HYZON, NEW WAY AND RECOLOGY JOIN U.S. DEPARTMENT OF ENERGY AT CLEAN ENERGY EVENT TO SHOWCASE NORTH AMERICA'S FIRST HYDROGEN FUEL CELL ELECTRIC REFUSE COLLECTION VEHICLE

Rhea-AI Summary

Hyzon, New Way, and Recology showcased North America's first hydrogen fuel cell electric refuse truck at a clean energy event hosted by ARCHES. The event celebrated a $12.6 billion investment to create a Regional Clean Hydrogen Hub in California. U.S. Department of Energy Under Secretary David Crane, California Gov. Gavin Newsom, and U.S. Sen. Alex Padilla attended the landmark event.

ARCHES plans to facilitate a network of clean hydrogen production sites, including 60 heavy-duty fueling stations and 165 miles of open-access pipelines, to enable the decarbonization of over 5,000 fuel cell electric trucks. This initiative is backed by $1.2 billion in federal funding and $11.4 billion in public and private investments.

The collaboration between Hyzon, New Way, and Recology marks the beginning of decarbonizing one of the most demanding industries, making hydrogen fuel cell electric refuse collection a reality for North America.

Hyzon's Hydrogen Fuel Cell Technology Highlighted in Heavy-Duty Fuel Cell Electric Vehicle Displays

OAKLAND, Calif., Aug. 30, 2024 /PRNewswire/ -- Hyzon (NASDAQ: HYZN), a U.S.-based high-performance hydrogen fuel cell system manufacturer and technology developer focused on providing zero-emission power to decarbonize the most demanding industries, along with New Way Trucks, an industry-leading refuse truck body manufacturer, and Recology, a pioneer in sustainable waste management, today showcased North America's first hydrogen fuel cell electric refuse truck to U.S. Department of Energy (DOE) Under Secretary for Infrastructure David Crane, California Gov. Gavin Newsom and U.S. Sen. Alex Padilla. The vehicle display was part of a landmark clean energy event hosted by the Alliance for Renewable Clean Hydrogen Energy Systems (ARCHES) to celebrate the official award of a $12.6 billion investment to create a Regional Clean Hydrogen Hub in California.

"Hydrogen is the Swiss army knife of energy sources and that's critically important," said U.S. Department of Energy Under Secretary for Infrastructure David Crane. "The best, most durable use of hydrogen is for heavy-duty transportation. Today's event is a thrill for all of us in the Department of Energy and for everyone in the hydrogen space." 

"I'm proud to be here with so many great partners," said California Gov. Gavin Newsom. "This is part of the most significant economic and industrial policy in our lifetime. It's not just about growth, it's about inclusion."

"Today is an opportunity for the public to see the promise for hydrogen's future," said U.S Sen. Alex Padilla. "You see what's possible not in the far future, but today. Under the leadership of ARCHES we have the opportunity to catalyze the whole hydrogen economy. From our ports to our cities, ARCHES is truly a statewide project whose benefits will deliver for everybody. Today is just the beginning and we're excited for what's ahead"

"Today, we see not only North America's first hydrogen-powered refuse truck but also the critical role government plays in making these innovations a reality. When government steps up, the private sector responds, and today is proof of that," said Hyzon Chief Executive Officer Parker Meeks. "ARCHES' massive commitment demonstrates how public investment can drive private sector action, accelerating our ability to scale decarbonization efforts now."

Backed by $1.2 billion in federal funding and $11.4 billion in public and private investments, ARCHES is spearheading one of the most ambitious hydrogen infrastructure projects in the U.S. Under the agreement, ARCHES plans to facilitate a network of clean, renewable hydrogen production sites, including 60 heavy-duty fueling stations and 165 miles of open-access pipelines, to enable the decarbonization of more than 5,000 fuel cell electric trucks. This includes the fuel cell electric refuse collection truck built in partnership between Hyzon and New Way, which is in its first customer trial with Recology. The three companies' collaboration begins the decarbonization of one of the most demanding industries and makes hydrogen fuel cell electric refuse collection a reality for North America.

"This hydrogen-powered refuse collection vehicle is being designed to best meet the needs of waste haulers and kickstart the transition to clean energy by partners who are best positioned to champion advanced, alternative sustainable solutions across the waste and recycling industry," said Mike McLaughlin, CEO of McLaughlin Family Companies, the parent company of New Way Trucks.

With about 140,000 refuse trucks currently operating across the U.S., this demonstration signals a critical shift toward zero-emission solutions in a challenging application. Hyzon's expertise is central to the creation of the clean energy refuse truck, which integrates high-performance hydrogen fuel cell systems to power demanding urban operations, offering environmental benefits and operational efficiency.

Clean energy initiatives have a champion in Washington, D.C.-based National Waste & Recycling Association (NWRA). NWRA President and CEO Michael E. Hoffman said, "The waste industry was an earlier adopter of alternative fuels with more than 30 percent of the routed fleet converted on its own initiative without mandates or subsidies. NWRA, representing nearly three-quarters of the industry, can and will lead vocational fleets to advance emissions reductions while still meeting the daily demands of this essential service, bringing our workers home safely every day and delivering sustainable waste management solutions to our communities and customers."

"True progress is possible when government and industry work hand in hand. Recology intends to do its part to help the waste recovery industry transition to a zero-emission future," said Recology CEO Salvatore M. Coniglio.

Today's demonstration also underscored ARCHES' leading role in deploying hydrogen energy solutions to address emissions challenges in traditionally hard-to-decarbonize sectors. As one of seven hydrogen hubs across the country selected for investment by the DOE, ARCHES is projected to create 220,000 direct jobs, including 130,000 in construction and 90,000 permanent positions.

"We're grateful to the Department of Energy for their leadership in the transition to clean hydrogen," Meeks concluded.

About Hyzon
Hyzon is a global supplier of high-performance hydrogen fuel cell technology focused on providing zero-emission power to decarbonize demanding industries. With agile, high-power technology designed for heavy-duty applications, Hyzon is at the center of a new industrial revolution fueled by hydrogen, an abundant and clean energy source. Hyzon focuses on deploying its fuel cell technology in heavy-duty commercial vehicles in Class 8 and refuse vehicles across North America. To learn more about how Hyzon partners across the hydrogen value chain to accelerate the clean energy transition, visit www.hyzonfuelcell.com.

About New Way
New Way Trucks is the largest privately held refuse collection equipment manufacturer in North America. New Way's product lineup features top-performing rear loaders, front loaders and automated side loaders, including the industry-leading Sidewinder XTR™, ROTO PAC® with our exclusive self-cleaning auger and the small but mighty Wolverine™—no commercial driver's license required. New Way Trucks engineers and builds advanced, dependable, sustainable refuse collection products that best meet what waste haulers need, along with offering top-quality original equipment manufacturer parts and unmatched support and service through our nationwide distributor network. Visit www.newwaytrucks.com to learn more.

About Recology
Recology is the largest 100% employee-owned company in the waste recovery industry. Based in San Francisco, Recology operates throughout California, Oregon and Washington. Recology's mission represents a fundamental shift from traditional waste management to resource recovery, seeking to eliminate waste by developing and discovering sustainable resource recovery practices that can be implemented globally. Recology seeks to achieve this by creating a resource ecosystem—one that both protects the environment and sustains the local communities the company serves. Recology's focus on sustainable operations and practices makes it possible for the diverse communities Recology serves to achieve high landfill diversion and meet sustainability goals. Visit www.Recology.com to learn more.

About National Waste & Recycling Association
The National Waste & Recycling Association (NWRA) champions the waste and recycling industry on advocacy, safety and education. Our members deliver essential services that support our communities and businesses in achieving their environmental and sustainability objectives. 

Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include the Company's expectations, hopes, beliefs, intentions or strategies for the future. You are cautioned that such statements are not guarantees of future performance and that the Company's actual results may differ materially from those set forth in the forward-looking statements. All of these forward-looking statements are subject to risks and uncertainties that may change at any time. Factors that could cause the Company's actual expectations to differ materially from these forward-looking statements include the Company's ability improve its capital structure; Hyzon's liquidity needs to operate its business and execute its strategy, and related use of cash; its ability to raise capital through equity issuances, asset sales or the incurrence of debt; the possibility that Hyzon may need to seek bankruptcy protection; Hyzon's ability to fully execute actions and steps that would be probable of mitigating the existence of substantial doubt regarding its ability to continue as a going concern; our ability to enter into any desired strategic alternative on a timely basis, on acceptable terms; our ability to maintain the listing of our Common Stock on the Nasdaq Capital Market; retail and credit market conditions; higher cost of capital and borrowing costs; impairments; changes in general economic conditions; and the other factors under the heading "Risk Factors" set forth in the Company's Annual Report on Form 10-K, as supplemented by the Company's quarterly reports on Form 10-Q and current reports on Form 8-K. Such filings are available on our website or at www.sec.gov. You should not place undue reliance on these forward-looking statements, which are made only as of the date hereof. The Company undertakes no obligation to publicly update or revise forward-looking statements to reflect subsequent developments, events, or circumstances, except as may be required under applicable securities laws. 

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FAQ

What is the significance of the hydrogen fuel cell electric refuse truck showcased by Hyzon (HYZN)?

The hydrogen fuel cell electric refuse truck showcased by Hyzon (HYZN) is North America's first such vehicle, marking a significant step towards decarbonizing the waste management industry. It demonstrates the potential of hydrogen fuel cell technology in heavy-duty applications and aligns with the goals of the Regional Clean Hydrogen Hub in California.

How much investment has been awarded to create the Regional Clean Hydrogen Hub in California?

A total of $12.6 billion has been awarded to create the Regional Clean Hydrogen Hub in California. This includes $1.2 billion in federal funding and $11.4 billion in public and private investments.

What are the key objectives of the ARCHES project involving Hyzon (HYZN)?

The ARCHES project aims to create a network of clean hydrogen production sites, including 60 heavy-duty fueling stations and 165 miles of open-access pipelines. The goal is to enable the decarbonization of over 5,000 fuel cell electric trucks, with Hyzon (HYZN) playing a important role in providing hydrogen fuel cell technology for heavy-duty vehicles.

How many jobs is the ARCHES project expected to create?

The ARCHES project is projected to create 220,000 direct jobs, including 130,000 in construction and 90,000 permanent positions.

What is the current status of the hydrogen fuel cell electric refuse truck developed by Hyzon (HYZN) and New Way?

The hydrogen fuel cell electric refuse truck developed by Hyzon (HYZN) and New Way is currently in its first customer trial with Recology. This marks the beginning of decarbonizing the waste management industry and making hydrogen fuel cell electric refuse collection a reality for North America.