Hyzon Motors unveils new hydrogen storage system expected to cut development costs in half

Rhea-AI Summary

Hyzon Motors (NASDAQ:HYZN) has announced new hydrogen storage system technology that reduces weight and costs for hydrogen fuel cell-powered commercial vehicles. The patent-pending system integrates lightweight materials, potentially lowering overall weight by 43%, storage costs by 52%, and manufacturing component count by 75%. The modular design allows configurations for up to 10 tanks, enhancing vehicle range. Produced in facilities in Rochester, N.Y. and the Netherlands, this technology will also be licensed to other commercial vehicle companies, expanding its market reach.

Positive

• New hydrogen storage technology potentially lowers overall weight by 43%.
• Cost reduction of the storage system by 52%, improving manufacturing efficiency.
• Manufacturing component count decreased by 75%, suggesting streamlined production.
• Modular design allows for flexible configurations of up to 10 hydrogen tanks.
• Technology is set to enhance vehicle range significantly.
• Expected licensing of technology to other commercial vehicle manufacturers.

Negative

• None.

ROCHESTER, N.Y., July 22, 2021 /PRNewswire/ -- Hyzon Motors Inc. (NASDAQ:HYZN), a leading global supplier of zero-emission hydrogen fuel cell-powered commercial vehicles, announced today it has developed new onboard hydrogen storage system technology capable of reducing the weight and manufacturing cost of commercial vehicles powered by Hyzon's hydrogen fuel cells.

The patent-pending onboard hydrogen storage system technology integrates lightweight composite materials with the system's metal frame. It has the potential to reduce the overall weight of the system by 43%, storage system costs by 52% and the required manufacturing component count by 75%, based on a single-rack system with capacity to store five hydrogen cylinders.

In addition to reducing the weight and costs, the new storage system can be configured to hold varying numbers of hydrogen tanks. The smallest version can hold five tanks and can be extended to seven tanks because of its modular design. A separate version can hold 10 tanks, appropriate for trucks driving longer distances.

While these configurations are mounted completely behind the cab, another configuration allows for an additional two tanks to be mounted to each side of the truck, extending the vehicle's range without diminishing the size of the trailer.

The development of this technology was a cross-Atlantic collaboration between Hyzon's European and U.S. teams, with the company planning to produce this new system in both its Rochester, N.Y., and Groningen, the Netherlands, facilities. The technology will be implemented in Hyzon's vehicles world-wide.

Hyzon also expects to license this new system to other commercial vehicle companies. As part of the Hyzon Zero Carbon Alliance, a global consortium of companies active along the hydrogen value chain, original equipment manufacturers (OEMs) are expected to have access to the technology.

"Hyzon is committed to continuous innovation in our zero-emission commercial vehicles, down to every detail, enabling our customers to make the switch to hydrogen from diesel without compromise," said CEO Craig Knight. "After years of research and development alongside our partners, this new storage technology further optimizes the building cost of our hydrogen fuel cell-powered commercial vehicles, while reducing overall weight and increasing mileage capabilities. This makes Hyzon vehicles an even more attractive alternative to heavy vehicles powered by combustion engines."

The technology already has been installed in pilot trucks in Europe and is expected to be deployed across all vehicles beginning in Q4 2021.

About Hyzon Motors Inc.
Headquartered in Rochester, N.Y., with U.S. operations also in Chicago and Detroit, and international operations in the Netherlands, Singapore, Australia and China, Hyzon is a leader in hydrogen mobility. Hyzon is a pure-play hydrogen mobility company with an exclusive focus on hydrogen in the commercial vehicle market. 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. The company is contributing to the escalating adoption of hydrogen 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 the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share, market acceptance of our new hydrogen storage technology and our ability to successfully commercialize it, and our success in obtaining patent protection. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management of Hyzon Motors Inc. (formerly known as Decarbonization Plus Acquisition Corporation) ("Hyzon" or the "Company") and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Hyzon. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination between Hyzon and Hyzon Motors USA Inc. (formerly known as Hyzon Motors Inc.) and related transactions (the "Business Combination"); risks relating to the uncertainty of the projected financial information with respect to Hyzon; risks related to the rollout of Hyzon's business and the timing of expected business milestones; the effects of competition on Hyzon's business; the ability of Hyzon to issue equity or equity-linked securities in the future; and those factors discussed in Hyzon's definitive proxy statement filed with the Securities and Exchange Commission (the "SEC") on June 21, 2021 under the heading "Risk Factors" and other documents of Hyzon filed, or to be filed, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Hyzon presently does not know or that Hyzon currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Hyzon's expectations, plans or forecasts of future events and views as of the date of this press release. Hyzon anticipates that subsequent events and developments will cause Hyzon's assessments to change. However, while Hyzon may elect to update these forward-looking statements at some point in the future, Hyzon specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Hyzon's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. Neither Hyzon nor any of its affiliates have any obligation to update this press release.

Media contacts
Hyzon Motors
For U.S., Europe and Asia media: 
Caroline Curran
Hill+Knowlton Strategies
+1 256-653-5811
caroline.curran@hkstrategies.com 

For Australasian media:
Fraser Beattie
Cannings Purple
+61 421 505 557
fbeattie@canningspurple.com.au 

For investors:
Caldwell Bailey
ICR, Inc.
IR@hyzonmotors.com 

 

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SOURCE HYZON Motors

FAQ

What is Hyzon Motors' new hydrogen storage technology announcement?

Hyzon Motors announced a new hydrogen storage system that reduces weight and costs for hydrogen fuel cell vehicles, potentially lowering storage costs by 52%.

How much weight does the new hydrogen storage system reduce?

The new hydrogen storage system has the potential to reduce overall weight by 43%.

What are the benefits of Hyzon's new hydrogen storage technology?

The benefits include a 52% reduction in costs, a 75% decrease in manufacturing components, and improved vehicle range due to modular configurations.

When will the new technology be implemented in Hyzon vehicles?

The new hydrogen storage system is expected to be deployed across all Hyzon vehicles starting in Q4 2021.

Will Hyzon Motors license its new hydrogen storage technology?

Yes, Hyzon intends to license the new storage system to other commercial vehicle companies as part of its strategy.