Hyzon Motors signs Australian subsidiary of Korea Zinc, world's largest zinc producer, as the second customer for its ultra-heavy-duty 154-ton class hydrogen truck
Hyzon Motors Inc. signed a Heads of Agreement to deliver five hydrogen fuel cell-powered trucks to Ark Energy Corporation, a subsidiary of Korea Zinc Ltd. This agreement aims to replace diesel trucks, reducing CO2 emissions by over 1,400 tons annually. The trucks, set to be fueled by Ark Energy's renewable hydrogen, represent a significant achievement as they are the first ultra-heavy-duty hydrogen trucks. Ark Energy, focused on decarbonization, also joined the Hyzon Zero Carbon Alliance to facilitate the transition to zero-emissions operations.
- Agreement to supply five hydrogen fuel cell trucks to Ark Energy, enhancing revenue prospects.
- Trucks expected to reduce CO2 emissions by over 1,400 tons per year.
- Strategic partnership with Ark Energy, a subsidiary of a major global producer, boosting credibility.
- Completion of definitive vehicle supply agreement is still pending, introducing uncertainty.
- Dependence on the success of Ark Energy's hydrogen infrastructure for operational viability.
ROCHESTER, N.Y., July 9, 2021 /PRNewswire/ -- Hyzon Motors Inc. announced today the signing of a Heads of Agreement targeting delivery of five hydrogen fuel cell-powered trucks to Ark Energy Corporation, the Australian subsidiary of the world's largest zinc, lead and silver producer, Korea Zinc Ltd.
Hyzon, a leading global supplier of zero-emission hydrogen fuel cell-powered commercial vehicles, expects, subject to execution of a definitive vehicle supply agreement, to deliver five 154-ton hydrogen trucks to be used in road train configurations to Ark Energy for use by sister company Townsville Logistics. By replacing their diesel equivalents, these trucks are expected to reduce C02 emissions by over 1,400 tons per year.
This is the second announced interest in Hyzon's 154-ton class ultra-heavy-duty trucks, received within weeks of the first Memorandum of Understanding (MoU) with a European customer. As the world's first and the only ultra-heavy-duty hydrogen truck, the Hyzon 154-ton class hydrogen truck is winning market momentum.
"When we scoured the world for fuel cell trucks, we found that Hyzon Motors was the only hydrogen mobility company that could manufacture fuel cells stacks with a sufficient power density to meet our requirements including the ultra-heavy payload and built to Australian Design Rules," said Ark Energy CEO Daniel Kim. "In addition, Hyzon Motors was the only OEM that was interested in supplying the Australian market in the next 18 months."
The trucks are expected to be fueled by Ark Energy's own hydrogen refilling station, with hydrogen produced through a solar farm and electrolyzer. By generating hydrogen from a renewable energy source, Hyzon and Ark Energy aim to create a green solution for both supply and utilization, enabling the first refinery to produce green zinc.
As part of this commitment, Ark Energy has also joined the Hyzon Zero Carbon Alliance as a founding member. The alliance, a consortium of companies that operate along all points of the hydrogen value chain, aligns experience and expertise to accelerate the transition to a zero-emissions reality.
"Through Ark Energy, Korea Zinc leads this notoriously hard-to-abate sector – demonstrating that decarbonization can happen now," said Craig Knight, CEO of Hyzon. "This initial order and Ark Energy's hydrogen hub lays the foundation for an emissions-free future."
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 Ark Energy Corporation
Ark Energy Corporation Pty Ltd is an Australian subsidiary of Korea Zinc Company Ltd, which is the largest zinc, lead and silver producer in the world. Ark Energy's mandate is to decarbonize the energy supply of the Korea Zinc group starting with the Sun Metals zinc refinery in Townsville as it aims to become the first refinery in the world to produce green zinc. Ark Energy will leverage and expand on the group's existing investments across the hydrogen value chain to become the safest and most competitive producer of green hydrogen in the world as well as an extreme user and demand creator of hydrogen.
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.
Media contacts
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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