Hyzon Motors Launches Leasing Service for Hydrogen Commercial Vehicles in Europe and Announces Ambition to be Among First to Achieve TCO Parity in Europe
Hyzon Motors has launched a leasing service for hydrogen fuel cell electric vehicles (FCEVs) in the European Union, aiming to facilitate fleet transitions to zero-emission hydrogen. This initiative follows a business combination with Decarbonization Plus Acquisition Corporation (NASDAQ: DCRB, DCRBU), set to finalize in Q2 2021. The company aspires to reach total cost of ownership (TCO) parity with diesel vehicles in Europe, using existing incentives and partnerships for hydrogen infrastructure. CEO Craig Knight shared excitement for supporting fleet operators in this transition.
- Launch of leasing service for hydrogen FCEVs in the EU.
- Aiming for total cost of ownership (TCO) parity with diesel vehicles.
- Partnerships to facilitate hydrogen infrastructure development.
- None.
ROCHESTER, N.Y. and GRONINGEN, Netherlands, March 31, 2021 /PRNewswire/ -- Hyzon Motors Inc. ("Hyzon" or "the Company"), a leading global supplier of zero-emission hydrogen fuel cell-powered commercial vehicles, today announced it has launched leasing service for the provision of heavy-duty fuel cell electric vehicles (FCEVs) to its customers in the European Union.
As announced on February 9, 2021, Hyzon has entered into a definitive agreement for a business combination with Decarbonization Plus Acquisition Corporation (NASDAQ: DCRB, DCRBW, DCRBU), 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.
Through the leasing service, Hyzon intends to enable potential European Union customers to operate the Company's branded vehicles through a leasing model, and to thereby fast-track the transition of their fleets to hydrogen fuel, without compromising on performance.
Hyzon and its partners have been actively developing complete end-to-end lifecycle solutions that enable fleet operators to viably make the transition to hydrogen fuel cell commercial vehicles. The Company's new lease offering represents the first step in the development of a holistic fleet leasing offering for the European market that is expected to include hydrogen fuel, insurance, service and maintenance for Hyzon and Hyzon-branded vehicles.
Hyzon Sets Ambition to Achieve TCO Parity in Europe
The Company also announced today that it aims to be among the first companies to supply customers with a hydrogen fuel cell truck at total cost of ownership (TCO) parity with diesel-powered commercial vehicles in Europe. With its leading fuel cell technology, and incentives available in Europe, Hyzon expects to help customers achieve TCO parity through its alliance with multiple hydrogen infrastructure partners.
Given the momentum behind hydrogen across Europe, this region is anticipated to lead the roll-out of hydrogen mobility worldwide. As a hydrogen heavy mobility category leader, Hyzon expects to play a significant role in the European Union's transition to hydrogen energy, through its manufacturing base in Groningen, The Netherlands.
Craig Knight, Hyzon's Chief Executive Officer, said, "We are excited to be able to offer this leasing service to our customers in Europe, and to support fleet operators in making the switch to hydrogen. This leasing service aims to offer the quickest possible pathway for our customers to make the transition to zero-emission hydrogen fuel cell-powered heavy vehicles that can go toe-to-toe with diesel engines on both costs and refueling time."
For customer enquiries on leasing in the EU, please contact Hyzon Motors European Sales Manager André Lagendijk at andre.lagendijk@hyzonmotors.com.
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 led by co-founders George Gu, Craig Knight and Gary Robb and 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
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