ROCHESTER, N.Y. – March 1, 2022 – Hyzon Motors Inc. (NASDAQ: HYZN), a leading supplier of hydrogen-powered fuel cell electric vehicles, today announced a memorandum of understanding (MoU) with John G Russell Transport, one of the top fifty British logistics groups, to facilitate the deployment of hydrogen-powered, zero-emissions vehicles in the United Kingdom.
Leveraging their complementary expertise, the companies aim to enable the transition to zero-emission commercial trucks for fleet owners and operators in the UK by providing vehicle sales, leasing, and service support. Focusing on medium and heavy trucks, Hyzon and Russell will collaborate to develop product and distribution pathways aligned with UK demand.
Hyzon is currently developing a 44-tonne, 6×2 tractor to UK market specifications, which Hyzon and Russell expect to deploy in trials this year. Through a network of locations owned and shared with partners, Russell will provide sales, service and parts support to customers. Hyzon and Russell are also evaluating leasing and financing opportunities, thereby reducing required initial capital investment and facilitating the adoption of hydrogen-powered vehicles.
“Working together with Russell, Hyzon will expand its crucial work of decarbonizing heavy transport in the United Kingdom,” said Craig Knight, Hyzon CEO and Co-Founder. “Russell’s strong relationships and market insight throughout the logistics industry are invaluable as we seek to transition commercial trucking to Hyzon vehicles in the coming years. By collaborating on the ecosystem surrounding the vehicles, we make it easy for fleet owners to decarbonize their operations.”
Hyzon plans to support hydrogen production and dispensing in the UK through existing and new partners that will furnish the technology and operate the facilities. Hyzon focuses on hydrogen produced from renewable resources and plans to prioritize hydrogen produced close to customer demand.
“We are pleased to announce our working relationship with Hyzon. The Russell business model has always been to reduce our carbon footprint through innovation for our own and our partners’ operations,” said Stephen Madden, Russell Group Fleet Engineer. “We believe our knowledge of the UK transport infrastructure and commercial relationships will expedite the movement to hydrogen fuel cell technology. With our strategic locations we anticipate we will be able to accelerate sales, service and parts across the UK and look forward to promoting the Hyzon product.”
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. 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.
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 in the United Kingdom, 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