will Hyzon Motors and Sojitz focus on through their partnership?

They will focus on warehouse and logistics markets to decarbonize operations with hydrogen fuel cell-powered solutions.