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Hyzon Motors Announces Second Quarter 2021 Financial Results
First Half and Second Quarter 2021 Highlights
Appointed Parker Meeks, former McKinsey Partner, as Chief Strategy Officer
Appointed Shinichi Hirano, formerly with Ford Motor Company and with over 30 years of experience in automotive fuel cell technology, as Chief Engineer
Recent Business Highlights
Delivered the first Hyzon fuel cell electric trucks in July 2021 to customers in Europe
In the fourth quarter, Total Transportation Services, Inc. (TTSI) to trial a Hyzon Class 8 fuel cell electric truck in California, a first in the U.S.
Hyzon expanded its orders and non-binding memoranda of understanding from $40 million to $83 million, with additional customer uptake in Europe and Australia
First Hyzon fuel cell electric truck driven in America in Rochester, NY; Hyzon Class 8 truck planned to be at the Advanced Clean Technology (ACT) Expo at the end of August 2021
Invested $2.5 million in Raven SR, secured negative carbon-score hydrogen supply option from 250 hubs
Manufacturing equipment to be received for United States production facilities in New York and Illinois
$517 million cash on hand as of August 10, 2021 to deploy as Hyzons operations scale up
Hyzon fuel cell electric vehicles are now on the road today https://hyzonmotors.com/on-the-roads-of-rochester [hyzonmotors.com]
ROCHESTER, NY, August 11, 2021 Hyzon Motors Inc. (NASDAQ: HYZN) (Hyzon or the Company), a leading global supplier of zero-emission fuel cell electric heavy vehicles, today announced second quarter 2021 financial results.
During the second quarter we achieved significant milestones for Hyzon. We advanced our business objectives, expanded our partnerships, grew our world-class team, and increased the number of contracted customers to further our efforts in the global adoption of hydrogen in commercial transport, said Craig Knight, Chief Executive Officer of Hyzon. Shortly after the close of the second quarter, we completed our business combination and we currently have over $500 million of cash on the balance sheet as a result, which we expect to help accelerate our growth, meet customer demands, and enable us to expand our teams and operations globally.
Following the close of the second quarter, Hyzon Motors USA Inc. (f/k/a Hyzon Motors Inc.) successfully completed its planned business combination with Decarbonization Plus Acquisition Corporation (DCRB) on July 16, 2021. With 94.8% of the shares of DCRB having voted in favor of the business combination, and only 7.4% of common shares electing to redeem shares for cash, the combination resulted in a primary capital raise of $559 million for Hyzon, before transaction expenses. This remarkable achievement of closing our transaction with such overwhelming support from DCRB shareholders was both a validation of our strategy and an investment in our future, continued Mr. Knight.
Between announcing and closing the business combination, Hyzon executed a number of memoranda of understanding (MOUs) and purchase orders with a growing roster of global industrial, commercial and transportation counterparties, including: Superior Pak (Australia/New Zealand), Coregas, subsidiary of Wesfarmers (Australia), FrieslandCampina (The Netherlands), TotalEnergies (France), MPREIS (Austria), John G Russell (United Kingdom), ARK Energy, subsidiary of Sun Metals (Australia), Chart Industries (North America), Fortescue Metals Group (Australia), Sojitz Machinery Corporation of America (North America), JuVe Automotion (Europe), and NEOM (Middle East / North Africa). The Company also advanced its pipeline with numerous municipalities across the globe, strengthened alliances with industry leaders in the hydrogen ecosystem, and announced a number of technical milestones that are rapidly advancing total cost of ownership (TCO) parity and performance superiority for Hyzons products more quickly than originally envisioned.
Hyzons strategy remains firmly rooted as a business built around a defined and already commercialized technology that is the product of years of investment with customer uptake that is both global in reach and accelerating in pace. Our sales pipeline is
The following information was filed by Hyzon Motors Inc. (HYZN) on Wednesday, August 11, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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