Hyzon Motors receives zero-emissions certification from California Air Resources Board
Hyzon Motors (NASDAQ: HYZN) announced CARB certification for its Class 6, 7, and 8 Repowers, allowing it to sell fuel cell electric trucks in California. The Repower program enables customers to convert used diesel trucks to fuel cell electric, aiming for cost parity with diesel through subsidies. Hyzon expects to be a leader in commercial fuel cell electric trucks, capitalizing on a unique market opportunity in California's zero-emission vehicle sector. This certification positions Hyzon favorably against competitors, as it becomes one of the first providers of repowered heavy-duty FCEVs.
- Hyzon receives CARB certification, enabling sales of fuel cell electric trucks in California.
- Repower program allows conversion of used diesel trucks, offering cost-effective solutions.
- Expected to be among the first commercially available repowered Class 6, 7, and 8 trucks in California.
- None.
- With CARB certification, Hyzon will be among the first commercial providers of fuel cell electric heavy- and medium-duty trucks in California
ROCHESTER, N.Y., June 7, 2022 /PRNewswire/ -- Hyzon Motors (NASDAQ: HYZN), a global supplier of zero-emissions hydrogen and fuel cell powered commercial vehicles, announced that the California Air Resources Board (CARB) has certified its Class 8, 7, and 6 Repowers as exempt from emission requirements, enabling the company to sell fuel cell electric trucks in California. Hyzon's Repower program allows customers to exchange their used diesel trucks for conversion to fuel cell electric using Hyzon's proprietary fuel cell technology.
With this certification, Hyzon expects it will offer the first commercially available repowered Class 8, Class 7 and Class 6 FCEVs in California. While FCEVs have been granted provisional approvals for trials, and fuel cell electric buses have received CARB certification, no known heavy- or medium-duty FCEVs are currently available, based on the list provided by California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP).
HVIP, an incentive program administered by national clean transportation consortium CALSTART, provides subsidies to reduce the incremental cost of clean commercial vehicles. CARB certification is the primary requirement to secure HVIP eligibility in California. Hyzon expects to qualify for the incentive program later this year.
"We are proud to join the list of vehicle and technology providers certified by CARB as zero-emission, and plan to lead the deployment of fuel cell electric trucks in commercial operations in California," said Craig Knight, Hyzon Motors CEO. "Our technology has already proven itself in daily runs at the Port of Long Beach, and we look forward to putting more clean trucks on the road. Drayage operations are a particularly attractive use-case on hydrogen, and we expect to see rapid uptake in California."
Repowering vehicles is expected to be a more time and capital efficient approach for fleets to decouple from diesel, given 16+ month lead time for new diesel trucks. Repowering an existing vehicle is also expected to reduce customer costs, leading to Total Cost of Ownership (TCO) at or below diesel parity in California, thanks to subsidies. Additionally, the Repower program avoids waste and manufacturing carbon emissions generated by asset renewal.
About Hyzon Motors Inc.
Headquartered in Rochester, N.Y., with U.S. operations in the Chicago and Detroit areas, and international operations in the Netherlands, Singapore, Australia, Germany, and China, Hyzon is a leader in fuel cell electric mobility with an exclusive focus on the commercial vehicle market, and a near-term focus on back to base (captive fleet) operations. 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 to mitigate emissions from diesel transportation, one of the single largest sources of carbon emissions globally. Hyzon is contributing to the escalating adoption of fuel cell electric 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, 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 which include, but are not limited to, expected demand for and sales of Hyzon vehicles and the pace of adoption of hydrogen fuel cell electric vehicles, the timetable for offering repowered Class 8, Class 7 and Class 6 FCEVs in California, the timetable to secure HVIP eligibility, expectations for demand for FCEV in California, expectations that repowering vehicles is more time and capital efficient approach for fleets than purchases of diesel vehicles, and beliefs dealing with CARB-approved Class 8 vehicles, 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, 2021 filed with the U.S. Securities and Exchange Commission (the "SEC") on March 30, 2022, our Amended Registration Statement on Form S-1 filed with the SEC on April 6, 2021, 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 Motors Inc.
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