Hyzon Motors, Performance Food Group Sign Agreement For Fuel Cell Trucks

Hyzon Motors Inc. (Hyzon) (NASDAQ: HYZN), a global supplier of zero-emission heavy-duty fuel cell electric vehicles, and Performance Food Group, Inc. (PFG) (NYSE: PFGC), one of the largest food and foodservice distribution companies in North America, today announced they have entered into an agreement for five fuel-cell electric vehicles (FCEV).

The first five vehicles will be upfitted with Hyzon Class 8 110kW fuel cell systems, and an additional 15 FCEVs will be upfitted with Hyzon’s next-generation single 200kW fuel cell system, which is conditional on a successful 200kW vehicle trial.  Following the initial deliveries, PFG and Hyzon also have agreed to work together regarding a mutually agreeable option for 30 additional FCEVs.

“PFG remains committed to implementing new technologies that help reduce our greenhouse gas emissions and carbon footprint,” said Jeff Williamson, senior vice president, Operations, PFG. “As we increase our exploration into alternative fuels and low-carbon technologies, partnering with companies like Hyzon provides us access to advanced products and services that will help us improve our transportation infrastructure.”

The FCEVs will be powered by Hyzon’s proprietary fuel-cell system, developed and designed specifically for heavy-duty freight transport. The technology allows customers to transition their fleets to zero-emissions, while maintaining similar operating characteristics. Fueled by energy-dense hydrogen, FCEVs have the power, range, payload, and refueling time more typical of a diesel vehicle.

PFG’s agreement follows a successful third quarter 2022 vehicle trial, during which PFG deployed a Hyzon 110kW FCEV in their commercial operations in Southern California. PFG currently runs a fleet of more than 7,000 heavy-duty trucks across North America.

The first five trucks, powered by Hyzon’s 110kW fuel cell system, are expected to be delivered in 2023 and 2024, with the first truck scheduled to arrive in Q4 2023. These trucks are expected to be deployed in PFG’s regional, commercial delivery operations in Southern California. Launching with the 110kW vehicles allows PFG to begin the crucial work of decarbonization starting this year, while building driver familiarity with new vehicle technology and delivering operational data to Hyzon.

Currently in development, Hyzon’s 200kW FCEV brings the power to tackle steep grades and highway speeds over long distances. Instead of the common approach of linking two 110kW fuel cell systems to generate 200kW, Hyzon will provide a single 200kW fuel cell module, reducing cost, weight, and complexity. 

All vehicles will be delivered through, and contingent upon, California’s Hybrid and Zero-Emission Truck and Bus Incentive Program (HVIP), which provides up to $240,000 in price subsidies. 

“Hyzon’s proprietary fuel cell technology is specifically suited for applications such as food and beverage, characterized by heavier loads and long usage cycles,” said Parker Meeks, Hyzon’s chief executive officer. “This agreement for up to 50 hydrogen-powered trucks demonstrates how Hyzon intends to build customer familiarity with a new technology as the hydrogen infrastructure accelerates. Working with forward-thinking customers such as PFG, who share Hyzon’s mission of decarbonizing operations, allows us to accumulate real operational experience in fuel cell electric trucks, while we simultaneously develop and work to deploy our next-generation 200 kW fuel cell system.”

Hyzon is a global supplier of fuel cell electric mobility, with US operations in the Rochester, Chicago and Detroit areas, and international operations in the Netherlands, Australia, and China. Hyzon is an energy transition accelerator and technology innovator, providing solutions in the transport sector with a focus on commercial vehicles and hydrogen supply infrastructure. Utilizing its proprietary hydrogen fuel cell technology, Hyzon’s mission is to supply zero-emission heavy duty trucks to customers in North America, Europe and around the world to mitigate emissions from diesel transportation - one of the single largest sources of carbon emissions globally. The Company is contributing to the adoption of fuel cell electric vehicles through its demonstrated technology advantage, fuel cell system performance, and 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 "aims", “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 Hyzon, including risks and uncertainties described in the “Risk Factors” section of Hyzon’s Annual Report on Form 10-K/A for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 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. Hyzon gives no assurances that Hyzon will achieve its expectations.