Hyzon Motors signs agreement to participate in 1,000 vehicle HyTrucks program

Rhea-AI Summary

Hyzon Motors Inc., a leader in hydrogen fuel cell vehicles, has signed a Memorandum of Understanding to join the HyTrucks consortium in Europe. This initiative aims to deploy 1,000 hydrogen-powered trucks and establish 25 refueling stations by 2025, targeting key transport corridors in Belgium, the Netherlands, and Germany. With the potential to reduce over 100,000 tons of CO₂ annually, Hyzon's participation underscores its commitment to decarbonizing heavy transport. CEO Craig Knight emphasized the importance of collaboration for scaling hydrogen mobility solutions effectively.

ROCHESTER, N.Y., July 2, 2021 /PRNewswire/ -- Hyzon Motors Inc., a leading global supplier of zero-emission hydrogen fuel cell-powered heavy vehicles, today announced the signing of a Memorandum of Understanding (MoU) to participate in the newly established HyTrucks consortium in Europe.

The HyTrucks consortium, founded by Air Liquide, DATS 24, the Port of Rotterdam, the Port of Antwerp and the Port of Duisburg, is one of Europe's largest initiatives aiming to deploy zero-emission heavy vehicle fleets into the continent's busiest transportation corridors.

By entering into the agreement, Hyzon will support the HyTrucks program's goal to have 1,000 heavy hydrogen-powered trucks on the road, as well as establishing 25 new hydrogen refueling stations by 2025, enabling emissions-free road travel between Belgium, the Netherlands and western Germany. More than 100,000 tons per year of CO₂ emissions, equivalent to 110 million kilometers (68 million miles) driven, could be avoided from successful deployment of FCEVs such as those that Hyzon manufactures.

Through its participation in HyTrucks, Hyzon joins yet another powerful and growing ecosystem of hydrogen partners that represent the entire mobility value chain: truck manufacturers, transport companies and fuel cell suppliers. As previously announced, Hyzon has joined the Covenant on Hydrogen in Mobility in Utrecht, which plans to bring 1,800 hydrogen vehicles to the Netherlands, and is a member of a European consortium of automotive companies that specified a joint target to deploy up to 100,000 hydrogen fuel cell powered trucks from 2030 onwards.

Notably, Hyzon has also taken on the role of a hydrogen ecosystem convener through the establishment the Hyzon Zero Carbon Alliance, an international effort to advance hydrogen ecosystems. With founding members such as AXA, Bank of America, Raven SR, ReCarbon and Total, Hyzon has aligned the supply and demand side of the sector, pooling collective expertise to make zero-emissions hydrogen mobility a reality.

"Decarbonizing heavy road transport is essential to meeting global climate goals and hydrogen heavy vehicles offer Europe and other regions a fast lane to that reality," said Hyzon CEO Craig Knight. "Collaboration will be central to this effort and key to scaling hydrogen mobility solutions worldwide so we're excited to join the prominent members of HyTrucks and to supply our proven zero-emission heavy trucks to help Europe put 1,000 more hydrogen powered trucks on the road by 2025."

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.

FAQ

What is the HyTrucks program that Hyzon Motors is joining?

The HyTrucks program is a consortium initiative in Europe aimed at deploying 1,000 hydrogen-powered trucks and establishing 25 hydrogen refueling stations by 2025.

What are the environmental benefits of the HyTrucks program?

The initiative could reduce CO₂ emissions by over 100,000 tons annually, equivalent to avoiding 110 million kilometers driven.

Who are the main partners in the HyTrucks consortium?

Key partners include Air Liquide, DATS 24, and the Ports of Rotterdam, Antwerp, and Duisburg.

What is Hyzon Motors' role in the HyTrucks consortium?

Hyzon Motors will contribute its hydrogen fuel cell technology and heavy trucks to support the program's deployment goals.

What is the significance of the agreement signed by Hyzon Motors on July 2, 2021?

The agreement marks Hyzon's commitment to advancing hydrogen mobility in Europe, aligning with its goals to decarbonize the transportation sector.