Hyzon Motors deepens strategic hydrogen mobility partnership with TotalEnergies SE
On July 12, 2021, Hyzon Motors announced a memorandum of understanding (MoU) with TotalEnergies to develop hydrogen refueling and vehicle supply solutions for long-haul transport in Europe. The collaboration aims to facilitate fleet transitions to renewable hydrogen fuel, leveraging TotalEnergies' extensive service station network and Hyzon's hydrogen-powered trucks. The agreement builds on TotalEnergies' prior investment in Hyzon and includes plans to produce 80 hydrogen fuel cell trucks for French customers by 2023. The initiative supports the goal of net-zero emissions by 2050.
- Strategic partnership with TotalEnergies to develop hydrogen solutions.
- Commitment to produce 80 hydrogen fuel cell trucks for French customers by 2023.
- Leverage TotalEnergies' extensive service station network to facilitate hydrogen fuel adoption.
- Potential risks in converting non-binding MoUs to binding agreements.
- Dependence on external financing and customer conversion for future growth.
ROCHESTER, N.Y., July 12, 2021 /PRNewswire/ -- Hyzon Motors Inc. announced today it has signed a memorandum of understanding (MoU) with TotalEnergies (NYSE: TTE) through its Marketing & Services division. The MoU reinforces the two companies' shared commitment to evaluate and develop hydrogen refueling and vehicle supply solutions for long-haul transport to customers across Europe.
Hyzon and TotalEnergies aim to make it easier for fleet owners to transition to renewable hydrogen fuel by combining their existing infrastructure and technology. TotalEnergies, which operates over 15,500 service stations globally, and Hyzon, a leading supplier of hydrogen fuel cell-powered trucks, already have hydrogen refueling stations and hydrogen-powered vehicles in operation, respectively.
This MoU strengthens the existing commercial relationship between one of the world's largest energy companies and a leading supplier of hydrogen commercial vehicles. TotalEnergies previously made a direct investment in Hyzon through its venture arm, TotalEnergies Ventures in 2020, to help fund the buildout of Hyzon's manufacturing and engineering centers in the United States, Europe and China.
TotalEnergies is also a member of the Hyzon Zero Carbon Alliance, a consortium dedicated to accelerating the global development of the hydrogen ecosystem.
A first concrete operational step is the announcement of the signature of an additional MoU between Hyzon and TotalEnergies, this time through its French affiliate TotalEnergies Marketing France, which oversees its service-stations network and new mobilities solutions in France. Under this second MoU, the companies will collaborate on developing ecosystems and will secure by 2023 the production of 80 hydrogen fuel cell-powered trucks for TotalEnergies' French customers.
Starting from trials, Hyzon aims to eventually be able to supply customers with a hydrogen fuel cell truck at total cost of ownership (TCO) parity with diesel-powered commercial vehicles in Europe.
"At TotalEnergies, we are convinced that hydrogen is a mobility solution of the future. That is why TotalEnergies Ventures previously invested in Hyzon Motors," said John Wilson, vice president, Gas Mobility at the Marketing & Services division of TotalEnergies. "The anouncement today takes that relationship further, giving the company leverage to expand the reach of hydrogen in the commercial vehicle market in Europe. To achieve our climate ambition of net zero emissions by 2050, together with society, hydrogen fuel cell-powered trucks must come to market. We are therefore excited about this partnership with Hyzon."
TotalEnergies is a broad energy company active in more than 130 countries with more than 105,000 employees. The company produces and markets energies on a global scale: oil and biofuels, natural gas and green gases, renewables and electricity.
"It's rare to find a company as committed to the energy transition as Hyzon – but we've found that in TotalEnergies. While this is another important development in our relationship, we don't expect it to be the last," Craig Knight, CEO of Hyzon said. "Hydrogen will play a significant role in decarbonizing transport and we look forward to working with one of the world's leading energy companies to deploy hydrogen solutions at scale across Europe. Their relationships, customer base and current infrastructure are a huge asset as we aim to make it as easy as possible for fleet owners to make the switch to hydrogen."
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.
About TotalEnergies SE
TotalEnergies is a broad energy company that produces and markets energies on a global scale: oil and biofuels, natural gas and green gases, renewables and electricity. Our 105,000 employees are committed to energy that is ever more affordable, clean, reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
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 Feb. 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 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 Dec. 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
TotalEnergies Media Relations:
presse@totalenergies.com
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SOURCE HYZON Motors
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