ROCHESTER, N.Y. and
ATLANTA, July 6, 2021 /PRNewswire/ -- Hyzon Motors Inc.
and Chart Industries Inc. (NYSE: GTLS) are teaming up to
revolutionize long-haul trucking – thanks to liquid hydrogen.
Hyzon, a global supplier of zero-emission, hydrogen fuel
cell-powered heavy vehicles, and Chart, a leading independent
global manufacturer of highly engineered equipment servicing
multiple applications in the energy and industrial gas markets,
announced today an agreement to develop and produce a liquid,
hydrogen-powered heavy-duty commercial vehicle with a range of up
to 1,000 miles.
Using liquid in place of gaseous hydrogen in heavy transport
brings numerous advantages. Because liquid hydrogen storage is
twice as dense as the current 700 bar gaseous storage, a tank of
liquid hydrogen fuels a vehicle for nearly twice the distance.
Liquid hydrogen also improves a truck's payload capacity because
the storage tanks weigh less than 700 bar tanks.
One of the challenges is integrating mobile tanks that store
liquid hydrogen, which require temperatures of –423 °F, with a
vehicle's fuel cell that requires ambient temperature hydrogen gas.
The partnership creates a unique opportunity to address this
challenge, by combining Chart's market-leading liquid hydrogen
equipment expertise with Hyzon's experience manufacturing
heavy-duty hydrogen vehicles.
The revolutionary extension of range will make the transition to
a hydrogen-based transport industry attainable by solving
challenges along the hydrogen value chain. Under the model to be
developed, the number of heavy-duty refueling stations needed for
these trucks becomes significantly less than the quantity needed
for trucks using gas storage tank systems, as the driving range can
readily match that of heavy-duty diesel trucks. In addition, the
refueling infrastructure capital and operating costs are reduced
with the elimination of the compression and refrigeration equipment
needed for 700 bar vehicles.
Fewer stations would reduce the need to transport hydrogen to
refilling locations, a time- and cost-intensive activity. Instead,
large-scale low-cost green hydrogen production facilities could be
built near the stations, relying on locally abundant resources such
as solar, wind or hydropower. In the early hydrogen adoption phase,
the 1,000-mile range could enable coast-to-coast routes with only
four mega-hubs.
"With the current technology, fuel cell electric vehicles
provide solutions for back-to-base trucking models," said Hyzon CEO
Craig Knight. "The extended range
would significantly accelerate the adoption of hydrogen FCEV
over-the-road transport solutions given the reduced infrastructure
needs and increased refueling hub utilization."
While trucking provides a near-term commercialization
opportunity, this technological advance could also pave the way to
hydrogen-based, zero-emissions aviation, marine and train
transport, key transportation sectors that will benefit from a
liquid hydrogen supply chain.
"With our over 55 years making liquid hydrogen equipment, we are
excited to see this application for our liquid onboard hydrogen
tank," stated Jill Evanko, Chart's
CEO and president. "Hyzon is a great partner for this, not
only for their fuel cell capabilities, but also for their customer
base that is ready for this long-haul heavy-duty solution now - not
in 5 years."
About Hyzon Motors Inc.
Headquartered in Rochester, N.Y., with U.S. operations also in
Chicago and Detroit, and international operations in
the Netherlands, Singapore, Australia and China, Hyzon is a leader in hydrogen mobility.
Hyzon is a pure-play hydrogen mobility company with an exclusive
focus on hydrogen in the commercial vehicle market. 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. The company is
contributing to the escalating adoption of hydrogen vehicles
through its demonstrated technology advantage, leading fuel cell
performance and history of rapid innovation. Visit
www.hyzonmotors.com.
About Chart Industries
Chart Industries, Inc. is a
leading independent global manufacturer of highly engineered
equipment servicing multiple applications in the Energy and
Industrial Gas markets. Chart's unique product portfolio is
used in every phase of the liquid gas supply chain, including
upfront engineering, service and repair. Being at the forefront of
the clean energy transition, Chart is a leading provider of
technology, equipment and services related to liquefied natural
gas, hydrogen, biogas and CO2 Capture amongst other applications.
Chart is committed to excellence in environmental, social and
corporate governance (ESG) issues both for our company as well as
its customers. With over 25 global locations from the United States to Asia, Australia, India, Europe
and South America, Chart maintains
accountability and transparency to its team members, suppliers,
customers and communities. To learn more,
visit www.chartindustries.com.
Forward-Looking Statements
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, including those regarding
Decarbonization Plus Acquisition Corporation's ("DCRB") proposed
acquisition of Hyzon and DCRB's ability to consummate the
transaction, 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 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, DCRB
and Hyzon disclaim 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. DCRB and Hyzon caution 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 either DCRB or Hyzon, including
risks and uncertainties described in the "Risk Factors" section of
Exhibit 99.3 of DCRB's Current Report on Form 8-K filed with the
U.S. Securities and Exchange Commission (the "SEC") on February 9, 2021, the "Risk Factors" section of
DCRB's definitive proxy statement on Schedule 14A filed with the
SEC on June 21, 2021, and other
documents filed by DCRB 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.
Important Information for Investors and
Stockholders
In connection with the proposed business combination, DCRB filed a
proxy statement and other relevant documents with the SEC.
Stockholders and other interested persons are urged to read the
proxy statement and any other relevant documents filed with the SEC
because they contain important information about DCRB, Hyzon and
the proposed business combination. Stockholders may obtain a free
copy of the proxy statement, as well as other filings containing
information about DCRB, Hyzon and the proposed business
combination, without charge, at the SEC's website located at
www.sec.gov.
Participants in the Solicitation
DCRB, Hyzon and their directors and executive officers and other
persons may be deemed to be participants in the solicitations of
proxies from DCRB's stockholders in respect of the proposed
business combination and the other matters set forth in the proxy
statement. Information regarding DCRB's directors and executive
officers is available in DCRB's Annual Report on Form 10-K for the
annual period ended December 31,
2020, and under the heading "Information About DCRB" in
DCRB's definitive proxy statement related to the proposed business
combination filed with the SEC on June 21,
2021. Additional information regarding the participants in
the proxy solicitation and a description of their direct and
indirect interests, by security holdings or otherwise, is set forth
in the proxy statement relating to the proposed business
combination.
Media contacts
Hyzon Motors' contacts
For U.S., Europe and Asia media:
Caroline Curran
Hill+Knowlton Strategies
+1 256-653-5811
caroline.curran@hkstrategies.com
For Australasian media:
Fraser Beattie
Cannings Purple
+61 421 505 557
fbeattie@canningspurple.com.au
For Investors:
Caldwell Bailey
ICR, Inc.
HyzonMotorsIR@icrinc.com
Chart contact:
Wade Suki, CFA
Director of Investor Relations
832-524-7489
wade.suki@chartindustries.com
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SOURCE HYZON Motors
