HYZON PARTNERS WITH MAJOR NEW ZEALAND TRUCK FLEET OWNER

author: FutureCar Staff    

Rochester, N.Y., Oct. 26, 2023 - Hyzon Motors Inc. (Hyzon) (NASDAQ: HYZN) has announced a revised commercial agreement with TR Group, New Zealand's largest heavy-duty truck fleet owner. The agreement involves the upfit of up to 20 fuel cell electric vehicles (FCEVs) with Hyzon's single stack 200kW fuel cell system. The commercial trial will begin in March 2024 with the deployment of the first two trucks, which will be ready for commercial use for up to three months. Following the trial, TR Group has the option to purchase the trial trucks and upfit another 18 trucks with Hyzon's 200kW fuel cell systems.

This new agreement supersedes a previously announced agreement from January 2021 and provides a revised commercial path for TR Group's first Hyzon FCEV truck deployments. Hyzon CEO Parker Meeks expressed excitement about the collaboration, stating that it represents a significant step toward the full commercialization of their single stack 200kW fuel cell system. Meeks also highlighted the competitive advantages of their system, including improvements in total volume, manufacturing costs, total weight, and fuel efficiency. He believes that these advantages will accelerate the decarbonization of the transportation sector, with TR Group leading the way.

TR Group, a heavy commercial vehicle rental and lease partner in Australia and New Zealand, has received great interest from customers for the FCEVs. TR Group's General Manager Brendan King emphasized their commitment to reducing their impact on the environment and praised Hyzon's 200kW heavy-duty FCEV trucks for providing real-world use of zero-emission technology. He believes that these trucks will allow them to develop solutions for local conditions.

The New Zealand Government has been a key supporter of this project, providing funding from the COVID Response and Recovery Fund and the Energy Efficiency and Conservation Authority (EECA). TR Group has also secured an offtake agreement with Hiringa Energy for hydrogen supply. Hiringa has received support from the New Zealand government to establish a hydrogen refueling network as part of a NZ$3 billion infrastructure program.

This announcement follows the successful commercial trial deployment of Hyzon's first Heavy Rigid fuel cell electric waste collection truck to REMONDIS Australia, a global recycling, service, and water company.

Hyzon Motors is a global supplier of high-power fuel cell technology focused on integrating its solutions into zero-emission heavy-duty fuel cell electric vehicles. Their goal is to supply zero-emission heavy-duty trucks to customers worldwide and mitigate emissions from diesel transportation. Hyzon collaborates with partners across the hydrogen value chain to bring clean hydrogen to the market and support fuel cell vehicle deployments.

Disclaimer: This press release contains forward-looking statements that are subject to numerous risks and uncertainties. Hyzon cautions readers that these statements are based on management's current expectations and assumptions and may not be accurate in the future. Actual events and results may differ materially from those contained in the forward-looking statements. Hyzon disclaims any duty to update these statements and advises readers to refer to the company's filings with the SEC for more information on the risks and uncertainties associated with their business.

Source: Hyzon Motors Inc.

FutureCar Staff