Hyzon's Hydrogen Fuel Cell Technology
Highlighted in Heavy-Duty Fuel Cell Electric Vehicle
Displays
OAKLAND,
Calif., Aug. 30, 2024 /PRNewswire/ -- Hyzon
(NASDAQ: HYZN), 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,
along with New Way Trucks, an industry-leading refuse truck body
manufacturer, and Recology, a pioneer in sustainable waste
management, today showcased North
America's first hydrogen fuel cell electric refuse truck to
U.S. Department of Energy (DOE) Under Secretary for Infrastructure
David Crane, California Gov. Gavin
Newsom and U.S. Sen. Alex
Padilla. The vehicle display was part of a landmark clean
energy event hosted by the Alliance for Renewable Clean
Hydrogen Energy Systems (ARCHES) to celebrate the official
award of a $12.6 billion investment
to create a Regional Clean Hydrogen Hub in California.
"Hydrogen is the Swiss army knife of energy sources and that's
critically important," said U.S. Department of Energy Under
Secretary for Infrastructure David
Crane. "The best, most durable use of hydrogen is for
heavy-duty transportation. Today's event is a thrill for all of us
in the Department of Energy and for everyone in the hydrogen
space."
"I'm proud to be here with so many great partners," said
California Gov. Gavin Newsom. "This is part of the most
significant economic and industrial policy in our lifetime. It's
not just about growth, it's about inclusion."
"Today is an opportunity for the public to see the promise for
hydrogen's future," said U.S Sen. Alex
Padilla. "You see what's possible not in the far future, but
today. Under the leadership of ARCHES we have the opportunity
to catalyze the whole hydrogen economy. From our ports to our
cities, ARCHES is truly a statewide project whose benefits will
deliver for everybody. Today is just the beginning and we're
excited for what's ahead"
"Today, we see not only North
America's first hydrogen-powered refuse truck but also the
critical role government plays in making these innovations a
reality. When government steps up, the private sector responds, and
today is proof of that," said Hyzon Chief Executive Officer
Parker Meeks. "ARCHES' massive
commitment demonstrates how public investment can drive private
sector action, accelerating our ability to scale decarbonization
efforts now."
Backed by $1.2 billion in federal
funding and $11.4 billion in public
and private investments, ARCHES is spearheading one of the most
ambitious hydrogen infrastructure projects in the U.S. Under the
agreement, ARCHES plans to facilitate a network of clean, renewable
hydrogen production sites, including 60 heavy-duty fueling stations
and 165 miles of open-access pipelines, to enable the
decarbonization of more than 5,000 fuel cell electric trucks. This
includes the fuel cell electric refuse collection truck built in
partnership between Hyzon and New Way, which is in its first
customer trial with Recology. The three companies' collaboration
begins the decarbonization of one of the most demanding industries
and makes hydrogen fuel cell electric refuse collection a reality
for North America.
"This hydrogen-powered refuse collection vehicle is being
designed to best meet the needs of waste haulers and kickstart the
transition to clean energy by partners who are best positioned to
champion advanced, alternative sustainable solutions across the
waste and recycling industry," said Mike
McLaughlin, CEO of McLaughlin Family Companies, the parent
company of New Way Trucks.
With about 140,000 refuse trucks currently operating across the
U.S., this demonstration signals a critical shift toward
zero-emission solutions in a challenging application. Hyzon's
expertise is central to the creation of the clean energy refuse
truck, which integrates high-performance hydrogen fuel cell systems
to power demanding urban operations, offering environmental
benefits and operational efficiency.
Clean energy initiatives have a champion in Washington, D.C.-based National Waste &
Recycling Association (NWRA). NWRA President and CEO Michael E. Hoffman said, "The waste industry was
an earlier adopter of alternative fuels with more than 30 percent
of the routed fleet converted on its own initiative without
mandates or subsidies. NWRA, representing nearly three-quarters of
the industry, can and will lead vocational fleets to advance
emissions reductions while still meeting the daily demands of this
essential service, bringing our workers home safely every day and
delivering sustainable waste management solutions to our
communities and customers."
"True progress is possible when government and industry work
hand in hand. Recology intends to do its part to help the waste
recovery industry transition to a zero-emission future," said
Recology CEO Salvatore M.
Coniglio.
Today's demonstration also underscored ARCHES' leading role in
deploying hydrogen energy solutions to address emissions challenges
in traditionally hard-to-decarbonize sectors. As one of seven
hydrogen hubs across the country selected for investment by the
DOE, ARCHES is projected to create 220,000 direct jobs, including
130,000 in construction and 90,000 permanent positions.
"We're grateful to the Department of Energy for their leadership
in the transition to clean hydrogen," Meeks concluded.
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 focuses on
deploying its fuel cell technology in heavy-duty commercial
vehicles in Class 8 and refuse vehicles across North America. To learn more about how Hyzon
partners across the hydrogen value chain to accelerate the clean
energy transition, visit www.hyzonfuelcell.com.
About New Way
New Way Trucks is the largest privately
held refuse collection equipment manufacturer in North America. New Way's product lineup
features top-performing rear loaders, front loaders and automated
side loaders, including the industry-leading Sidewinder XTR™, ROTO
PAC® with our exclusive self-cleaning auger and the small but
mighty Wolverine™—no commercial driver's license required. New Way
Trucks engineers and builds advanced, dependable, sustainable
refuse collection products that best meet what waste haulers need,
along with offering top-quality original equipment manufacturer
parts and unmatched support and service through our nationwide
distributor network. Visit www.newwaytrucks.com to learn more.
About Recology
Recology is the largest 100%
employee-owned company in the waste recovery industry. Based in
San Francisco, Recology operates
throughout California,
Oregon and Washington. Recology's mission represents a
fundamental shift from traditional waste management to resource
recovery, seeking to eliminate waste by developing and discovering
sustainable resource recovery practices that can be implemented
globally. Recology seeks to achieve this by creating
a resource ecosystem—one that both protects the
environment and sustains the local communities the company serves.
Recology's focus on sustainable operations and practices makes it
possible for the diverse communities Recology serves to achieve
high landfill diversion and meet sustainability goals. Visit
www.Recology.com to learn more.
About National Waste & Recycling Association
The
National Waste & Recycling Association (NWRA) champions the
waste and recycling industry on advocacy, safety and education. Our
members deliver essential services that support our communities and
businesses in achieving their environmental and sustainability
objectives.
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
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 improve its capital structure; Hyzon's 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; 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; 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.
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SOURCE Hyzon
