ROCHESTER, N.Y., Jan. 12, 2022 /PRNewswire/ -- Hyzon Motors
Inc. (NASDAQ: HYZN), a leading supplier of hydrogen-powered fuel
cell electric vehicles, today announced the delivery of 87 fuel
cell powered heavy-duty vehicles in 2021 under commercial sales
agreements. These deliveries do not include any trial leases.
The 2021 shipments exceeded the forecast of 85 fuel cell vehicle
deliveries set by the Company in February
2021, prior to the deteriorating global supply chain
seriously impacting the production plans of zero-emission and
traditional vehicle suppliers alike.
The Company anticipates the 2021 financial results will reflect
both lower average selling price per vehicle due to product mix and
multi-year revenue recognition for the majority of sales, which
will result in materially lower than forecast revenues and
margins. As highlighted during Hyzon's third quarter earnings
call, the Company proactively shifted its deployment focus to
Asia where average selling prices
are approximately half of other regions. Global supply chain
disruptions rocked many industries and sectors, with European and
North American vehicle assembly particularly hard hit.
The Hyzon vehicles delivered were heavy duty fuel cell truck
models ranging in weight from 18 to 49 metric tonnes deployed for a
variety of use cases. These applications include refuse
collection with a leading European supplier of refuse collection
vehicles, sewer cleaning with European municipalities, and
heavy-duty use cases such as steel coil haulage with the largest
steel company in the world. Additionally, the 8 dump trucks
that were deployed under trial leases in Foshan, a UN Hydrogen
Demonstration City in China, are
not included in the 87 vehicle deliveries.
"Thank you to all of our customers, employees, suppliers,
shareholders and supporters who helped us battle the global supply
chain headwinds and better the expectations for 2021
deliveries. Each truck Hyzon supplies around the world is
another step towards decarbonizing commercial mobility," said Hyzon
CEO and Co-Founder Craig
Knight. As Hyzon completes compliance and homologation
requirements for vehicles in North
America and Australasia, government support for hydrogen
steadily grows, and commercial understanding of fuel cell electric
vehicles' unique suitability for heavy transport increases.
Hyzon aims to make 2022 a watershed year for hydrogen in heavy
mobility."
Hyzon expects to report company revenue, EBITDA, net income, and
cash flow results along with other operational metrics when the
company announces its Q4 and full-year 2021 results.
About Hyzon
Hyzon is a global leader in fuel cell
electric mobility, with US operations in the Rochester, Chicago and Detroit areas, and international operations in
the Netherlands, China, Singapore, Australia, and Germany. Hyzon is an energy transition
accelerator and technology innovator, providing end-to-end
solutions primarily for the commercial mobility sector with a focus
on the commercial vehicle market and hydrogen supply
infrastructure. 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 mitigate emissions from diesel transportation, which
is one of the single largest sources of carbon emissions globally.
The Company is contributing to the escalating adoption of fuel cell
electric 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, including
statements regarding expected revenues and gross margin for the
2021 fiscal year and expectations for the 2022 fiscal year, 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
Hyzon's definitive proxy statement on Schedule 14A filed with the
U.S. Securities and Exchange Commission (the "SEC") on June 21, 2021, our Registration Statement on Form
S-1 filed with the SEC on July 30,
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 (i) 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), (ii) the ability of
counterparties to make payments to Hyzon with respect to their
binding orders, (iii) the ability to identify additional potential
customers and convert them to paying customers or (iv) disruptions
to the global supply chain, including our third party suppliers and
assemblers. Hyzon gives no assurance that Hyzon will achieve its
expectations.
For investors:
Darla
Rivera
Hyzon Motors Inc
IR@hyzonmotors.com
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SOURCE Hyzon