ROCHESTER, N.Y. – July 29, 2021 – Hyzon Motors Inc. (NASDAQ: HYZN), a leading global manufacturer of hydrogen fuel cell-powered commercial vehicles, announced today the signing of a memorandum of understanding (MoU) with RenewH2, a US-based sustainable hydrogen production, liquefaction, distribution and dispensing company, to collaborate on the supply and demand side of liquid hydrogen production.
Under the MoU, RenewH2 plans to reform biogenic methane gas to generate hydrogen. The hydrogen would then be liquefied and delivered to hydrogen fueling stations, which are expected to be developed in collaboration with Hyzon. Through this collaboration, the stations can be located near Hyzon customers to help provide consistent demand for the fuel.
“By aligning the production of hydrogen with the fueling infrastructure and the end-consumer – hydrogen-powered trucks – this partnership addresses the chicken-and-egg problem that has prevented broad-scale hydrogen adoption,” said Hyzon CEO Craig Knight. “This type of collaboration is crucial to accelerating decarbonization.”
Both companies are interested in expanding liquid hydrogen infrastructure due to its advantages over hydrogen gas. Because of its power density, liquid hydrogen is projected to provide a range approximately twice as far as current 700 bar gaseous hydrogen. Range for liquid hydrogen vehicles is expected to be up to 1,000 miles, based on Hyzon’s recently announced agreement to develop ultra-heavy-duty liquid hydrogen-fueled trucks.
The greater range means fewer fueling stations, thereby reducing the need for liquid hydrogen to be transported to many locations. In addition, the refueling infrastructure capital and operating costs are expected to be lower when compared to gaseous hydrogen, due to the elimination of the compression and refrigeration equipment.
RenewH2 is expected to begin producing hydrogen in its Wyoming facility in 2023, with ultimate capacity of 300 tons per day using steam methane reformer units. In addition to producing liquid hydrogen, RenewH2 expects to store and deliver the fuel. Per the MoU, the fuel could be delivered by a fleet of Class-8 Hyzon trucks, owned and operated by RenewH2.
“RenewH2 is excited about the opportunity to work with Hyzon Motors Inc. to provide an end-to-end hydrogen solution that will have a significant impact on the reduction of carbon emission,” comments David Martineau, CEO, RenewH2.
About Hyzon Motors Inc.
Headquartered in Rochester, NY with US operations also in Chicago and Detroit, and international operations in the Netherlands, Singapore, Australia and China, Hyzon is a leader in hydrogen mobility. Hyzon is a pure-play hydrogen mobility company with an exclusive focus on hydrogen in the commercial vehicle market. 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. The company is contributing to the escalating adoption of hydrogen vehicles through its demonstrated technology advantage, leading fuel cell performance and history of rapid innovation. Visit www.hyzonmotors.com.
RenewH2 is a renewable hydrogen company accelerating the transition to carbon free energy. RenewH2’s projects will convert biogenic methane into blue hydrogen and ultimately utilize renewable energy sources to create green hydrogen. Employing the largest source of biogenic methane in the state of Wyoming, RenewH2 intends to provide key industries, including transportation, heat and power, and industry feedstock with an end-to-end hydrogen solution. With a team full of experts in the energy industry, RenewH2 is fueling the future with clean, sustainable hydrogen. Visit www.renew-h2.com.
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, including the expected market demand for liquid hydrogen fuel stations and projected benefits of liquid hydrogen-fueled vehicles verses hydrogen gas-powered vehicles, r, 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 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 either Hyzon, including risks and uncertainties described in the “Risk Factors” section of Exhibit 99.3 of Hyzon’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 9, 2021, the “Risk Factors” section of Hyzon’s definitive proxy statement on Schedule 14A filed with the SEC on June 21, 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 it will achieve its expectations.
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