Hyzon Signs MoU With Taiwan's MiTAC-Synnex For Hydrogen Powered Vehicles

Hyzon Motors Inc HYZN has signed a Memorandum of Understanding (MoU) with MiTAC-Synnex Group to jointly develop hydrogen-powered commercial vehicles and distribution models optimized for the Taiwan market. The financial terms of the arrangement were not disclosed.
Under the agreement, Hyzon and HwaQi, a MiTAC-Synnex affiliate, will work to establish a joint operating model delivering a product portfolio, service, and logistics operations specific to the needs of the Taiwan market.
The companies expect to secure orders from municipalities and private businesses, targeting first commercial shipments in 2022.
Hyzon is also expected to support MiTAC-Synnex's decarbonization efforts, starting with supplying two fuel cell electric trucks to MiTAC-Synnex in 2022.
Price Action: HYZN shares are trading lower by 2.23% at $6.57 on the last check Monday.