Hyzon Applauds Final Treasury Regulations Impacting Tax Credits for Qualified Commercial Clean Vehicles

Rhea-AI Summary

Hyzon, a leading hydrogen fuel cell technology developer and global supplier of zero-emission powertrains, supports final Treasury regulations on federal tax credits for purchasing clean vehicles, including a $40,000 tax credit for qualified commercial clean vehicles. CEO Parker Meeks commended the regulations, highlighting Hyzon's eligibility for the credit under Section 45W of the Internal Revenue Code, emphasizing the benefits for both Hyzon and the hydrogen economy.

Positive

• Hyzon is recognized as a qualified manufacturer under the new Treasury regulations, allowing its upfitted FCEVs to be eligible for the federal tax credit for purchasing qualified commercial clean vehicles.

• The $40,000 federal tax credit for qualified commercial clean vehicles provides a significant financial incentive for businesses to invest in cleaner transportation options, potentially driving increased demand for Hyzon's hydrogen fuel cell technology.

• Hyzon's advocacy efforts with policymakers and key stakeholders in Washington, D.C. demonstrate the company's commitment to promoting hydrogen-powered vehicles and advancing the zero-emission future.

Negative

• None.

BOLINGBROOK, Ill., May 6, 2024 /PRNewswire/ -- Today, Parker Meeks, Chief Executive Officer of Hyzon (NASDAQ: HYZN), a U.S.-based, leading hydrogen fuel cell technology developer and global supplier of zero-emission powertrains, issued the following statement in support of final regulations the U.S. Department of the Treasury recently released regarding federal tax credits for purchasing clean vehicles, including the up to $40,000 federal tax credit for purchasing qualified commercial clean vehicles.

"I applaud the Treasury Department's release of these final regulations, which make clear that upfitters like Hyzon can be a 'qualified manufacturer' and FCEVs upfitted by Hyzon can be eligible for the federal tax credit for qualified commercial clean vehicles under Section 45W of the Internal Revenue Code," said Meeks. "This is a win for Hyzon and the entire hydrogen economy, which is prepared to power zero-emission transportation throughout the United States. Hyzon looks forward to continued engagement with policymakers to accelerate decarbonization and the deployment of hydrogen fuel cell technology."

Parker Meeks and other Hyzon executives have consistently advocated with lawmakers and other key stakeholders in Washington, D.C. for policies and regulations that will level the economic playing field for hydrogen-powered vehicles and accelerate our zero-emission future.

About Hyzon
Hyzon is a global supplier of high-performance hydrogen fuel cell technology focused on providing zero-emission power to decarbonize demanding industries. With agile, high-power technology designed for heavy-duty applications, Hyzon is at the center of a new industrial revolution fueled by hydrogen, an abundant and clean energy source. Hyzon focuses on deploying its fuel cell technology in heavy-duty commercial vehicles across North America, Europe, and Australia/New Zealand today and in tomorrow's power generation and energy storage, mining, construction, rail, marine, and airport ecosystems. To learn more about how Hyzon partners across the hydrogen value chain to accelerate the clean energy transition, visit www.hyzonfuelcell.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, are forward-looking statements. When used in this press release, the words "aims," "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, including statements relating to the possibility of adoption of FCEVs by the refuse industry and Hyzon's beliefs and expectations regarding technology and the performance and capabilities of fuel cells and FCEVs, 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, Hyzon disclaims 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. Hyzon cautions 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 Hyzon, including risks and uncertainties described in the "Risk Factors" section of Hyzon's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the "SEC") on March 22, 2024, and other documents filed by Hyzon 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.

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SOURCE Hyzon

FAQ

What are the final Treasury regulations that Hyzon supports?

Hyzon supports final Treasury regulations impacting tax credits for purchasing clean vehicles, including a $40,000 federal tax credit for qualified commercial clean vehicles.

How does Hyzon benefit from the new regulations?

Hyzon, recognized as a qualified manufacturer, can now make its upfitted FCEVs eligible for the federal tax credit for qualified commercial clean vehicles under Section 45W of the Internal Revenue Code.

What advocacy efforts has Hyzon undertaken?

Hyzon executives, including CEO Parker Meeks, have consistently advocated with lawmakers and key stakeholders in Washington, D.C. to promote policies and regulations benefiting hydrogen-powered vehicles and the zero-emission future.