HYZON ANNOUNCES AGREEMENT WITH NEW ZEALAND'S LARGEST HEAVY-DUTY TRUCK FLEET OWNER

ROCHESTER, N.Y., Oct. 26, 2023 /PRNewswire/ -- 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 a revised commercial agreement with TR Group, New Zealand's largest heavy-duty truck fleet owner, for up to 20 FCEVs upfit with Hyzon's single stack 200kW fuel cell system starting with a commercial trial.

The first two trucks are scheduled to be ready for commercial trial beginning in March 2024, and will be deployed for up to three months. Following the initial commercial trial, TR Group has an option to purchase the two trial trucks as well as to upfit another 18 trucks with Hyzon's 200kW fuel cell systems to be assembled at Hyzon's Melbourne, Australia facility.

This new agreement cancels and supersedes a previously announced agreement from January 2021, providing a revised commercial path for TR Group's first Hyzon FCEV truck deployments.

"We look forward to deploying the first trucks with 200kW fuel cell systems produced by Hyzon in heavy-duty operations with TR Group. It marks a significant step toward the full commercialization of our single stack 200kW fuel cell system," said Hyzon CEO Parker Meeks. "The critical competitive advantages our system offers, including improvements in total volume, manufacturing costs, total weight, and fuel efficiency, will help accelerate the decarbonization of the transportation sector, with TR Group leading the way. Additionally, the upfitting contract in place for TR Group's optional 18 FCEVs aligns with our cash-efficient and technology-focused business model."

TR Group is a heavy commercial vehicle rental and lease partner in Australia and New Zealand. With 6,200 tractors in their fleet, TR Group would be a top-20 for-hire carrier in the U.S. based on fleet size¹. For over 30 years, TR Group has focused on understanding what vehicles its customers require and providing them with heavy commercial vehicle solutions to support the performance of their businesses.

"We have had great uptake from customers for these vehicles, who share similar values to ourselves when it comes to decarbonizing the transport network and making the world a greener place," said TR Group's General Manager Brendan King. "We are serious about reducing our impact on the environment. Hyzon's 200kW heavy-duty FCEV trucks give us real world use of this zero-emission technology and allow us to develop solutions for local conditions."

The New Zealand Government has been a key support in this project, awarding TR Group funding from the COVID Response and Recovery Fund and the Energy Efficiency and Conservation Authority (EECA). TR Group has an offtake agreement with Hiringa Energy for hydrogen supply. Hiringa has also received support from the New Zealand government to establish a hydrogen refuelling network, as part of the NZ$3 billion 'shovel ready' infrastructure program².

This announcement follows the commercial trial deployment of Hyzon's first Heavy Rigid fuel cell electric waste collection truck to REMONDIS Australia, one of the world's largest recycling, service, and water companies.

¹https://ratings.freightwaves.com/carriers-for-hire/top-500-2023/
²https://www.mbie.govt.nz/building-and-energy/energy-and-natural-resources/energy-strategies-for-new-zealand/hydrogen-in-new-zealand/

About Hyzon
Hyzon Motors is a global supplier of high-power fuel cell technology focused on integrating its solutions into zero-emission heavy-duty fuel cell electric vehicles. Utilizing its proven and proprietary hydrogen fuel cell technology, Hyzon aims to supply zero-emission heavy duty trucks to customers in North America, Europe, Australia, and New Zealand to mitigate emissions from diesel transportation - one of the single largest sources of global carbon emissions. Hyzon collaborates with partners across the hydrogen value chain to bring clean hydrogen to the market to support fuel cell vehicle deployments. Hyzon is contributing to the adoption of fuel cell electric vehicles through its demonstrated technology advantage, 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 "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, including statements about this vehicle trial, the exercise of the option and about or pertaining to TR Group 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" sections of Hyzon's Form 10-K for the year ended December 31, 2022 filed with the SEC on May 31, 2023, Form 10-Q for the quarter ended June 30, 2023 filed on August 8, 2023, and in 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, such as risks related to the ability to convert non-binding memoranda of understanding or vehicle trial agreements 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.

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