DGAP-News: Hyzon Motors to collaborate with Transform Materials on renewable hydrogen production

Hyzon Motors to collaborate with Transform Materials on renewable hydrogen production

ROCHESTER, N.Y. - January 19, 2022 - Hyzon Motors Inc. (NASDAQ: HYZN), a leading supplier of hydrogen-powered fuel cell electric vehicles, today announced a non-binding memorandum of understanding (MoU) with Transform Materials, a provider of renewable hydrogen through its innovative proprietary microwave reactor technology. Together, Hyzon and Transform Materials will evaluate proposals to develop facilities to produce low-to-negative carbon intensity hydrogen from various forms of methane, prioritizing biogas and renewable natural gas.

Through Transform Material's proprietary technology, these facilities (acting as hubs) can be built to produce hydrogen efficiently-even at small scales of 1-5 tons/day-offering modular construction that allows capacity to grow as customer demand increases. Transform's technology to be employed in these projects produces hydrogen as a co-product with acetylene, providing significantly advantaged hydrogen cost structures.

'Hyzon believes the key to decarbonizing transport in the near-term requires overcoming the hydrogen infrastructure challenges,' said Parker Meeks, Hyzon's Chief Strategy Officer. 'Our solution is to co-invest in facilities that produce low-cost hydrogen at small volumes, and which can be built in a matter of months. By coordinating these facilities with existing and developing customer interest, we can accelerate the deployment of our zero-emissions, hydrogen-powered vehicles.'

Additionally, Transform's technology can generate carbon solids such as acetylene black or graphene, providing for useful carbon capture while yielding significantly negative carbon-intensity products, particularly when utilizing biogas as the feedstock. Hyzon will evaluate opportunities to utilize the carbon solids Transform produces in Hyzon truck materials, such as battery and carbon fiber production, offering further circular economy opportunities in Hyzon's operations.

Pursuant to the MoU, Hyzon and Transform will seek to align hydrogen production with the accelerating demand created by Hyzon's heavy-duty vehicles. Hubs would be located and sized to fulfill existing and potential customer needs, leading to high utilization by Hyzon's back-to-base vehicle deployments. Transform Materials' clean plasma technology can convert methane into hydrogen and acetylene without the CO₂ emissions that result from traditional processes for generating hydrogen and acetylene. Utilizing this flexible, readily available feedstock without emitting CO₂ results in low-to-negative carbon intensity hydrogen for powering Hyzon's zero-emissions vehicles.

'Transform Materials offers a sustainable alternative for utilizing traditional hydrocarbon feedstocks such as Natural Gas and biogas,' said David Soane, Transform Materials' founder and CEO. 'Transform's innovative technology avoids combustion entirely by turning these abundant resources into hydrogen, a carbon-free fuel, and into useful building-blocks for important industrial chemicals. Working with Hyzon, we can de-carbonize two major industries at once: the transportation industry with our clean hydrogen, and the chemical manufacturing industry with our clean acetylene.'

Under the MoU, the companies plan to explore sites in the US, Canada, Europe and potentially China for facilities that would incorporate the Transform technology, with initial evaluations expected to begin early this year. Transform Materials will build, own, and operate the hubs, with Hyzon having the right to invest equity in the facilities. Feedstock and dispensing will be provided through third parties.

About Hyzon

Hyzon is a global leader in fuel cell electric mobility, with US operations in the Rochester, Chicago and Detroit areas, and international operations in the Netherlands, China, Singapore, Australia, and Germany. Hyzon is an energy transition accelerator and technology innovator, providing end-to-end solutions primarily for the commercial mobility sector with a focus on the commercial vehicle market and hydrogen supply infrastructure. 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 to mitigate emissions from diesel transportation, which is one of the single largest sources of carbon emissions globally. The Company is contributing to the escalating adoption of fuel cell electric vehicles through its demonstrated technology advantage, leading fuel cell performance and history of rapid innovation. Visit www.hyzonmotors.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, 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, 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, such as risks related to the ability to convert this non-binding memorandum of understanding into a binding definitive agreement, and the successful implementation of the hubs utilizing Transform's technology. Other risks include those risks and uncertainties described in the 'Risk Factors' section of Hyzon's definitive proxy statement on Schedule 14A filed with the U.S. Securities and Exchange Commission (the 'SEC') on June 21, 2021, our Registration Statement on Form S-1 filed with the SEC on July 30, 2021, 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 assurance that Hyzon will achieve its expectations.

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For investors:

Darla Rivera

Hyzon Motors Inc

IR@hyzonmotors.com

Darla Rivera

IR@hyzonmotors.com