ROCHESTER, N.Y., July 13, 2021 /PRNewswire/ -- Hyzon Motors
Inc., a leading global supplier of zero-emission hydrogen fuel
cell-powered commercial vehicles, announced today updates to
orders, memoranda of understanding (MoUs) and technological
developments, ahead of its business combination with
Decarbonization Plus Acquisition Corporation (NASDAQ: DCRB).
Orders and MoUs have increased to represent up to $86M, up 55% from $55.0M as of April 29,
2021, and over 100% from February 12,
2021. Expected 2022 deliveries include a landmark order from
Austrian grocery retailer 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 company's
international footprint. To meet the growing demand for fuel cell
electric commercial vehicles, Hyzon is on track with the buildout
of its local vehicle assembly capabilities in Europe and the U.S., along with expansion
plans in Australia and
China.
Hyzon's fuel cell performance has allowed the company to serve
multiple heavy industries, including freight, construction and
mining. Final specifications for an ultra-heavy-duty truck have
been confirmed; Ark Energies, a subsidiary of Korea Zinc, is
expected to receive the first five units of trucks capable of
loading more than 150 tons in 2022.
In addition to building its pipeline, Hyzon has actively
invested in projects to expand its lead in core FCEV technologies.
The company's next-generation fuel cell achieves a power density
above 6 kilowatts per liter and has already been ordered by a
leader in zero-emissions aerospace. Hyzon has developed proprietary
eAxle technology and is focused on improving its battery technology
to boost 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 expect to develop an ultra-heavy-duty truck with a range
of 1,000 miles powered by liquid hydrogen.
Simultaneously, Hyzon has successfully reduced costs in excess
of $50,000 per vehicle for
manufacturing components and sub-systems, with savings over 80% for
certain auxiliary power systems, power distribution unit and
on-board chargers and over 40% for battery, eMotor and inverter
components. These savings are expected to grow as operations scale
and Hyzon continues to evolve vehicle and component designs.
To address growing hydrogen infrastructure needs, the company is
investing in developing the initial hydrogen production and supply
hubs as it builds out the previously announced global hydrogen hub
network. Through these hubs, fleet operators should be able to
access local, scalable hydrogen with projected total cost of
ownership to reach parity with diesel vehicles in 12-18 months,
without subsidies. The first hub is expected to be built in
California with Raven SR; two more
are slated to open in the
Netherlands this fall. Additional hubs providing gaseous and
liquid hydrogen are being developed with other partners
globally.
Supporting the global hydrogen ecosystem, Hyzon launched the
Hyzon Zero Carbon Alliance on Earth Day 2021. The alliance, a
consortium of companies that operate along 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-emissions reality. In an
initial expansion, the alliance recently admitted Woodside Energy,
Australia's leading natural gas
producer.
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 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.
Hyzon Motors contacts
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
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SOURCE HYZON Motors
