HYZON PARTNERS WITH NEW ZEALAND'S TOP HEAVY-DUTY TRUCK FLEET OPERATOR

author: FutureCar Staff    

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 upfitting 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 up to three months of testing. Following the trial, TR Group has the option to purchase the trial trucks and upfit another 18 trucks with Hyzon's fuel cell systems.

This new agreement supersedes a previously announced agreement from January 2021. Hyzon's CEO, Parker Meeks, expressed excitement about the deployment of the first trucks with the 200kW fuel cell systems, stating that it is a significant step towards the full commercialization of their technology. He also highlighted the competitive advantages of their system, including improvements in volume, manufacturing costs, weight, and fuel efficiency, which will contribute to the decarbonization of the transportation sector.

TR Group, a heavy commercial vehicle rental and lease partner in Australia and New Zealand, is committed to reducing its impact on the environment. Brendan King, TR Group's General Manager, emphasized the shared values between TR Group and its customers when it comes to decarbonizing the transport network and making the world a greener place. He sees Hyzon's 200kW heavy-duty FCEV trucks as an opportunity to develop solutions for local conditions.

The New Zealand Government has been supportive of this project, providing funding from the COVID Response and Recovery Fund and the Energy Efficiency and Conservation Authority (EECA). TR Group also has an offtake agreement with Hiringa Energy for hydrogen supply. Hiringa has received government support to establish a hydrogen refueling network as part of a larger 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. The company aims to supply zero-emission heavy-duty trucks to customers worldwide and collaborates with partners across the hydrogen value chain to bring clean hydrogen to the market. For more information, visit www.hyzonmotors.com.

This press release contains forward-looking statements, and Hyzon cautions that these statements are subject to numerous risks and uncertainties. The company disclaims any duty to update these statements and highlights the importance of the "Risk Factors" sections in its filings with the SEC for a comprehensive understanding of the risks involved.

SOURCE: Hyzon Motors Inc.

FutureCar Staff