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
and non-binding memoranda of understanding (MoUs) and technological
developments, ahead of the proposed business combination with
Decarbonization Plus Acquisition Corporation (NASDAQ: DCRB). The
consummation of the proposed business combination is subject to
satisfaction or waiver of customary closing conditions.
Orders and non-binding MoUs have increased to represent up to
$83M1, up more than 50%
from $55M as of April 29, 2021, and over 100% from February 12, 2021. Expected 2022 deliveries
include up to 70 trucks from Austrian grocery retailer MPREIS
currently under an MoU.
The growing list of orders and non-binding 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 to 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 innovations 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, subject
to signing a definitive agreement; two more are expected 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, NY with US 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. 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 herein include, but are not
limited to, Hyzon's order bookings and booking that will lead to
actual sales, expectations of realizing cost reductions in its
products, investments in hydrogen hubs and other hydrogen
production operations, its new technologies and whether they will
be successful or accepted by customers, and 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 February 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 located 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 December
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' 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
1 Includes orders contracted with Holthausen
Clean Technology Investments B.V., Hyzon Europe's joint venture
partner. Such orders are expected to be fulfilled by Hyzon under a
vehicle purchase agreement between Holthausen and Hyzon Europe's
joint venture with Holthausen, which is being finalized.
Hyzon's orders include terms permitting the counterparty to cancel
or suspend some or all of their obligations thereunder without
cause, with little or no prior notice and without penalty or early
termination payments. Hyzon currently expects that these orders
will be fulfilled.
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SOURCE HYZON Motors