Hyzon Motors issues business update, confirms earlier forecast for 2021, on track for 2022
ROCHESTER, NY, July 13, 2021 / PRNewswire / – Hyzon Motors Inc., a leading global supplier of zero-emission hydrogen fuel cell utility vehicles, today announced order updates, memoranda of understanding and technology developments , before its merger with Decarbonization Plus Acquisition Company (NASDAQ: DCRB).
Orders and MoUs have grown to represent up to $ 86 million, up 55% from $ 55.0M from April 29, 2021, and more than 100% of February 12, 2021. Deliveries scheduled for 2022 include a historic order from Austrian grocery MPREIS for up to 70 trucks.
The growing list of orders and MoUs comes from the rapidly developing European market as well as Australia, thanks to the international presence of the company. To meet the growing demand for fuel cell electric utility vehicles, Hyzon is on the right track with developing its local vehicle assembly capabilities in Europe and the United States, as well as expansion plans in Australia and China.
The performance of Hyzon’s fuel cells has enabled the company to serve several heavy industries, including freight, construction and mining. The final specifications of an ultra-heavy truck have been confirmed; Ark Energies, a subsidiary of Korea Zinc, is expected to receive the first five truck units capable of loading more than 150 tonnes in 2022.
In addition to building its pipeline, Hyzon has actively invested in projects to extend its lead in core FCEV technologies. The company’s next-generation fuel cell achieves a power density of over 6 kilowatts per liter and has already been ordered by a leader in zero-emission aerospace. Hyzon has developed proprietary eAxle technology and is focused on improving its battery technology to increase the electrical efficiency of its vehicles’ powertrains.
Hyzon’s innovation extends beyond the fuel cell as the company seeks to ease the transition to hydrogen for fleet operators. Through a recently announced agreement with Chart Industries, the partners plan to develop an ultra-heavy truck with a range of 1,000 miles powered by liquid hydrogen.
Simultaneously, Hyzon succeeded in reducing costs by more than $ 50,000 per vehicle for the manufacture of components and subsystems, with savings of over 80% for some auxiliary power systems, power distribution unit and on-board chargers and over 40% for battery, eMotor and inverter components . These savings are expected to increase as operations expand and Hyzon continues to advance vehicle and component designs.
To meet the growing needs for hydrogen infrastructure, the company is investing in the development of the first hydrogen production and supply hubs as it builds the global network of hydrogen hubs announced previously. Thanks to these hubs, fleet operators should be able to access local and scalable hydrogen with a total cost of ownership projected to reach parity with diesel vehicles in 12 to 18 months, without subsidies. The first hub should be built in California with Raven SR; two more should open in the Netherlands this autumn. Additional hubs supplying gaseous and liquid hydrogen are being developed with other partners around the world.
Supporting the global hydrogen ecosystem, Hyzon launched the Hyzon Zero Carbon Alliance on Earth Day 2021. The alliance, a consortium of companies that operates at all points of the hydrogen value chain , includes founding members such as Bank of America, TotalEnergies, AXA and NEOM. The consortium aims to align organizations that are currently active participants in the hydrogen economy, leveraging their experience and expertise to accelerate the transition to a zero emission reality. In a first expansion, the alliance recently admitted Woodside Energy, australia leading producer of natural gas.
About Hyzon Motors Inc.
Based at Rochester, New York, with American 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 that focuses exclusively on hydrogen in the commercial vehicle market. Using its proven and proprietary hydrogen fuel cell technology, Hyzon aims to provide zero emission heavy duty trucks and buses to customers of North America, Europe and all over the world. The company contributes to the growing adoption of hydrogen vehicles through its demonstrated technological advantage, leading fuel cell performance and history of rapid innovation. Visit www.hyzonmotors.com.
This press release contains “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 the proposed acquisition by Decarbonization Plus Acquisition Corporation (“DCRB”) of Hyzon and the ability of DCRB to complete 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 these 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 regarding future events and are based on information currently available as to the outcome and timing of future events. Unless otherwise provided by applicable law, DCRB and Hyzon disclaim any obligation to update –forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances occurring 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 DCRB or Hyzon, including the risks and uncertainties described in ” risk “in Exhibit 99.3 of DCRB’s Current Report on Form 8-K filed with the United States Securities and Exchange Commission (the” SEC “) on February 9, 2021, the “Risk Factors” section of DCRB’s final 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 significant risks and uncertainties that could cause actual events and results to differ materially from those contained in forward-looking statements, such as risks relating to the ability to convert memoranda of understanding not binding in binding orders or sales. (particularly due to the current or potential financial resources of counterparties to Hyzon’s non-binding MoUs and Letters of Intent), or the ability to identify additional potential clients and convert them into paying clients. Hyzon does not guarantee that Hyzon will meet his expectations.
Important information for investors and shareholders
In connection with the proposed business combination, DCRB has filed a power of attorney and other relevant documents with the SEC. Shareholders and other interested persons are urged to read the Proxy Circular and any other relevant documents filed with the SEC, as they contain important information about DCRB, Hyzon and the proposed business combination. Shareholders can obtain a free copy of the Proxy Circular, as well as other materials containing information about DCRB, Hyzon and the proposed business combination, from the SEC’s website at www.sec.gov.
Participants in the call for tenders
DCRB, Hyzon and their directors and officers and others may be considered participants in the proxy solicitations from DCRB shareholders relating to the proposed business combination and other matters set out in the proxy circular. Information concerning the directors and officers of DCRB is available in DCRB’s annual report on form 10-K for the closed annual period. December 31, 2020, and under the heading “Information About DCRB” in DCRB’s definitive proxy statement relating 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 title or otherwise, is provided in the proxy circular relating to the proposed business combination.
Hyzon Motors contacts
For the United States, Europe and Asia media:
Hill + Knowlton Strategies
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+61 421 505 557
SOURCE HYZON engines