- Through the transaction, Hyzon plans to establish operational
footprint and customer access in attractive German Zero Emission
truck market, including expansion of electrification and powertrain
kit expertise & assembly capacity
- With almost one century of experience in the truck and trailer
industry, the ORTEN Group is one of the pioneers for the
electrification of new and used commercial diesel vehicles,
supporting worldwide CO2 free mobility.
ROCHESTER, N.Y., June 14, 2022 /PRNewswire/ -- Hyzon Motors
(NASDAQ: HYZN), a global supplier of zero-emissions hydrogen and
fuel cell powered commercial vehicles, announced today the signing
of a definitive agreement to acquire ORTEN Betriebs GmbH and
subsidiaries, and ORTEN Electric Trucks GmbH, German manufacturers
of innovative truck and trailer bodies for the beverage industry
(collectively, "ORTEN"). The transaction is expected to close in
the fourth quarter, 2022.
The acquisition brings three fully-operational production
facilities and a team of over 80 employees under the Hyzon
umbrella. ORTEN's employees are experienced in electrification,
retrofitting, and bodybuilding, all critical elements of Hyzon's
FCEV build process. Additionally, ORTEN management has extensive,
long-standing customer relationships across Germany.
Complementary product lines between Hyzon and ORTEN, in
combination with ORTEN's body and powertrain kits, provide a
comprehensive solution for customers transitioning their fleets to
zero emissions: vehicles up to 26 tons can be transitioned to
ORTEN's existing offering of battery electric vehicles, while the
operational requirements of medium- and heavy-duty vehicles can be
met with Hyzon's FCEVs.
Germany is expected to be a
major global market for zero-emission commercial vehicles in the
coming years. The European Union recently announced a total ban on
sales of combustion engine cars from 2035, and Germany offers various incentives to
transition heavy vehicles off diesel, including some that provide
subsidies for up to 80% of the additional investment costs of going
electric compared to replacing vehicles with diesel equivalents;
and even greater levels of subsidy for some public fleets.
"We are proud to grow our team and our reach through such an
esteemed and innovative provider of solutions in German logistics,"
said Craig Knight, Hyzon Motors CEO.
"We look forward to working with the ORTEN team to accelerate
Germany's move to zero emissions
through hydrogen fuel cell technology, and to deepen the customer
relationships ORTEN has in the beverage industry to include the
potential of Hyzon FCEVs."
"Looking back on a history of nearly 100 years of bringing
innovative solutions to our commercial and municipal customers, we
are happy and proud to join forces with Hyzon to build a better
future," adds Robert Orten, long
term owner and CEO of the ORTEN group. "Being a first mover in the
field of battery electric trucks, we now have the opportunity to
scale up our proprietary electrification and body building
know-how. I would like to express my gratitude to my employees,
customers and suppliers and look forward to a successful
cooperation with Hyzon."
About Hyzon Motors Inc.
Headquartered in Rochester,
N.Y., with U.S. operations in the Chicago and Detroit areas, and international operations in
the Netherlands, Singapore, Australia, Germany, and China, Hyzon is a leader in fuel cell electric
mobility with an exclusive focus on the commercial vehicle market,
and a near-term focus on back to base (captive fleet) operations.
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, one of the single
largest sources of carbon emissions globally. Hyzon 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 which
include, but are not limited to, expected demand for and sales of
Hyzon vehicles and the pace of adoption of hydrogen fuel cell
electric vehicles, and the successful integration of Orten
operations and expected benefits of the acquisition, 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, 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
Annual Report on Form 10-K for the year ended December 31, 2021 filed with the U.S. Securities
and Exchange Commission (the "SEC") on March
30, 2022, our Amended Registration Statement on Form S-1
filed with the SEC on April 6, 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. Hyzon gives no assurance
that Hyzon will achieve its expectations.
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