Amended Agreement Provides Expanded Market Access into Stationary Power Applications
ROCHESTER, N.Y., Oct. 3, 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 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 20251 and a $35+ billion TAM globally by 20302. 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.
1 "Stationary Generator Market in US 2021-2025", TechNavio, 1/8/2021
2 "Stationary Generator Market", Fortune Business Insights, April 2022
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 potential collaboration between Hyzon and Horizon, and the development of a single stack 300kW fuel cell system, commercialization of stationary product, 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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/hyzon-motors-announces-amendment-of-intellectual-property-agreement-with-horizon-301945302.html
SOURCE Hyzon Motors Inc.
