HYZON MOTORS COMPLETES 15TH COMMERCIAL VEHICLE TRIAL IN NORTH AMERICA

ROCHESTER, N.Y., Aug. 3, 2023 /PRNewswire/ -- Hyzon Motors Inc. (Hyzon or the Company) (NASDAQ: HYZN), a high-power hydrogen fuel cell technology developer and global supplier of zero-emission heavy-duty fuel cell electric vehicles (FCEVs), today announced the successful conclusion of its commercial vehicle trial with Seaboard Transport Group. This marks the completion of Hyzon's fifteenth commercial vehicle trial in North America since the Company began its trial program in March 2022.

Through these trials, Hyzon's hydrogen-powered FCEVs have been used in commercial operations with a range of fleets including Airgas, Bison Transport, Performance Food Group, Pilot Company, Talke, and Total Transportation Services in North America, and Hylane and MPREIS in Europe. Trials have occurred in freight applications such as drayage, food and beverage, regional haulage, and bulk liquid.

These trials have allowed the Company to put its proprietary fuel cell technology to the test across a diverse set of real-world customer operating conditions, supporting ongoing improvements to vehicle design and overall vehicle performance. These trials included extreme weather conditions up to 110 degrees Fahrenheit in Southern California, and down to -6 degrees Fahrenheit in Alberta, Canada, as part of an ongoing 6-month program through which seven commercial fleets have trialed the vehicle. 

Over the course of these trials and testing, Hyzon's FCEVs have accumulated over 68,000 miles and more than 2,900 hours of fuel cell run-time, providing valuable insights into the real-life demands of freight applications including fuel efficiency, component and vehicle durability, and maintenance needs. The trial programs serve as a critical proof and experience point for fleets in advancing to a commercial vehicle supply agreement with consideration for their operations and potential deployment of Hyzon FCEVs in the future.

"Hyzon focuses on large fleets who are actively seeking decarbonization solutions and want to start that today by trialing new technologies," said Hyzon Chief Executive Officer Parker Meeks. "We aim to partner with these fleets on multi-year order programs to scale the decarbonization impact as we collaboratively validate performance of the initial trucks in their fleet, while securing additional subsidies and standing up fueling."

"The initial trial periods allow both customers and Hyzon to develop learnings at a small scale, building the foundation for success in multi-vehicle fleet deployments," Meeks continued.

While the trial programs continue in North America and Europe, Hyzon Motors Australia is anticipating the launch of the trial program for Hyzon's Rigid platform with the deployment of the first vehicle to Remondis, a leading refuse operator in Australia and Europe.

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 "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 our business outlook, 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" section of Hyzon's definitive proxy statement on Schedule 14A filed with the U.S. Securities and Exchange Commission (the "SEC") on July 14, 2023, our Registration Statement on Form S-1 filed with the SEC on July 30, 2021, our Form 10-K for the year ended December 31, 2022 filed with the SEC on May 31, 2023, and 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.

SOURCE Hyzon Motors Inc.