Hyzon Motors plans to accelerate decarbonization through Repower program

• Hyzon's Repower program to convert used diesel trucks and existing fleets to zero-emission, fuel cell electric vehicles.
• First commercial launch of Hyzon's proprietary 200 kW fuel cell through Repower program in North America expected in late 2022.

ROCHESTER, N.Y., May 10, 2022 /PRNewswire/ -- Hyzon Motors (NASDAQ: HYZN), a global supplier of zero-emissions hydrogen and fuel cell powered commercial vehicles, is finding new ways to bring zero-emission vehicles to roads sooner.

Responding to customer demand for zero-emissions vehicles amidst a global supply chain crisis, Hyzon plans to  allow customers to exchange their used diesel truck chassis for conversion to fuel cell electric operation. After removing diesel components, these used trucks will be upfitted with the company's proprietary fuel cell system, electric drivetrain, and hydrogen storage system through collaboration with Fontaine Modification.

"The Repower program is a natural solution for our current situation: customers are seeking to urgently reduce emissions, but current supply chain constraints make it very challenging to meet demand. Thanks to the in-house production of our proprietary fuel cells, Hyzon's Repower program can deliver zero-emissions vehicles to customers sooner, with lower cost, and less waste," said Hyzon CEO Craig Knight. 

Hyzon projects that the Repower program will be a more efficient method by which fleets decouple from diesel, putting clean trucks on the road sooner. Current lead time for new vehicle chassis ordered today is up to 16 months. Hyzon expects to Repower vehicles much more quickly, since the company will have direct access to the existing chassis. Repowering an existing vehicle is also expected to reduce customer costs, leading to Total Cost of Ownership (TCO) at or below diesel parity in California, as a result of available  subsidies. Additionally, the Repower program avoids waste and manufacturing carbon emissions generated by asset renewal.

A Hyzon 110 kW fuel cell Repower truck will be on display at the Advanced Clean Transportation (ACT) Expo at the Long Beach Convention Center in Long Beach, California between May 9 and May 12, 2022.

Hyzon's 200 kW hydrogen fuel cell Repower truck, based on the most powerful fuel cell stack Hyzon has developed, will begin testing by end of 2022; these heavy duty fuel cell systems will be produced in the company's Bolingbrook facility in Illinois.

About Hyzon Motors Inc.

Headquartered in Rochester, N.Y., with U.S. operations in the Chicago and Detroit areas, and international operations in the Netherlands, Singapore, Australia, Germany, and China, Hyzon is a leader in fuel cell electric mobility with an exclusive focus on the commercial vehicle market, and a near-term focus on back to base (captive fleet) operations. Utilizing its proven and proprietary hydrogen fuel cell technology, Hyzon aims to supply zero-emission heavy duty trucks and buses to customers in North America, Europe and around the world to mitigate emissions from diesel transportation, one of the single largest sources of carbon emissions globally. Hyzon is contributing to the escalating adoption of fuel cell electric vehicles through its demonstrated technology advantage, leading 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 which include, but are not limited to, expected demand for and sales of Hyzon vehicles and the pace of adoption of hydrogen fuel cell electric vehicles, and 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, 2021 filed with the U.S. Securities and Exchange Commission (the "SEC") on March 30, 2022, our Amended Registration Statement on Form S-1 filed with the SEC on April 6, 2021, 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. Hyzon gives no assurance that Hyzon will achieve its expectations.

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