HYZON MOTORS SUCCESSFULLY COMPLETES FIRST CUSTOMER DEMO OF LIQUID HYDROGEN FUEL CELL ELECTRIC TRUCK

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Successful completion of Hyzon's first commercial run with a liquid hydrogen fuel cell electric vehicle (LH2 FCEV) demonstrates the viability of on-board liquid hydrogen to fuel long-distance, zero-emission transport. Liquid hydrogen allows Hyzon to increase the amount of fuel on board significantly. Liquid hydrogen as a fuel source has been estimated to be up to $5 per kilogram less expensive all-in to dispense than high-pressure gaseous hydrogen, providing meaningful benefits to fleet owners. Hyzon sees liquid hydrogen as the economical approach to long-range zero-emission trucking.

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Successful completion of the first commercial run with a liquid hydrogen fuel cell electric vehicle
Increased fuel capacity with liquid hydrogen
Cost savings compared to gaseous hydrogen

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08/30/2023 - 07:05 AM

Demo Run Demonstrate Viability of Liquid Hydrogen for Commercial Trucking Applications and Confirms Diesel-Comparable Range Potential

ROCHESTER, N.Y., Aug. 30, 2023 /PRNewswire/ -- Hyzon Motors Inc. (Hyzon) (NASDAQ: HYZN), a high-power hydrogen fuel cell technology developer and global supplier of zero-emission heavy-duty fuel cell electric vehicles, Performance Food Group, Inc. (PFG) (NYSE: PFGC), one of the largest food and foodservice distribution companies in North America, and Chart Industries, Inc. (Chart) (NYSE: GTLS), a leading global manufacturer of highly engineered equipment servicing multiple applications in the clean energy and industrial gas market, today announced successful completion of Hyzon's first commercial run with a liquid hydrogen fuel cell electric vehicle (LH2 FCEV).

Starting in Temple, TX, the truck completed deliveries to eight PFG customers near Dallas, TX, travelling over 540 miles on a 16-hour continuous run including over 100-degree Fahrenheit temperatures. The run – further than the distance from Sacramento to San Diego – demonstrates the viability of on-board liquid hydrogen to fuel long-distance, zero-emission transport.

"With increased range and no added weight in comparison to our gaseous hydrogen trucks, we believe this liquid hydrogen demo run has demonstrated potential viability for the future of liquid hydrogen in commercial trucking," said Hyzon Chief Executive Officer Parker Meeks. "The results we captured in the strenuous demo through Central Texas's diverse terrain and summer heat make us optimistic that, once commercialized, our liquid hydrogen vehicle powered by our proprietary 200kW fuel cell system should be able to provide long distance range between 650 and 800 miles, on par with many diesel truck range requirements."

Compared to gaseous hydrogen, the current industry standard, liquid hydrogen allows Hyzon to increase the amount of fuel on board significantly thanks to increased energy density, with no changes to vehicle weight or payload. To maintain the energy-dense liquid state, hydrogen requires cold temperatures of negative 400 degrees Fahrenheit. Hyzon partnered with Chart Industries to develop a tank system capable of storing liquid hydrogen at extremely cold temperatures and delivering it to the fuel cell system at the necessary pressure.

"This is a meaningful accomplishment for the hydrogen ecosystem, as long-haul and heavy duty transportation is a key end-use for liquid hydrogen," stated Jill Evanko, Chart's CEO and President. "Our investment in our unique cryogenic liquid hydrogen onboard tank and our liquid hydrogen test facility support progress in the hydrogen industry, with the Hyzon and PFG road demonstration another key step in the evolution of hydrogen commercialization."

Liquid hydrogen as a fuel source has been estimated to be up to $5 per kilogram less expensive all-in to dispense than high-pressure gaseous hydrogen¹, which would provide meaningful benefits to fleet owners.

Hyzon CEO Meeks added that "simply put, we see liquid hydrogen as the economical approach to long range zero emission trucking".

For vehicle testing and the demo run, liquid hydrogen transportation, storage and dispensing was provided by Certarus, a North American leader in on-road low carbon energy solutions, with liquid hydrogen produced by Air Liquide.

¹Elgowainy, A., & Reddi, K. (2022, June). ECONOMIC AND ENVIRONMENTAL EVALUATION OF FUELING OPTIONS FOR HYDROGEN FUEL CELL HEAVY-DUTY VEHICLES. Lemont: Argonne National Laboratory.

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.

About Performance Food Group Company
Performance Food Group is an industry leader and one of the largest food and foodservice distribution companies in North America with more than 150 locations. Founded and headquartered in Richmond, Va., PFG, and our family of companies, market and deliver quality food and related products to 300,000+ locations including independent and chain restaurants; businesses, schools and healthcare facilities; vending and office coffee service distributors; and big box retailers, theaters and convenience stores. PFG's success as a Fortune 200 company is achieved through our more than 37,000 dedicated associates committed to building strong relationships with the valued customers, suppliers and communities we serve. To learn more about PFG, please visit www.pfgc.com.

About Chart Industries, Inc.
Chart Industries, Inc. is an independent global leader in the design, engineering, and manufacturing of process technologies and equipment for gas and liquid molecule handing for the Nexus of Clean™ - clean power, clean water, clean food, and clean industrials, regardless of molecule. The company's unique product and solution portfolio across stationary and rotating equipment is used in every phase of the liquid gas supply chain, including engineering, service and repair and from installation to preventive maintenance and digital monitoring. Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas and CO2 capture amongst other applications. Chart is committed to excellence in environmental, social and corporate governance (ESG) issues both for its company as well as its customers. With 64 global manufacturing locations and over 50 service centers from the United States to Asia, Australia, India, Europe and South America, the company maintains accountability and transparency to its team members, suppliers, customers and communities. To learn more, visit www.chartindustries.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 the adoption of liquid hydrogen powered fuel cell electric vehicles, the viability of on-board liquid hydrogen to fuel long-distance, zero-emission transport and comparisons to diesel truck range requirements, 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.