Amended Agreement Provides Expanded Market
Access into Stationary Power Applications
ROCHESTER, N.Y.,
Oct. 3,
2023 /PRNewswire/ -- Hyzon Motors Inc. (Hyzon)
(NASDAQ: HYZN), a leading hydrogen fuel cell technology developer
and global supplier of zero-emission heavy-duty fuel cell electric
vehicles (FCEVs) today announced an amendment to its Intellectual
Property (IP) agreement with affiliates of Horizon, Hyzon's
majority controlling shareholder and an advanced hydrogen fuel cell
solutions company, furthering the collaboration between the two
companies and opening additional markets and optionality for
Hyzon.
Under the amendment, Hyzon expands its market access to
stationary fuel cell power applications in North America, in addition to its existing
access to global fuel cell mobility markets. Stationary fuel cells
provide a zero-emission alternative to diesel power generation
units used in primary, backup, and off-grid applications,
representing an estimated near-term $4+ billion stationary
generator total addressable market (TAM) in the United States by 20251 and a
$35+ billion TAM globally by 20302. Additionally,
hydrogen fuel cell power is expected to be viable in the much
larger stationary energy storage market where longer durations of
energy storage are required.
Hyzon is targeting its existing fuel cell IP, production
technology, and manufacturing facilities to commercialize
stationary products, including near-term demand in end-use
applications such as data centers, the entertainment industry,
battery electric vehicle charging and remote industrial power
needs.
"We believe decarbonizing stationary power generation is
critical as we transition to clean energy solutions," said
Parker Meeks, Chief Executive
Officer of Hyzon. "From providing emergency power to hospitals and
data centers to replacing diesel generators in remote locations,
the potential applications for Hyzon's zero-emissions fuel cell
technology are vast. Hyzon designs its fuel cell systems to produce
high power output at a low volume and cost, attributes that are
equally key in stationary applications. Hyzon aims to strategically
position itself in sectors that align with our long-term vision to
create a sustainable future."
The amendment also covers the option for Hyzon and Horizon to
pursue joint development of a single stack 300kW fuel cell system,
which Hyzon previously announced as part of its product roadmap.
Additionally, Hyzon retains rights to the data Horizon gathers
across various fuel cell use cases, which is expected to accelerate
both companies' real world learnings including around FCEV
performance optimization and durability through this
collaboration.
As amended, the IP agreement will remain in effect until
September 2030. This is intended to
ensure both companies retain the flexibility to adapt to the
evolving hydrogen ecosystem while building on the foundation of
their collaborative efforts, and opening the global stationary
power market outside of North
America to Hyzon at that time.
1 "Stationary Generator Market in US
2021-2025", TechNavio, 1/8/2021
2
"Stationary Generator Market", Fortune Business Insights,
April 2022
About Hyzon
Hyzon Motors is a global supplier of
high-power fuel cell technology focused on integrating its
solutions into zero-emission heavy-duty fuel cell electric
vehicles. Utilizing its proven and proprietary hydrogen fuel cell
technology, Hyzon aims to supply zero-emission heavy duty trucks to
customers in North America,
Europe, Australia, and New
Zealand to mitigate emissions from diesel transportation -
one of the single largest sources of global carbon emissions. Hyzon
collaborates with partners across the hydrogen value chain to bring
clean hydrogen to the market to support fuel cell vehicle
deployments. Hyzon is contributing to the adoption of fuel cell
electric vehicles through its demonstrated technology advantage,
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, are forward-looking statements.
When used in this press release, the words "aims", "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, including
statements about potential collaboration between Hyzon and Horizon,
and the development of a single stack 300kW fuel cell system,
commercialization of stationary product, 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, Hyzon disclaims 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. Hyzon cautions 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 Hyzon, including risks and
uncertainties described in the "Risk Factors" sections of Hyzon's
Form 10-K for the year ended December 31,
2022 filed with the SEC on May 31,
2023, Form 10-Q for the quarter ended June 30, 2023 filed on August 8, 2023, and in other documents filed by
Hyzon 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 or
vehicle trial agreements 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/hyzon-motors-announces-amendment-of-intellectual-property-agreement-with-horizon-301945302.html
SOURCE Hyzon Motors Inc.