DCRB - Hyzon Motors Signs Covenant to Join Utrecht The Netherlands' 1800 Hydrogen Vehicle Initiative

- The initiative, organized by the Dutch province of Utrecht, aims to deploy 1,800 hydrogen vehicles and up to 10 hydrogen refilling stations by 2025.

- Hyzon's European headquarters is based in The Netherlands and Hyzon Europe is manufacturing hydrogen trucks in the Groningen area.

- Hyzon's participation follows the recently launched Hyzon Zero Carbon Alliance, which promotes international collaboration and cooperation between partners along the hydrogen value chain.

PR Newswire

ROCHESTER, N.Y. , May 20, 2021 /PRNewswire/ -- Hyzon Motors Inc. ("Hyzon"), a leading global supplier of zero-emission hydrogen fuel cell-powered heavy vehicles, today announced its execution of the Covenant on Hydrogen in Mobility in Utrecht (the "Covenant"). Through its participation, Hyzon plans to leverage existing technology to supply zero-emission transportation solutions specified in the initiative.

The initiative brings together partners at the forefront of the transition to hydrogen with the goal of stimulating production of green hydrogen and developing regional hydrogen fueling infrastructure. This clean fuel will power commercial vehicles including trucks and buses on the streets of Utrecht using hydrogen fuel cells.

The province of Utrecht is a leader in the hydrogen mobility space, with multiple hydrogen fueling stations already in use and additional stations planned. Utrecht aims to cement the region's leadership in moving towards a zero-emissions future. By signing the Covenant, the parties affirm their commitment to contributing to the realization of the following, either directly or indirectly:

• Construction of five to ten hydrogen filling stations
• Operationalizing 300 trucks and other heavy vehicles powered by hydrogen
• Placing 1,500 lighter vehicles (such as passenger cars and delivery vans) that run on hydrogen into service
• Operationalizing one to two hydrogen-powered water vessels
• Operationalizing two to five hydrogen-powered coach buses

Utrecht's ambitions are particularly noteworthy due to the aggressive timeline: the parties have pledged to reach these goals by 2025. While the global transition to zero-emissions transportation is still in its early days, the initiative underscores both the importance and the viability of accelerating the shift. Hyzon Motors Europe BV moved into its new production facility in the Groningen area earlier in 2021 and is starting to produce and deliver hydrogen trucks to customers from that facility.

Hyzon's participation follows the establishment of the Hyzon Zero Carbon Alliance , an international effort to advance hydrogen ecosystems. With founding members such as AXA, Bank of America, Raven SR, ReCarbon, and Total, Hyzon's initiative aligns the supply and demand side of the sector, pooling collective expertise to make zero-emissions hydrogen mobility a reality.

Craig Knight , CEO and Co-Founder of Hyzon, said:

"The Utrecht 1,800 vehicle pledge connects and aligns partners along every step of the value chain: local governments, green hydrogen producers, distributors, FCEV OEMs, and customers. Hydrogen will play a significant role in decarbonizing transport; if we focus on building out the ecosystem through collaborations such as this and the Hyzon Zero Carbon Alliance, we can reach our zero emissions goals that much more swiftly."

About Hyzon Motors Inc.

Headquartered in Rochester, NY and with operations in Europe , Singapore , Australia and China , Hyzon is a leader in hydrogen mobility. Hyzon is a pure-play hydrogen mobility company with an exclusive focus on hydrogen in the commercial vehicle market. Utilizing its proven and proprietary hydrogen fuel cell technology, Hyzon aims to produce zero-emission commercial vehicles for customers in North America , Europe , and across 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 .

As announced on February 9, 2021 , Hyzon has entered into a definitive agreement for a business combination with Decarbonization Plus Acquisition Corporation (NASDAQ: DCRB), a publicly-traded special purpose acquisition company (SPAC) that would result in Hyzon becoming a publicly listed company. Completion of the proposed transaction is subject to customary closing conditions.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act. 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 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 DCRB's Preliminary Proxy Statement on Schedule 14A filed with the SEC on March 17, 2021 , as amended on May 14, 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. Hyzon gives no assurance that Hyzon will achieve its expectations.

Hyzon Motors Contacts

For US, Europe and Global Media:
Brian Brooks
H+K Strategies
713.752.1901
brian.brooks@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

SOURCE HYZON Motors