HYZN - Hyzon Motors delivers 29 hydrogen fuel cell electric heavy duty trucks to reduce carbon emissions in the steel industry
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Hyzon Motors Inc.(NASDAQ: HYZN), a leading supplier of zero-emission, hydrogen fuelcell-powered commercial vehicles, today announced the delivery of 29fuel cell electric trucks to be used by a major steel conglomerate inChina through Shanghai Hydrogen HongYun Automotive Co.(“HongYun”).
The 49-ton trucks, which were delivered in November, utilize a170-kilowatt fuel cell stack, and are expected to haul steel coils inthe conglomerate’s fleet in coming months. HongYun plans to provideoperation, leasing and maintenance services for industrial andmunicipal customers in targeted locations in China, which is expectedto be a massive market for fuel cell technologies in the coming years.Hongyun has further orders for 33 more trucks confirmed withHyzon.
Each 49-tonheavy truck is expected to eliminate an estimated 140 tons of CO2emission a year; over the course of the 7-year expected life span ofthe vehicles, the initial order of trucks is expected to eliminate anaggregate of over 30,000 tons of CO2 emissions.
“Hyzon’s focus is on decarbonizing heavy transport –today,” said Hyzon CEO Craig Knight. “We expect that this initialorder will make an immediate environmental impact, while alsoproviding Hyzon the opportunity to continue enhancing capacity andexpertise for future deployments across the globe. The steel industryis under intense scrutiny regarding their emissions, bothmanufacturing operations as well as logistics activities; we are hereto take logistics out of that equation.”
Hydrogen, which is converted to electricitythrough a fuel cell with no tailpipe emissions, powers the vehiclethrough fuel cells that are compact, powerful and uniquely suited forlong haul and high utilization back-to-base transport. Hydrogen fueltanks can be refilled in 15 minutes, approximately as fast as dieseltanks, a distinct advantage over battery electric vehicles (BEVs) thattypically take multiple hours to recharge. In fact, the US Clean AirTask Force estimates that the number of truck stops would need toincrease eight-fold if all US heavy vehicles transitioned to BEV,while the existing infrastructure would suffice if the trucks insteadoperated on hydrogen.
About Hyzon
Hyzon is a global leader in fuel cell electric mobility, withUS operations in the Rochester, Chicago and Detroit areas, andinternational operations in the Netherlands, China, Singapore,Australia, and Germany. Hyzon is an energy transition accelerator andtechnology innovator, providing end-to-end solutions primarily for thecommercial mobility sector with a focus on the supplying vehicles andsolving the hydrogen supply challenge for fleet operators. Utilizingits proven and proprietary hydrogen fuel cell technology, Hyzon aimsto supply zero-emission heavy duty trucks and buses to customers inNorth America, Europe and around the world to mitigate emissions fromdiesel transportation, which is one of the single largest sources ofcarbon emissions globally. The Company is contributing to theescalating adoption of fuel cell electric vehicles through itsdemonstrated technology advantage, leading fuel cell performance andhistory of rapid innovation.
Forward-Looking Statements
This press release includes “forward-lookingstatements” within the meaning of Section 27A of the Securities Actof 1933, as amended, and Section 21E of the Securities Exchange Act of1934, as amended. All statements, other than statements of present orhistorical fact included in this press release, are forward-lookingstatements. When used in this press release, the words “could,”“should,” “will,” “may,” “believe,” “anticipate,”“intend,” “estimate,” “expect,” “project,” thenegative of such terms and other similar expressions are intended toidentify forward-looking statements, although not all forward-lookingstatements contain such identifying words. These forward-lookingstatements, including statements about future definitive orders andthe delivery of vehicles, are based on management’s currentexpectations and assumptions about future events and are based oncurrently available information as to the outcome and timing of futureevents. Except as otherwise required by applicable law, Hyzondisclaims any duty to update any forward -looking statements, all ofwhich are expressly qualified by the statements in this section, toreflect events or circumstances after the date of this press release.Hyzon cautions you that these forward-looking statements are subjectto numerous risks and uncertainties, most of which are difficult topredict and many of which are beyond the control of Hyzon, includingrisks and uncertainties described in the “Risk Factors” section ofHyzon’s definitive proxy statement on Schedule 14A filed with theU.S. Securities and Exchange Commission (the “SEC”) on June 21,2021, our Registration Statement on Form S-1 filed with the SEC onJuly 30, 2021, and other documents filed by Hyzon from time to timewith the SEC. These filings identify and address other important risksand uncertainties that could cause actual events and results to differmaterially from those contained in the forward-looking statements,such as risks related to the ability to convert non-binding memorandaof understanding into binding orders or sales (including because ofthe current or prospective financial resources of the counterpartiesto Hyzon’s non-binding memoranda of understanding and letters ofintent), or the ability to identify additional potential customers andconvert them to paying customers. Hyzon gives no assurance that Hyzonwill achieve its expectations.
SOURCE HYZON Motors
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