Company Marks Major Milestone Paving the Way
for Zero-Emission Heavy-Duty Transportation
BOLINGBROOK, Ill., Sept. 16,
2024 /PRNewswire/ -- Hyzon
(NASDAQ: HYZN) ("Hyzon" or the "Company"), a U.S.-based
high-performance hydrogen fuel cell system manufacturer and
technology developer focused on providing zero-emission power to
decarbonize the most demanding industries, today announced the
Start of Production (SOP) of its innovative Class 8 200kW Fuel Cell
Electric Truck (FCET). This milestone signals that through
its collaboration with North
Carolina-based Fontaine Modification, the company can now
begin production of its 200kW FCET.
"Today marks the beginning of a new chapter for
'hard-to-decarbonize' heavy-duty industries, as Hyzon sets the
standard for high-performance, zero-emission alternatives to
diesel," said Hyzon Chief Executive Officer Parker Meeks. "Our Class 8 200kW FCET is the
culmination of years of engineering, and today we are proud to
announce it has evolved from a prototype to a vehicle ready for
full production, empowering fleet operators to reduce emissions
without sacrificing power, range, or reliability."
With the finalization of its first 200kW Class 8 vehicle built
using production parts and processes, Hyzon's Class 8 truck
platform now transitions from prototype to series production. This
milestone comes as Hyzon expects to declare SOP on its unique
single stack 200kW Fuel Cell System (FCS) at its Bolingbrook facility – one of the largest
fully-integrated fuel cell systems production facilities in
the United States and the only
200kW plus single-stack fuel system to be launched into serial
production – in the next few weeks.
As part of the development of the FCET, Hyzon has arranged for
Fontaine Modification to perform vehicle assembly and production in
Charlotte, North Carolina. Hyzon
provides Fontaine with kits for the fuel cell system, battery
packs, and hydrogen storage systems. Fontaine assembles these into
vehicle chassis, ensuring each truck is road ready. As part of the
SOP, Fontaine has confirmed the necessary equipment, documentation,
and processes are in place for series
production.
The Class 8 200kW FCET features a single stack 200kW fuel cell
system, which is 30% lighter and smaller, and 25% more
cost-efficient than using two 110kW systems combined. This
revolutionary, high-power density design allows for a compact,
powerful vehicle that meets the operational demands of heavy-duty
road transport.
Additionally, Hyzon expects to achieve ISO 9001 – the world's
most recognized quality management standard -- certification in Q4
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 is focusing on
deploying its fuel cell technology in heavy-duty commercial
vehicles in Class 8 and refuse collection vehicles
across North America, as well as new markets such as
stationary power applications. To learn more about how Hyzon
partners across the hydrogen value chain to accelerate the clean
energy transition, visit www.hyzonfuelcell.com.
Forward-Looking Statements
This press release
includes forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements
include, but are not limited to, express or implied forward-looking
statements regarding the Company's expectations, hopes, beliefs,
intentions, or strategies for the future. You are cautioned that
such statements are not guarantees of future performance and that
the Company's actual results may differ materially from those set
forth in the forward-looking statements. All of these
forward-looking statements are subject to risks and uncertainties
that may change at any time. Factors that could cause the Company's
actual expectations to differ materially from these forward-looking
statements include the Company's ability improve its capital
structure; Hyzon's liquidity needs to operate its business and
execute its strategy, and related use of cash; its ability to raise
capital through equity issuances, asset sales or the incurrence of
debt; the possibility that Hyzon may need to seek bankruptcy
protection; Hyzon's ability to fully execute actions and steps that
would be probable of mitigating the existence of substantial doubt
regarding its ability to continue as a going concern; our ability
to enter into any desired strategic alternative on a timely basis,
on acceptable terms; our ability to maintain the listing of our
Common Stock on the Nasdaq Capital Market; retail and credit market
conditions; higher cost of capital and borrowing costs;
impairments; changes in general economic conditions; and the other
factors under the heading "Risk Factors" set forth in the Company's
Annual Report on Form 10-K, as supplemented by the Company's
quarterly reports on Form 10-Q and current reports on Form 8-K.
Such filings are available on our website or
at www.sec.gov. You should not place undue reliance on
these forward-looking statements, which are made only as of the
date hereof. The Company undertakes no obligation to publicly
update or revise forward-looking statements to reflect subsequent
developments, events, or circumstances, except as may be required
under applicable securities laws.
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SOURCE Hyzon