HYZN - Hyzon Motors to collaborate with Transform Materials on renewable hydrogen production
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Hyzon Motors tocollaborate with Transform Materials on renewable hydrogenproduction
ROCHESTER, N.Y. – January 19, 2022 – Hyzon MotorsInc. (NASDAQ: HYZN), a leading supplier of hydrogen-powered fuel cellelectric vehicles, today announced a non-binding memorandum ofunderstanding (MoU) with Transform Materials, a provider of renewablehydrogen through its innovative proprietary microwave reactortechnology. Together, Hyzon and Transform Materials will evaluateproposals to develop facilities to produce low-to-negative carbonintensity hydrogen from various forms of methane, prioritizing biogasand renewable natural gas.
Through Transform Material’s proprietarytechnology, these facilities (acting as hubs) can be built to producehydrogen efficiently—even at small scales of 1-5 tons/day—offeringmodular construction that allows capacity to grow as customer demandincreases. Transform’s technology to be employed in these projectsproduces hydrogen as a co-product with acetylene, providingsignificantly advantaged hydrogen cost structures.
“Hyzon believes thekey to decarbonizing transport in the near-term requires overcomingthe hydrogen infrastructure challenges,” said Parker Meeks,Hyzon’s Chief Strategy Officer. “Our solution is to co-invest infacilities that produce low-cost hydrogen at small volumes, and whichcan be built in a matter of months. By coordinating these facilitieswith existing and developing customer interest, we can accelerate thedeployment of our zero-emissions, hydrogen-powered vehicles.”
Additionally,Transform’s technology can generate carbon solids such as acetyleneblack or graphene, providing for useful carbon capture while yieldingsignificantly negative carbon-intensity products, particularly whenutilizing biogas as the feedstock. Hyzon will evaluate opportunitiesto utilize the carbon solids Transform produces in Hyzon truckmaterials, such as battery and carbon fiber production, offeringfurther circular economy opportunities in Hyzon’s operations.
Pursuant to the MoU,Hyzon and Transform will seek to align hydrogen production with theaccelerating demand created by Hyzon’s heavy-duty vehicles. Hubswould be located and sized to fulfill existing and potential customerneeds, leading to high utilization by Hyzon’s back-to-base vehicledeployments. Transform Materials’ clean plasma technology canconvert methane into hydrogen and acetylene without the CO 2 emissions that result from traditional processes for generatinghydrogen and acetylene. Utilizing this flexible, readily availablefeedstock without emitting CO 2 results in low-to-negativecarbon intensity hydrogen for powering Hyzon’s zero-emissionsvehicles.
“Transform Materials offers a sustainable alternative forutilizing traditional hydrocarbon feedstocks such as natural gas andbiogas,” said David Soane, Transform Materials’ founder and CEO.“Transform’s innovative technology avoids combustion entirely byturning these abundant resources into hydrogen, a carbon-free fuel,and into useful building-blocks for important industrial chemicals.Working with Hyzon, we can de-carbonize two major industries at once:the transportation industry with our clean hydrogen, and the chemicalmanufacturing industry with our clean acetylene.”
Under the MoU, thecompanies plan to explore sites in the US, Canada, Europe andpotentially China for facilities that would incorporate the Transformtechnology, with initial evaluations expected to begin early thisyear. Transform Materials will build, own, and operate the hubs, withHyzon having the right to invest equity in the facilities. Feedstockand dispensing will be provided through third parties.
About Hyzon
Hyzon is a global leaderin fuel cell electric mobility, with US operations in the Rochester,Chicago and Detroit areas, and international operations in theNetherlands, China, Singapore, Australia, and Germany. Hyzon is anenergy transition accelerator and technology innovator, providingend-to-end solutions primarily for the commercial mobility sector witha focus on the commercial vehicle market and hydrogen supplyinfrastructure. Utilizing its proven and proprietary hydrogen fuelcell technology, Hyzon aims to supply zero-emission heavy duty trucksand buses to customers in North America, Europe and around the worldto mitigate emissions from diesel transportation, which is one of thesingle largest sources of carbon emissions globally. The Company iscontributing to the escalating adoption of fuel cell electric vehiclesthrough its demonstrated technology advantage, leading fuel cellperformance and history of rapid 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 are based on management’s current expectations andassumptions about future events and are based on currently availableinformation as to the outcome and timing of future events. Except asotherwise required by applicable law, Hyzon disclaims any duty toupdate any forward -looking statements, all of which are expresslyqualified by the statements in this section, to reflect events orcircumstances after the date of this press release. Hyzon cautions youthat these forward-looking statements are subject to numerous risksand uncertainties, most of which are difficult to predict and many ofwhich are beyond the control of Hyzon, such as risks related to theability to convert this non-binding memorandum of understanding into abinding definitive agreement, and the successful implementation of thehubs utilizing Transform’s technology. Other risks include thoserisks 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.Hyzon gives no assurance that Hyzon will achieve its expectations.
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Hyzon Motors
hyzon@kivvit.com
For investors:
Darla Rivera
Hyzon Motors Inc
IR@hyzonmotors.com
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