Hyzon Motors to deliver Australia's first hydrogen-powered trucks to Coregas, a Wesfarmers company

Rhea-AI Summary

Hyzon Motors Inc. announced a vehicle supply agreement with Coregas Pty Limited to deliver two hydrogen fuel cell-powered prime movers to New South Wales, Australia. This marks the first deployment of hydrogen-powered heavy vehicles in Australia, expected to reduce emissions by 50%. The prime movers will integrate with Coregas' existing fleet and support the establishment of hydrogen refueling stations. This initiative aligns with the New South Wales government's $70 million package to develop hydrogen hubs, highlighting the strategic importance of Port Kembla in the country's hydrogen economy.

Positive

• First deployment of hydrogen-powered heavy vehicles in Australia.
• Expected emissions reduction of 50% compared to current diesel trucks.
• Partnership with Coregas enhances Hyzon's market presence in Australia.
• Support from New South Wales government with a $70 million package for hydrogen hubs.

Negative

• None.

ROCHESTER, N.Y. and SYDNEY, July 14, 2021 /PRNewswire/ -- Hyzon Motors Inc., a leading global supplier of zero-emission hydrogen fuel cell-powered heavy vehicles, today announced that its Australian subsidiary has signed a definitive vehicle supply agreement with Australian industrial gases company Coregas Pty Limited, a wholly-owned subsidiary of notable Australian Securities Exchange-listed conglomerate Wesfarmers (ASX:WES), to deliver two hydrogen fuel cell-powered prime movers to New South Wales, Australia.

This comes ahead of Hyzon's public listing via a proposed business combination with Decarbonization Plus Acquisition Corporation (NASDAQ: DCRB).

The Hyzon Hymax-450 prime movers are expected to be delivered in the first half of 2022 and to mark the first hydrogen-powered heavy vehicles to operate in Australia.

The prime movers should be immediately deployed upon arrival from Hyzon's manufacturing facility in the Netherlands, integrating with Coregas' existing diesel fleet and transporting speciality gases, including hydrogen, to Coregas customers in Sydney and wider New South Wales. Decarbonization opportunities will be immediate with the project expected to deliver emissions reductions of 50% in comparison with trucks currently in use.

Coregas, a Wesfarmers company, is a leader in industrial gases with a 40-year history in the generation and distribution of industrial gases, including operating Australia's largest merchant hydrogen plant in Port Kembla, which supplies customers across various sectors including manufacturing and mobility. Coregas is actively pursuing hydrogen as an energy source through participation in projects aimed at accelerating the energy transition across Australia.

Coregas is also in the process of developing one of Australia's first commercial vehicle hydrogen refuelling stations at its Port Kembla facility to support both the Hyzon hydrogen-powered heavy-duty vehicles and the refuelling of trucks and buses operated by third parties.

The project represents a strategic first step in developing a broader hydrogen ecosystem.  Port Kembla and Illawarra-Shoalhaven are primed to be an epicenter of the emerging hydrogen sector possessing several advantages to foster the development of the thriving domestic and export hydrogen sector.

Hyzon and Coregas are actively pursuing the opportunity to scale up hydrogen-powered trucking. Both parties are actively engaging with companies operating in and around the port on the opportunity to transition to hydrogen and decarbonize heavy vehicle fleets. Currently, around 7,000 trucks travel between the region and Sydney each day.

The New South Wales government has recently announced a $70 million package to support the establishment of hydrogen hubs in the state, with Port Kembla identified as a priority location given its deep-water port, electricity and gas infrastructure, water recycling plant, road and rail connections, R&D presence and sizeable heavy-duty vehicle fleet.

"Hyzon is proud to partner with Coregas in our shared effort to decarbonize Australia's heavy trucking industry," said Craig Knight, CEO and Co-Founder of Hyzon. "This partnership reflects two truths about the energy transition: first, that the technology is ready to be deployed now; second, that collaborative efforts are integral in accelerating this shift. We are excited to work with Coregas, a progressive company within the Wesfarmers group, to introduce hydrogen-powered heavy-duty trucks to Australia."

Coregas is delighted to partner with Hyzon on the first hydrogen-powered heavy trucks operating in Australia.

"Coregas is working hard to apply our expertise in hydrogen distribution, compression and storage to Australia's transition to a hydrogen economy," said Alan Watkins, Executive General Manager from Coregas. "Transforming the transport sector is a critical piece of the puzzle, and we are delighted to partner with Hyzon to operate these vehicles out of our Hydrogen refueling station in Port Kembla."

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. 

About Coregas
As a Wesfarmers company, Coregas is the only Australian-owned gases company. Coregas services a huge range of industries and has a wealth of experience and knowledge spanning over 40 years. Coregas manufacture gases locally and distribute throughout Australia and New Zealand via a network of branches and third parties. Products include industrial gases, medical gases and specialty gases in quantities ranging from single cylinders to bulk liquid tanks. Coregas is changing the gases industry around the country, seeking to raise the bar in terms of service, quality, and value. Coregas believes the best way to grow the business is to listen to customers and deliver on promises to them.

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, including those regarding Decarbonization Plus Acquisition Corporation's ("DCRB") proposed acquisition of Hyzon and DCRB's ability to consummate the transaction, 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 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, DCRB and Hyzon disclaim 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. DCRB and Hyzon caution 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 either DCRB or Hyzon, including risks and uncertainties described in the "Risk Factors" section of Exhibit 99.3 of DCRB's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the "SEC") on Feb. 9, 2021, the "Risk Factors" section of DCRB's definitive proxy statement on Schedule 14A filed with the SEC on June 21, 2021, and other documents filed by DCRB 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 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.

Important Information for Investors and Stockholders
In connection with the proposed business combination, DCRB filed a proxy statement and other relevant documents with the SEC. Stockholders and other interested persons are urged to read the proxy statement and any other relevant documents filed with the SEC because they contain important information about DCRB, Hyzon and the proposed business combination. Stockholders may obtain a free copy of the proxy statement, as well as other filings containing information about DCRB, Hyzon and the proposed business combination, without charge, at the SEC's website at www.sec.gov.

Participants in the Solicitation
DCRB, Hyzon and their directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from DCRB's stockholders in respect of the proposed business combination and the other matters set forth in the proxy statement. Information regarding DCRB's directors and executive officers is available in DCRB's Annual Report on Form 10-K for the annual period ended Dec. 31, 2020, and under the heading "Information About DCRB" in DCRB's definitive proxy statement related to the proposed business combination filed with the SEC on June 21, 2021. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is set forth in the proxy statement relating to the proposed business combination.   

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.
HyzonMotorsIR@icrinc.com 

Coregas
Wodek Jakubik
Coregas
+61 409 227 209
Wodek.Jakubik@coregas.com

 

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SOURCE HYZON Motors

FAQ

What is the significance of Hyzon Motors' agreement with Coregas?

The agreement marks the first deployment of hydrogen-powered trucks in Australia, promoting sustainable transport.

How much emissions reduction is expected from the new hydrogen vehicles?

The new hydrogen fuel cell-powered trucks are expected to reduce emissions by 50% compared to traditional diesel vehicles.

When will the hydrogen trucks be delivered?

The Hyzon Hymax-450 prime movers are expected to be delivered in the first half of 2022.

What support is being provided by the New South Wales government?

The New South Wales government has announced a $70 million package to develop hydrogen hubs statewide.

What company is Hyzon Motors partnering with for this initiative?

Hyzon Motors is partnering with Coregas, a subsidiary of Wesfarmers, for this hydrogen trucking initiative.