Hyzon Motors and Woodside announce collaboration for commercial hydrogen production and demand creation opportunities

Rochester, NY

--News Direct--

Hyzon Motors Inc. HYZN, a leading supplier of hydrogen-powered fuel cell electric vehicles, and Woodside Energy WPL, today announced an agreement to collaborate on developing supply of zero carbon intensity hydrogen and building demand from medium- and heavy-duty commercial vehicle customers in the United States and Australia.

Under the agreement, the companies will evaluate opportunities to develop green hydrogen production facilities (hubs). Initially, the project will focus on liquid hydrogen supply projects to support Hyzon's future liquid hydrogen onboard mobility use cases - including ultra-long range trucks already under development, and aviation, marine and rail applications.

"By partnering with Woodside to develop liquid hydrogen supply, Hyzon furthers its goal of decarbonizing heavy transport by reducing the infrastructure development requirements which currently hinder long-range trucks from converting to hydrogen," said Parker Meeks, Hyzon's Chief Strategy Officer. "This is particularly relevant for the Australian market, where freight corridors face especially long distances between refueling, as well as for coast-to-coast trucking in the US."

The hydrogen hubs will be developed and located to serve existing and potential demand for Hyzon ultra-long-range trucks and future high energy usage mobility use cases, thus creating a highly utilized and efficient hydrogen ecosystem. The companies will collaborate in assessing and developing customer demand for fleet conversions, in addition to usage in Woodside and its affiliates' operations internationally.

For Woodside, Australia's leading natural gas producer, the partnership with Hyzon supports its strategy to complement its established LNG business with new energy projects that are cost-competitive and scalable with customer demand. Woodside has announced plans to establish a hydrogen production facility in Oklahoma and is progressing land acquisition opportunities aligned to growth markets in the US. Hyzon supports this development by providing access to hydrogen off-take through its heavy-duty vehicle customers.

"Our collaboration with Hyzon supports Woodside's strategy to develop lower-carbon energy products and services alongside our existing portfolio of energy assets," said Shaun Gregory, Woodside Executive Vice President Sustainability. "We expect to see large-scale hydrogen production internationally by 2030, and Woodside intends to play a role in this emerging global industry."

Both companies are members of the Hyzon Zero Carbon Alliance, an initiative of leading companies working to accelerate hydrogen-powered mobility worldwide. The Alliance, which includes members such as TotalEnergies, Bank of America, and Ark Energy (a subsidiary of Korea Zinc), brings together active participants along the hydrogen-value chain – from production to technology development, from innovation to investment.

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, including statements about our 2021 outlook, 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" 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, 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.

Media contacts

Hyzon Motors

hyzon@kivvit.com

For investors:

Darla Rivera

Hyzon Motors Inc

IR@hyzonmotors.com