ROCHESTER, N.Y., July 16, 2021 /PRNewswire/ -- Hyzon Motors
Inc. (f/k/a Decarbonization Plus Acquisition Corporation), a
leading global supplier of zero-emission hydrogen fuel cell-powered
heavy vehicles, today announced that it has completed its
previously announced business combination with Hyzon Motors
USA Inc. (f/k/a Hyzon Motors
Inc.).
Concurrent with the completion of the business combination,
Decarbonization Plus Acquisition Corporation ("DCRB") has changed
its name to "Hyzon Motors Inc." (the post-combination entity
referred to in the remainder of this release as "Hyzon").
Commencing at the open of trading on July
19, 2021, Hyzon's Class A common stock and Hyzon's warrants
are expected to commence trading on The Nasdaq Global Select market
("Nasdaq") under the symbols "HYZN" and "HYZNW," respectively.
The transaction was unanimously approved by DCRB's Board of
Directors and was approved at a special meeting (the "Special
Meeting") of DCRB's stockholders on July 15,
2021. Approximately 95% of the votes cast on the business
combination proposal at the Special Meeting were in favor of
approving the business combination. DCRB's stockholders also voted
to approve all other proposals presented at the Special
Meeting.
Management Commentary
"Completing our business combination with DCRB is a tremendous
step forward for Hyzon, and for global zero emission hydrogen
mobility," said Craig Knight, CEO of
Hyzon "It has been a total team effort getting to this point, and
we will continue to bring the same dedication to our next, exciting
phase of growth as a public company. The world increasingly
recognizes the need for innovative solutions to climate change and
for decarbonizing global economies, and the close of this
transaction is recognition of Hyzon's clear market and
technological lead in making this a reality. We have the ability to
do even more in converting commercial vehicle fleets worldwide to
clean, efficient hydrogen fuel, and are excited to now continue
that work."
"We have been proud to be a partner to Hyzon, and are now
excited to continue our relationship after the close of our
business combination," said Robert
Tichio, DCRB Chairman and a Partner at Riverstone Holdings
LLC. "Hyzon is already a leader in the clean mobility space, and
they are now poised to drive hydrogen fuel cell proliferation in
commercial transport across four continents, and lead the march to
a zero emission future."
Transaction Overview
As a result of this transaction Hyzon has received over
$550 million in primary proceeds,
consisting of funds from DCRB's former trust account and
$400 million of cash from a private
placement in public equity (PIPE), after redemptions and
transaction fees. Hyzon will use the proceeds to accelerate its
growth and to fund operations. All equityholders of Hyzon
USA prior to the combination that
were eligible to receive securities in Hyzon Motors Inc. have
rolled 100% of their securities, and own approximately 70% of the
combined company on a fully diluted basis (excluding the conversion
of certain convertible notes immediately prior to the
combination).
Leadership
Hyzon will be led by Hyzon USA's senior management team, including
George Gu (Executive Chairman),
Craig Knight (Chief Executive
Officer), Mark Gordon (Chief
Financial Officer), Adam Kroll
(Chief Administrative Officer), Parker
Meeks (Chief Strategy Officer), and John Zavoli (General Counsel & Chief Legal
Officer).
Hyzon's Board of Directors will be comprised of George Gu (Executive Chairman), Erik Anderson, Mark
Gordon, Craig Knight,
Elaine Wong, Ivy Brown, Viktor
Meng, Dennis Edwards, and KD
Park.
Advisors
Goldman Sachs & Co. LLC acted as exclusive financial advisor
to Hyzon USA, and lead placement
agent on the PIPE to DCRB. Morgan Stanley & Co. LLC also acted
as placement agent on the PIPE. Credit Suisse and Citigroup served
as financial and capital markets advisors, and Alvarium Investment
Advisors acted as capital markets advisor, to DCRB. Canaccord
Genuity, Colliers Securities, and Wedbush Securities served as
capital markets advisors to Hyzon USA. Vinson & Elkins LLP served as legal
counsel to DCRB. Sullivan & Cromwell LLP served as legal
counsel to Hyzon USA. Ropes &
Gray LLP served as legal counsel for the PIPE's private placement
agents.
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 hydrogen mobility company with an exclusive focus on 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 to address diesel
transportation which is one of the single largest sources of carbon
emissions globally. 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, 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, 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" section of Exhibit
99.3 of Hyzon's Current Report on Form 8-K filed with the U.S.
Securities and Exchange Commission (the "SEC") on February 9, 2021, the "Risk Factors" section of
Hyzon's definitive proxy statement on Schedule 14A filed with the
SEC on June 21, 2021, and 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 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.
Hyzon Motors' contacts
For investors:
Caldwell Bailey
ICR, Inc.
HyzonMotorsIR@icrinc.com
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
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SOURCE HYZON Motors