HYZON MOTORS ANNOUNCES AMENDMENT OF INTELLECTUAL PROPERTY AGREEMENT WITH HORIZON

Hyzon Motors Inc. (Hyzon) (NASDAQ: HYZN), a leading hydrogen fuel cell technology developer and global supplier of zero-emission heavy-duty fuel cell electric vehicles (FCEVs) today announced an amendment to its Intellectual Property (IP) agreement with affiliates of Horizon, Hyzon’s majority controlling shareholder and an advanced hydrogen fuel cell solutions company, furthering the collaboration between the two companies and opening additional markets and optionality for Hyzon.  

Under the amendment, Hyzon expands its market access to stationary fuel cell power applications in North America, in addition to its existing access to global fuel cell mobility markets. Stationary fuel cells provide a zero-emission alternative to diesel power generation units used in primary, backup, and off-grid applications, representing an estimated near-term $4+ billion stationary generator total addressable market (TAM) in the United States by 2025* and a $35+ billion TAM globally by 2030**.  Additionally, hydrogen fuel cell power is expected to be viable in the much larger stationary energy storage market where longer durations of energy storage are required. 

Hyzon is targeting its existing fuel cell IP, production technology, and manufacturing facilities to commercialize stationary products, including near-term demand in end-use applications such as data centers, the entertainment industry, battery electric vehicle charging and remote industrial power needs.

“We believe decarbonizing stationary power generation is critical as we transition to clean energy solutions,” said Parker Meeks, Chief Executive Officer of Hyzon. “From providing emergency power to hospitals and data centers to replacing diesel generators in remote locations, the potential applications for Hyzon’s zero-emissions fuel cell technology are vast. Hyzon designs its fuel cell systems to produce high power output at a low volume and cost, attributes that are equally key in stationary applications. Hyzon aims to strategically position itself in sectors that align with our long-term vision to create a sustainable future.”  

The amendment also covers the option for Hyzon and Horizon to pursue joint development of a single stack 300kW fuel cell system, which Hyzon previously announced as part of its product roadmap. Additionally, Hyzon retains rights to the data Horizon gathers across various fuel cell use cases, which is expected to accelerate both companies’ real world learnings including around FCEV performance optimization and durability through this collaboration. 

As amended, the IP agreement will remain in effect until September 2030. This is intended to ensure both companies retain the flexibility to adapt to the evolving hydrogen ecosystem while building on the foundation of their collaborative efforts, and opening the global stationary power market outside of North America to Hyzon at that time.