ROCHESTER, N.Y.,
Oct. 26,
2023 /PRNewswire/ -- Hyzon Motors Inc. (Hyzon)
(NASDAQ: HYZN), a leading hydrogen fuel cell technology developer
and global supplier of zero-emission heavy-duty fuel cell electric
vehicles (FCEVs), today announced a revised commercial agreement
with TR Group, New Zealand's
largest heavy-duty truck fleet owner, for up to 20 FCEVs upfit with
Hyzon's single stack 200kW fuel cell system starting with a
commercial trial.
The first two trucks are scheduled to be ready for commercial
trial beginning in March 2024, and
will be deployed for up to three months. Following the initial
commercial trial, TR Group has an option to purchase the two trial
trucks as well as to upfit another 18 trucks with Hyzon's 200kW
fuel cell systems to be assembled at Hyzon's Melbourne, Australia facility.
This new agreement cancels and supersedes a previously announced
agreement from January 2021,
providing a revised commercial path for TR Group's first Hyzon FCEV
truck deployments.
"We look forward to deploying the first trucks with 200kW fuel
cell systems produced by Hyzon in heavy-duty operations with TR
Group. It marks a significant step toward the full
commercialization of our single stack 200kW fuel cell
system," said Hyzon CEO Parker
Meeks. "The critical competitive advantages our system
offers, including improvements in total volume, manufacturing
costs, total weight, and fuel efficiency, will help accelerate the
decarbonization of the transportation sector, with TR Group leading
the way. Additionally, the upfitting contract in place for TR
Group's optional 18 FCEVs aligns with our cash-efficient and
technology-focused business model."
TR Group is a heavy commercial vehicle rental and lease partner
in Australia and New Zealand. With 6,200 tractors in their
fleet, TR Group would be a top-20 for-hire carrier in the U.S.
based on fleet size1. For over 30 years, TR Group has
focused on understanding what vehicles its customers require and
providing them with heavy commercial vehicle solutions to support
the performance of their businesses.
"We have had great uptake from customers for these vehicles, who
share similar values to ourselves when it comes to decarbonizing
the transport network and making the world a greener place," said
TR Group's General Manager Brendan
King. "We are serious about reducing our impact on the
environment. Hyzon's 200kW heavy-duty FCEV trucks give us real
world use of this zero-emission technology and allow us to develop
solutions for local conditions."
The New Zealand Government has been a key support in this
project, awarding TR Group funding from the COVID Response and
Recovery Fund and the Energy Efficiency and Conservation Authority
(EECA). TR Group has an offtake agreement with Hiringa Energy
for hydrogen supply. Hiringa has also received support from the
New Zealand government to
establish a hydrogen refuelling network, as part of the NZ$3
billion 'shovel ready' infrastructure program2.
This announcement follows the commercial trial
deployment of Hyzon's first Heavy Rigid fuel cell electric
waste collection truck to REMONDIS Australia, one of the world's
largest recycling, service, and water companies.
1https://ratings.freightwaves.com/carriers-for-hire/top-500-2023/
2 https://www.mbie.govt.nz/building-and-energy/energy-and-natural-resources/energy-strategies-for-new-zealand/hydrogen-in-new-zealand/
About Hyzon
Hyzon Motors is a global supplier of
high-power fuel cell technology focused on integrating its
solutions into zero-emission heavy-duty fuel cell electric
vehicles. Utilizing its proven and proprietary hydrogen fuel cell
technology, Hyzon aims to supply zero-emission heavy duty trucks to
customers in North America,
Europe, Australia, and New
Zealand to mitigate emissions from diesel transportation -
one of the single largest sources of global carbon emissions. Hyzon
collaborates with partners across the hydrogen value chain to bring
clean hydrogen to the market to support fuel cell vehicle
deployments. Hyzon is contributing to the adoption of fuel cell
electric vehicles through its demonstrated technology advantage,
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 "aims", "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, including
statements about this vehicle trial, the exercise of the option and
about or pertaining to TR Group 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" sections of Hyzon's Form 10-K for the year ended
December 31, 2022 filed with the SEC
on May 31, 2023, Form 10-Q for the
quarter ended June 30, 2023 filed on
August 8, 2023, and in 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,
such as risks related to the ability to convert non-binding
memoranda of understanding or vehicle trial agreements into binding
orders or sales (including because of the current or prospective
financial resources of the counterparties to Hyzon's non-binding
memoranda of understanding and letters of intent), or the ability
to identify additional potential customers and convert them to
paying customers. Hyzon gives no assurance that Hyzon will achieve
its expectations.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/hyzon-announces-agreement-with-new-zealands-largest-heavy-duty-truck-fleet-owner-301968102.html
SOURCE Hyzon Motors Inc.