HYZON RECEIVES ORDER FOR REFUSE COLLECTION AND CLASS 8 200KW FUEL CELL ELECTRIC TRUCKS FROM SOUTH SAN FRANCISCO SCAVENGER COMPANY

Order Follows Successful Trials and is the Hyzon's Second Fuel Cell Refuse Vehicle Order

BOLINGBROOK, Ill., Dec. 17, 2024 /PRNewswire/ -- Hyzon (NASDAQ: HYZN) (Hyzon or the Company), a U.S.-based, high-performance, hydrogen fuel cell system manufacturer and technology developer focused on providing zero-emission power to decarbonize the most demanding industries, today announced an order for two Fuel Cell Electric Trucks (FCETs) – a refuse collection and Class 8 200kW truck – from South San Francisco Scavenger Co., a family-owned company providing solid waste and recycling services to local communities since 1914. The two FCET order is subject to certain conditions including the availability of applicable subsidies. The order follows multiple successful FCET trials as well as Hyzon securing North America's first-ever refuse collection FCET order in October 2024.

"Hyzon's fuel cell technology combines zero-emission performance with the power and reliability needed for demanding applications like refuse collection," said Hyzon Chief Executive Officer (CEO) Parker Meeks. "We are proud to receive this order from a company that has been keeping communities cleaner for over a century and look forward to delivering our proven hydrogen-powered technology to meet the operational demands for the South San Francisco Scavenger Company," added Meeks.

Hyzon's refuse collection FCET is built in cooperation with New Way Trucks, a privately held, industry-leading refuse truck body manufacturer. The FCET is North America's first refuse collection FCET, powered by Hyzon's high-performance hydrogen fuel cell systems. It demonstrates consistent power over a range of at least 125 miles, including a minimum of 1,300 cart lifts along with trips to the transfer station, all while achieving up to 300 percent increased fuel efficiency over traditional diesel trucks.

"As a company dedicated to sustainability and innovation, we are excited to integrate Hyzon's hydrogen-powered trucks into our fleet," said Doug Button, President of South San Francisco Scavenger Company. "This partnership reflects our commitment to adopting cutting-edge technologies that reduce emissions while maintaining the performance standards our community relies upon," he said.

This order is Hyzon's second for its refuse collection FCET, with the first coming in October 2024 from recycling and innovation pioneer GreenWaste®¹.

About Hyzon
Hyzon is a global supplier of high-performance hydrogen fuel cell technology focused on providing zero-emission power to decarbonize demanding industries. With agile, high-power technology designed for heavy-duty applications, Hyzon is at the center of a new industrial revolution fueled by hydrogen, an abundant and clean energy source. Hyzon is focusing on deploying its fuel cell technology in heavy-duty commercial vehicles in Class 8 and refuse collection vehicles across North America, as well as new markets such as stationary power applications. To learn more about how Hyzon partners across the hydrogen value chain to accelerate the clean energy transition, visit www.hyzonfuelcell.com.

Forward-Looking Statements 
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, express or implied forward-looking statements regarding the Company's expectations, hopes, beliefs, intentions, or strategies for the future. You are cautioned that such statements are not guarantees of future performance and that the Company's actual results may differ materially from those set forth in the forward-looking statements. All of these forward-looking statements are subject to risks and uncertainties that may change at any time. Factors that could cause the Company's actual expectations to differ materially from these forward-looking statements include the Company's ability to improve its capital structure; its ability to achieve and maintain manufacturing  volume targets; market acceptance for its products and technology; its liquidity needs to operate its business and execute its strategy, and related use of cash; its ability to raise capital through equity issuances, asset sales or the incurrence of debt; the possibility that Hyzon may need to seek bankruptcy protection at any time; Hyzon's ability to fully execute actions and steps that would be probable of mitigating the existence of substantial doubt regarding its ability to continue as a going concern; our ability to enter into any desired strategic alternative on a timely basis, on acceptable terms; our ability to maintain the listing of our Common Stock on the Nasdaq Capital Market; retail and credit market conditions; the availability of clean energy financial subsidies related to our vehicles and products, which are demanded by our customers as a condition to placing an order; higher cost of capital and borrowing costs; impairments; changes in general economic conditions; and the other factors under the heading "Risk Factors" set forth in the Company's Annual Report on Form 10-K, as supplemented by the Company's quarterly reports on Form 10-Q and current reports on Form 8-K. Such filings are available on our website or at www.sec.gov. You should not place undue reliance on these forward-looking statements, which are made only as of the date hereof. The Company undertakes no obligation to publicly update or revise forward-looking statements to reflect subsequent developments, events, or circumstances, except as may be required under applicable securities laws.

About South San Francisco Scavenger Co., Inc
The South San Francisco Scavenger Company is proud to acknowledge we've been servicing the cities of Brisbane, Millbrae and South San Francisco for over a century and the San Francisco International Airport for over 80 years. As a small company with just over 120 employees, we have 68 vehicles and collect over 250,000 tons of waste annually. In 2018, we earned an Achievement of Climate Registered Gold Status which exemplifies our commitment to sustainability and reducing greenhouse gas emissions. To learn more about SSF Scavenger's sustainability milestones and the waste collection services we offer, please visit www.ssfscavenger.com.

SOURCE Hyzon