Deployed 19 Hydrogen Fuel Cell Trucks Across
Three Continents in 2023, Meeting Guidance of 15-20 Trucks
Produced 25 200kW Fuel Cell B-Samples,
Advancing Development to C-Sample Stage
Leading Heavy-Duty Single Stack 200kW Fuel
Cell Technology On Track to Begin Production in 2H 2024
ROCHESTER, N.Y., Jan. 9, 2024
/PRNewswire/ -- Hyzon Motors Inc. (NASDAQ: HYZN) (Hyzon or the
company), a high-power hydrogen fuel cell technology manufacturer
and global supplier of zero-emission heavy-duty fuel cell electric
vehicles (FCEVs), today announced business updates reflecting
achievement of critical 2023 commercial and operational
milestones.
"2023 was marked by significant progress across Hyzon," said
Hyzon CEO Parker Meeks. "We deployed
19 FCEVs over three continents, including our first U.S.
deliveries, and advanced our industry-leading, single-stack 200kW
fuel cell technology from B- to C-sample development. Paired with
continued advancement of U.S. and international government
investment in the hydrogen ecosystem, we expect significant
achievements in 2024, including Start of Production (SOP) for our
200kW fuel cell system, delivering the first 200kW FCEVs into
trial, and advancing our fuel cell vehicle product offering."
As of December 31, 2023, Hyzon had
deployed 19 vehicles under commercial agreements to customers in
2023, meeting its annual guidance of 15-20 vehicles. Of those
vehicles, five were deployed in the U.S. to both drayage and large
fleet customers, three in Europe,
and 11 in Australia. The North
American deployments to fleet and drayage customers include the
industry's first publicly-announced sale and delivery of a
heavy-duty fuel cell electric truck in the U.S. Delivery to the
drayage customer, operating out of the Port of Los Angeles and Long
Beach, marks the company's entry into the U.S. drayage
market, which Hyzon expects to be a significant long-term growth
driver.
Hyzon advanced the commercialization of its industry-leading,
single stack 200kW fuel cell system (FCS) by completing the
manufacturing and factory acceptance testing, full design
verification and significant durability testing of 25 200kW FCS
B-samples, meeting its operational milestones for the second half
of 2023. The standard industry approach to reach approximately
200kW of fuel cell power typically combines two 100kW fuel cell
systems; Hyzon's single stack 200kW fuel cell system is 30% lower
in weight and volume, and is estimated to be 25% lower in total
fuel cell system cost compared to two of its 110kW fuel cell
systems combined.
Hyzon now begins its 200kW FCS C-sample development phase,
progressing along the standard automotive product development
methodology. In Hyzon's C-sample phase, FCSs are built with
production tooling to meet all technical requirements. This
precedes pre-production and SOP, which is on track for the second
half of 2024.
Hyzon develops and builds key components for its 200kW FCSs
in-house at its world-class fuel cell production facility in the
U.S. (Bolingbrook, Ill.),
including proprietary electrode formulations and Hyzon's
roll-to-roll MEA manufacturing line. With less than $5 million in remaining capital investments
expected to reach SOP, the facility is projected to have initial
annual capacity for over 700 200kW FCSs operating on three
shifts.
About Hyzon
Hyzon Motors is a global supplier of
high-power fuel cell technology focused on integrating the
technology into zero-emission heavy-duty hydrogen fuel cell
electric vehicles. Hyzon's hydrogen infrastructure approach
synchronizes supply with demand, accelerating the deployment of
zero emission trucks. 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 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. This press release contains forward-looking
statements relating, but not limited, to statements concerning our
ability to raise capital, our ability to meet production and other
milestones in 2024, and the anticipated capacity of our facilities.
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,
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 Annual Report on Form 10-K
for the year ended December 31, 2022
filed with the U.S. Securities and Exchange Commission (the "SEC")
on May 31, 2023, its Form 10-Q for
the quarter ended September 30, 2023
filed on November 14, 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: our ability to establish facilities to
produce our fuel cells, assemble our vehicles or secure hydrogen
supply; our 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); our ability to continue as a
going concern and to raise requiring funding, our ability to
identify additional potential customers and convert them to paying
customers; and the impacts of legal proceedings, regulatory
disputes, and governmental inquiries. Hyzon gives no assurance that
Hyzon will achieve its expectations.
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SOURCE Hyzon Motors Inc.