Hyzon Motors sells 18 trucks to Hylane GmbH, subsidiary of major German motor insurance provider DEVK Versicherung
Hyzon Motors (NASDAQ: HYZN) has secured an order from Hylane GmbH, a subsidiary of DEVK Versicherung, to supply 18 fuel cell electric trucks, with deliveries starting in late 2022. Hylane's innovative rental model allows customers to pay only for actual usage, covering maintenance costs to encourage adoption of zero-emission vehicles. Germany is positioning itself as a key market for zero-emission technologies, with plans for a ban on combustion engine cars by 2035. Hyzon aims to decarbonize transport through its hydrogen-powered vehicles.
- Secured contract for 18 fuel cell electric trucks with Hylane GmbH.
- Innovative rental model minimizes customer risk and encourages zero-emission vehicle adoption.
- Germany's transition towards zero-emission vehicles aligns with Hyzon's business objectives.
- None.
ROCHESTER, N.Y., April 11, 2022 /PRNewswire/ -- Hyzon Motors Inc. (NASDAQ: HYZN) today announced it will supply its fuel cell electric trucks to Hylane GmbH, a wholly owned subsidiary of DEVK Versicherung, one of Germany's largest motor insurers. Hylane has purchased 18 Hyzon vehicles, with deliveries expected to begin in late 2022.
Under Hylane's sustainable mobility model, fleet owners can deploy Hyzon vehicles in their operations through a rental agreement with Hylane. Further, it is expected that customers will only pay for the miles actually driven; Hylane plans to cover maintenance or downtime costs. Through this pay-per-use approach, Hylane expects to minimize the risk for customers while accelerating the rate at which zero-emission vehicles replace diesel.
Hylane has already confirmed rental contracts for the first vehicles and is in talks with numerous prominent transport companies interested in transitioning their fleets to zero-emission options. Germany is expected to be one of the major global markets for zero emission commercial vehicle technologies in the coming years. The engine room of EU economic activity, Germany recently announced support for a total ban on sales of combustion engine cars from 2035, and there are already significant domestic incentives in place to transition heavy vehicles off diesel.
To support its exclusive focus on climate-friendly transport solutions, Hylane is aligning key elements within the value chain, including energy producers, refuelling infrastructure providers, and government subsidy programs. Through the coordinated management of these resources, Hylane aims to provide sustainable and flexible mobility management to its customers.
"Hyzon's singular mission is to decarbonize transport through zero-emission, hydrogen-powered vehicles," said Craig Knight, Hyzon CEO and co-founder. "Through Hylane's sustainable mobility program, customers across Germany can experience first-hand the vehicle performance, driver satisfaction, and emissions reductions of Hyzon's fuel cell electric trucks."
"Hyzon recognizes that, as with any new technology, customers need the chance to utilize our fuel cell electric vehicle in their regular operations. From past experience, we are confident that once fleet owners have experienced our vehicles, they will be motivated to hasten their transition to zero-emissions. Having a strong partner in the German market has the opportunity to fuel significant long-term growth for Hyzon."
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 vechicles, 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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