Hyzon Motors, Inc. (NASDAQ: HYZN), a leading global supplier of zero-emission fuel cell electric heavy vehicles, today announced the delivery of eight dump trucks for trial with Foshan Dump Truck Association. The trucks were deployed in Foshan Municipality, China last week.
Pending a successful trial, which is expected to be completed before the end of 2021, Hyzon expects to lease trucks to members of the Association, in an arrangement that includes hydrogen fuel and service along with the vehicle. This combination is expected to accelerate the transition to hydrogen-powered vehicles by reducing required up-front investment while ensuring stability and predictability in vehicle operating costs.
Foshan, located in Guangdong Province, China has been designated a 'Hydrogen Energy Demonstration City' under the United Nations Development Program to progress renewable hydrogen production and usage in the area. Under Foshan's plan, the Nanhia District alone plans to have 5,800 fuel cell commercial vehicles deployed by 2025.
'Foshan City has taken remarkable steps to enable the hydrogen ecosystem, and deploying these municipal dump trucks is another example of their commitment to meaningful action,' said Hyzon CEO and Co-Founder Craig Knight. 'Together, Hyzon and Foshan will demonstrate the readiness of FCEVs to be utilized in real work settings.'
Municipal dump truck operations are a particularly suitable application for hydrogen fuel cell technology to replace diesel fuel, as the back-to-base model allows for a highly utilized, central refueling infrastructure. Operating the hydraulic lifts on the vehicles also demands significant power, which Hyzon's high-density fuel cells can readily supply.
The market for hydrogen-powered commercial vehicles is expected to grow rapidly over the coming years, motivated in part by government programs aimed at reducing air pollution. As a result, major companies including Hyundai, Toyota, and Bosch have established local partnerships and programs to provide Chinese customers with fuel cell electric vehicles and access to hydrogen.
Hyzon is a global leader in fuel cell electric mobility, with US operations in the Rochester, Chicago and Detroit areas, and international operations in the Netherlands, China, Singapore, Australia, and Germany. Hyzon is an energy transition accelerator and technology innovator, providing end-to-end solutions primarily for the commercial mobility sector with a focus on the commercial vehicle market and hydrogen supply infrastructure. 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, which is one of the single largest sources of carbon emissions globally. The Company 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.
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 2021 outlook and the expected results from this and other potential customer trials, 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 June 21, 2021, our Registration Statement on Form S-1 filed with the SEC on July 30, 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, such as risks related to the ability to convert non-binding memoranda of understanding 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.
Hyzon Motors Inc
News Source: News Direct
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