HYZON MOTORS DEPLOYS FIRST HYDROGEN-POWERED WASTE COLLECTION TRUCK IN AUSTRALIAN COMMERCIAL TRIAL WITH REMONDIS

Rhea-AI Summary

Hyzon Motors announces the commercial trial deployment of its first Heavy Rigid fuel cell electric waste collection truck in Australia. The trial is expected to convert to a full vehicle purchase if performance targets are met. Hyzon is also developing a waste truck for the U.S. market.

Positive

• Hyzon's first Heavy Rigid fuel cell electric waste collection truck is undergoing a commercial trial in Australia, potentially leading to a full vehicle purchase.
• The truck was designed to have a 200-kilometer range and can perform 1500 bin lifts per working day.
• Hyzon is building confidence in the trucking sector to accelerate the transition to zero emissions.
• Hyzon's development of the Heavy Rigid program in Australia allows them to tap into skilled local engineering and technical knowledge for global markets.

Negative

• None.

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ROCHESTER, N.Y., Oct. 23, 2023 /PRNewswire/ -- Hyzon Motors Inc. (Hyzon) (NASDAQ: HYZN), a leading hydrogen fuel cell technology developer and global supplier of zero-emission heavy-duty fuel cell electric vehicles (FCEVs) today announced the commercial trial deployment of its first Heavy Rigid fuel cell electric waste collection truck to REMONDIS Australia, one of the world's largest recycling, service, and water companies. The commercial trial is expected to convert to a full vehicle purchase if certain trial performance targets are met.

"Hyzon has a road ready truck, that's been designed locally in Australia, and is now on the roads for a commercial trial with one of the largest recycling companies in the world. It is an exciting day for Hyzon," said Hyzon Motors Australia's Managing Director John Edgley. "We expect this trial to demonstrate Hyzon's capability to deliver a world class zero emissions truck with class leading performance and a new world of zero emissions benefits. Together with REMONDIS Australia we will build confidence for the trucking sector to accelerate the transition to zero emissions. We believe hydrogen fuel cell electric vehicles will play a vital role in the decarbonisation of the transport sector and be a key component of Australia and New Zealand's fuel security strategy into the future."

"We're demonstrating that carbon-free transport can and does work in industrial settings," said REMONDIS Australia CEO Björn Becker. "We're hopeful that this is the start of a bigger journey whereby companies around the world follow REMONDIS' lead and turn to fleet decarbonization. This should be likely as economies of scale take effect, making the take-up of such technology the norm and not the exception. REMONDIS has gone all-out to deliver this ground-breaking environmental initiative at the earliest possible time and it's something we're very proud of."

Hyzon developed its Heavy Rigid truck in Australia as a global platform, adaptable for international markets with a multitude of vehicle use cases, such as garbage compactors, tilt trays, and flatbed trucks. Development of the Heavy Rigid program in Australia has allowed Hyzon to tap into highly skilled local engineering and technical knowledge to build a team, process, and product for Hyzon's targeted U.S. and global markets. Building on the back of this ISO-certified Australian developed platform, the first U.S. FCEV waste collection vehicle is in assembly, readying for expected customer trials in the U.S. in 1H 2024.

REMONDIS operates in over 30 countries globally, with 39 business locations around Australia servicing more than 24,000 Australian commercial, industrial, and municipal customers. The waste collection truck will service the Wollongong and Shellharbour municipalities, operating from REMONDIS's Wollongong facility in New South Wales.

Hyzon's heavy-duty waste collection truck was designed against the industry benchmark of a 200-kilometre (125 miles) range and 1500 bin lifts per working day. The truck has been developed in partnership with Superior Pak, Australia's leading manufacturer of world class mobile waste collection and compaction equipment.

The truck is in service and on the road in New South Wales now.

About Hyzon
Hyzon Motors is a global supplier of high-power fuel cell technology focused on integrating its solutions into zero-emission heavy-duty fuel cell electric vehicles. Utilizing its proven and proprietary hydrogen fuel cell technology, Hyzon aims to supply zero-emission heavy duty trucks to customers in North America, Europe, Australia, and New Zealand to mitigate emissions from diesel transportation - one of the single largest sources of global carbon emissions. Hyzon collaborates with partners across the hydrogen value chain to bring clean hydrogen to the market to support fuel cell vehicle deployments. Hyzon is contributing to the adoption of fuel cell electric vehicles through its demonstrated technology advantage, 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, 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 about vehicle trials, 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" sections of Hyzon's Form 10-K for the year ended December 31, 2022 filed with the SEC on May 31, 2023, Form 10-Q for the quarter ended June 30, 2023 filed on August 8, 2023, and in 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, such as risks related to the ability to convert non-binding memoranda of understanding or vehicle trial agreements 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.

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SOURCE Hyzon Motors Inc.

FAQ

What is Hyzon Motors announcing?

Hyzon Motors is announcing the commercial trial deployment of its first Heavy Rigid fuel cell electric waste collection truck in Australia.

Who is the truck being deployed to?

The truck is being deployed to REMONDIS Australia, one of the world's largest recycling, service, and water companies.

What happens if the trial performance targets are met?

If the trial performance targets are met, the trial is expected to convert to a full vehicle purchase.

What markets is Hyzon targeting with their Heavy Rigid truck?

Hyzon is targeting the U.S. and global markets with their Heavy Rigid truck.

What are the specifications of the truck?

The truck has a 200-kilometer range and can perform 1500 bin lifts per working day.