HYZN - Hyzon Motors delivers eight dump trucks to trial customers in Foshan Municipality
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Hyzon Motors, Inc.(NASDAQ: HYZN), a leading global supplier of zero-emission fuel cellelectric heavy vehicles, today announced the delivery of eight dumptrucks for trial with Foshan Dump Truck Association. The trucks weredeployed in Foshan Municipality, China last week.
Pending a successfultrial, which is expected to be completed before the end of 2021, Hyzonexpects to lease trucks to members of the Association, in anarrangement that includes hydrogen fuel and service along with thevehicle. This combination is expected to accelerate the transition tohydrogen-powered vehicles by reducing required up-front investmentwhile ensuring stability and predictability in vehicle operatingcosts.
Foshan,located in Guangdong Province, China has been designated a “HydrogenEnergy Demonstration City” under the United Nations DevelopmentProgram to progress renewable hydrogen production and usage in thearea. Under Foshan’s plan, the Nanhia District alone plans to have5,800 fuel cell commercial vehicles deployed by 2025.
“Foshan City has takenremarkable steps to enable the hydrogen ecosystem, and deploying thesemunicipal dump trucks is another example of their commitment tomeaningful action,” said Hyzon CEO and Co-Founder Craig Knight.“Together, Hyzon and Foshan will demonstrate the readiness of FCEVsto be utilized in real work settings.”
Municipal dump truck operations are aparticularly suitable application for hydrogen fuel cell technology toreplace diesel fuel, as the back-to-base model allows for a highlyutilized, central refueling infrastructure. Operating the hydrauliclifts on the vehicles also demands significant power, which Hyzon’shigh-density fuel cells can readily supply.
The market forhydrogen-powered commercial vehicles is expected to grow rapidly overthe coming years, motivated in part by government programs aimed atreducing air pollution. As a result, major companies including Hyundai , Toyota ,and Bosch have established local partnerships and programs to provideChinese customers with fuel cell electric vehicles and access tohydrogen.
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 commercial vehiclemarket and hydrogen supply infrastructure. Utilizing its proven andproprietary hydrogen fuel cell technology, Hyzon aims to supplyzero-emission heavy duty trucks and buses to customers in NorthAmerica, Europe and around the world to mitigate emissions from dieseltransportation, which is one of the single largest sources of carbonemissions globally. The Company is contributing to the escalatingadoption of fuel cell electric vehicles through its demonstratedtechnology advantage, leading fuel cell performance and history ofrapid innovation.
Visit www.hyzonmotors.com.
Forward-LookingStatements
This press release includes “forward-looking statements”within the meaning of Section 27A of the Securities Act of 1933, asamended, and Section 21E of the Securities Exchange Act of 1934, asamended. 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 our 2021 outlook and theexpected results from this and other potential customer trials, arebased on management’s current expectations and assumptions aboutfuture events and are based on currently available information as tothe outcome and timing of future events. Except as otherwise requiredby applicable law, Hyzon disclaims any duty to update any forward-looking statements, all of which are expressly qualified by thestatements in this section, to reflect events or circumstances afterthe date of this press release. Hyzon cautions you that theseforward-looking statements are subject to numerous risks anduncertainties, most of which are difficult to predict and many ofwhich are beyond the control of Hyzon, including risks anduncertainties 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.
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Hyzon Motors Inc
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