HYZON LAUNCHES GLOBAL 200kW FUEL CELL SYSTEM IN PRIME MOVER

Australian Team Brings Zero-Emissions Alternatives to Region’s Long-Haul Operators

U.S. Developed Fuel Cell Technology Offers Smaller, Lighter, More Fuel-Efficient Option for Global Applications

BOLINGBROOK, Ill., March 12, 2024 /PRNewswire/ — Hyzon (NASDAQ: HYZN), a U.S. based leading hydrogen fuel cell technology developer and global supplier of zero-emission heavy-duty fuel cell electric vehicles (FCEVs), today launched its single stack 200kW fuel cell system and powertrain in a vehicle at a ceremony attended by government officials, heavy-duty fleet operators and company employees and executives.

Hyzon’s Prime Mover in the foreground with John Edgley, Managing Director, Hyzon Australia standing by the newly introduced single stack 200kW fuel cell system, which powers the vehicle.

The vehicle – Hyzon’s 200kW Prime Mover, the Australian term for a heavy-duty commercial truck designed to tow a semi-trailer – was officially unveiled at the Kangan Institute’s Automotive Centre of Excellence (ACE) in Melbourne, one of the largest educational providers of automotive training and accreditation in Australia.

Sporting the company’s bright refreshed branding, the 200kW Prime Mover reflects Hyzon’s commitment to technological advancements and is designed to meet the operational demands of heavy-duty road transport. Hyzon integrated its innovative fuel cell technology and 200kW FCEV powertrain first into a cabover vehicle, a familiar design for fleets in Australia, New Zealand, and Europe. The company expects to deploy 200kW cabovers in Europe and 200kW conventional vehicles in the U.S. later this year.

“This is Hyzon at its best,” said Hyzon Chief Executive Officer (CEO) Parker Meeks. “The Hyzon 200kW Prime Mover provides our customers with a powerful, zero-emission option for their fleets, showcasing our expertise in crafting state-of-the-art FCEVs.”

According to Meeks, the single stack 200kW fuel cell system also may allow Hyzon to bring the same technology to industrial ecosystems beyond trucking, including mining, rail, marine, stationary power generation, and airport ecosystems.

“Hyzon is harnessing the power of hydrogen to deliver zero-emission energy where it is needed most,” he added.

The single stack 200kW fuel cell system for the Prime Mover was manufactured at Hyzon’s U.S. production facility in Bolingbrook, Illinois. This system, expected to reach start of production in the second half of 2024, generates 200kW of power output from a single fuel cell stack. Reaching 200kW fuel cell power typically requires two smaller units, but Hyzon has engineered a single stack 200kW fuel cell system that is 30% lower in weight and volume and estimated to be 25% lower in total fuel cell system cost compared to two of its 110kW fuel cell systems combined. By integrating high-power, compact fuel cell systems into familiar vehicle builds, Hyzon plans to offer a zero-emission option to fleets that can match the operational expectations of a diesel truck.

Hyzon Managing Director for Australia, John Edgley, said the Prime Mover was designed and assembled locally, which is a testament to the skills and capabilities of the company’s local workforce.

“We are assembling zero-emission heavy vehicles right here in Melbourne, Australia, using local skills and employing local people,” said Edgley. “Hyzon established Australia’s first purpose-built assembly plant in Melbourne’s Southeast in 2021 to capitalize on the wealth of homegrown industry skills left behind when several global automotive businesses shut down their regional operations. We have grown our team to more than 50 local employees, including engineers, fabricators, welders, and designers to put this new 200kW vehicle on the road.”

According to Edgley, the 200kW Prime Mover is expected to revolutionize Australia’s heavy-duty transport market and is an important step in solving a uniquely “Australian” problem: conquering heavier payloads and longer distance requirements – without emissions.

“We look forward to working with transport operators across Australia and New Zealand as we move forward with the decarbonization of our transport sector,” he added.

Speaking at the event, Hyzon Chief Technical Officer (CTO) Dr. Christian Mohrdieck addressed the unique design elements of the Hyzon fuel cell and fuel cell system.

“Hyzon designs and manufactures fuel cell technology from the ground up. We apply our advanced engineering capabilities throughout the system – from the Membrane Electrode Assembly (MEA), the heart of the fuel cell system, to the balance of plant to the software,” said Mohrdieck. “This allows us to build a fuel cell system that fits the performance and durability needs of heavy-duty applications such as a commercial trucking.”

“The fuel cell system and powertrain integration and assembly work on our Prime Mover here in Australia demonstrates the skill of our local team, and the accelerated product development cycle highlights the advantage of Hyzon’s strong global and functional collaboration,” he added.

As the host of Hyzon’s 200kW Prime Mover event, Kangan Institute Chief Executive Officer (CEO) Sally Curtain affirmed Kangan’s collaboration partnership with Hyzon.

“Kangan Institute, through our Automotive Centre of Excellence is thrilled to continue our partnership with Hyzon, dedicated to advancing Australia’s clean energy sector. Together, we are developing specialized skills and knowledge for hydrogen fuel cell training programs,” said Curtain. “This collaboration accelerates the commercial deployment of heavy-duty FCEVs in Australia, driving sustainable innovation in transportation.”

Hyzon’s 200kW Prime Movers are expected to operate on Australian and New Zealand roads later in 2024.

About Hyzon

Hyzon is a global supplier of high-performance hydrogen fuel cell technology focused on providing zero-emission power to decarbonize demanding industries. With agile, high-power technology designed for heavy-duty applications, Hyzon is at the center of a new industrial revolution fueled by hydrogen, an abundant and clean energy source. Hyzon focuses on deploying its fuel cell technology in heavy-duty commercial vehicles across North America, Europe, and Australia/New Zealand today and in tomorrow’s power generation and energy storage, mining, construction, rail, marine, and airport ecosystems. To learn more about how Hyzon partners across the hydrogen value chain to accelerate the clean energy transition, visit www.hyzonfuelcell.com.

About Kangan Institute

Kangan Institute’s Automotive Centre of Excellence (ACE) is Australia’s largest provider of automotive training. Based at the award-winning Docklands Campus, ACE offers a range of training products to meet industry and critical skills demand. With more than 30,000 enrolments each year, Kangan Institute is a major training provider for automotive education. With one of the strongest apprenticeship and certificate programs in Victoria, Kangan Institute offers a diverse range of automotive courses. Visit www.kangan.edu.au.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the U.S. 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. This press release contains forward-looking statements relating, but not limited, to statements concerning our ability to raise capital, our ability to meet production and other milestones in 2024, and the anticipated capacity of our facilities. These forward-looking statements, including statements about the start of production of the single stack 200kW fuel cell system, adoption of hydrogen fuel cells in heavy duty commercial transport and the operation of Hyzon Prime Movers on roads in Australia and New Zealand in 2024 and Hyzon’s ability to deploy 200kW cabovers in Europe and 200kW conventional vehicles in the U.S. in 2024, 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 Annual Report on Form 10-K for the year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 31, 2023, its Form 10-Q for the quarter ended September 30, 2023 filed on November 14, 2023, 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: our ability to establish facilities to produce our fuel cells, assemble our vehicles or secure hydrogen supply; our ability to convert non-binding memoranda of understanding or vehicle trial agreements 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); our ability to continue as a going concern and to raise requiring funding, our ability to identify additional potential customers and convert them to paying customers; and the impacts of legal proceedings, regulatory disputes, and governmental inquiries. Hyzon gives no assurance that Hyzon will achieve its expectations.