Hyzon Motors Appoints Adam Kroll as Chief Administrative Officer

Rhea-AI Summary

Hyzon Motors Inc. announced the appointment of Adam Kroll as Chief Administrative Officer as of April 15, 2021. Kroll brings over 20 years of corporate finance experience, previously serving as interim CFO for UPG Enterprises and holding roles at PSAV and JP Morgan. This leadership change coincides with Hyzon's pending business combination with Decarbonization Plus Acquisition Corporation (DCRB), expected to finalize in Q2 2021, transitioning Hyzon into a publicly listed entity. CEO Craig Knight expressed confidence in Kroll's expertise to drive Hyzon's mission of transitioning to hydrogen fuel technologies.

Positive

• Appointment of Adam Kroll as CAO is expected to strengthen corporate finance capabilities.
• Kroll's extensive experience in corporate finance and capital markets could enhance strategic decision-making.
• The anticipated merger with DCRB positions Hyzon for increased market visibility and growth.

Negative

• Concerns may arise regarding continuity and experience gaps with leadership changes.
• Business combination pending closing conditions introduces uncertainty and execution risk.

ROCHESTER, N.Y., April 15, 2021 /PRNewswire/ -- Hyzon Motors Inc. ("Hyzon"), a leading global supplier of zero-emission hydrogen fuel cell-powered commercial vehicles, today announced the appointment of Adam Kroll as Chief Administrative Officer with immediate effect.

As announced on February 9, 2021, Hyzon has entered into a definitive agreement for a business combination with Decarbonization Plus Acquisition Corporation (NASDAQ: DCRB), a publicly-traded special purpose acquisition company (SPAC) that would result in Hyzon becoming a publicly listed company. Completion of the proposed transaction is subject to customary closing conditions, and is expected to occur in the second quarter of 2021.

Mr. Kroll brings more than 20 years of corporate finance experience to Hyzon. Most recently he served as interim Chief Financial Officer for UPG Enterprises, a hyper growth family office founded in 2014 to acquire steel services businesses. Prior to his tenure at UPG, Mr. Kroll spent five years at PSAV, a $3 billion Blackstone backed global event technology services provider, where he served in roles of increasing responsibility, including Treasurer, Head of Corporate Development and Senior Vice President - Finance.

In the 10 years prior to his time at PSAV, Mr. Kroll was an investment banker, serving most of that time at JP Morgan. He covered the automotive sector as an advisor on many noteworthy transactions, including IPOs, secondary capital raises, acquisitions, divestitures and recapitalizations.

Mr. Kroll earned his MBA, with honors, from the University of Chicago Graduate School of Business, and his bachelor's degree in accounting from the University of Wisconsin.

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

"We are thrilled to add someone of Adam's caliber to our leadership team. Adam's corporate finance and capital markets experience will be an asset to Hyzon Motors, and we look forward to leveraging his talents and skillsets as we continue to accelerate the energy transition and help our customers make the switch to hydrogen."

Adam Kroll, newly appointed Chief Administrative Officer of Hyzon Motors, said:

"I am incredibly excited to be joining Hyzon's leadership team at such a unique time in the company's journey. Hyzon has an unmatched combination of advanced technology, talented executives and smart, committed employees. I look forward to working with everyone at Hyzon to deliver on our mission of decarbonizing the commercial vehicle sector in pursuit of zero emissions with zero compromises."

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.  

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 Decarbonization Plus Acquisition Corporation's ("DCRB") proposed acquisition of the Company 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 the Company 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 the Company 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 the Company, 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 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

Who is the new Chief Administrative Officer of Hyzon Motors?

Adam Kroll has been appointed as the new Chief Administrative Officer of Hyzon Motors as of April 15, 2021.

How does Adam Kroll's appointment impact Hyzon Motors?

Kroll's extensive corporate finance experience is expected to strengthen Hyzon's leadership and financial strategy.

What is the significance of the merger between Hyzon Motors and DCRB?

The merger with DCRB will transition Hyzon Motors into a publicly listed company, potentially enhancing market access.

When is the merger with DCRB expected to be completed?

The business combination with DCRB is expected to finalize in the second quarter of 2021, pending customary closing conditions.

What are the risks associated with the DCRB merger?

Completion of the merger is subject to customary closing conditions, which introduces uncertainties and execution risks.