First-Ever Fuel Cell Refuse Vehicle Order in
North America
BOLINGBROOK, Ill., Oct. 22,
2024 /PRNewswire/ -- Hyzon (NASDAQ: HYZN) (Hyzon
or the Company), a U.S.-based high-performance hydrogen fuel cell
system manufacturer and technology developer focused on providing
zero-emission power to decarbonize the most demanding industries,
today announced it has entered into a purchase agreement for
North America's first 12
hydrogen-powered refuse Fuel Cell Electric Vehicles (FCEVs) with
recycling and innovation pioneer GreenWaste®, contingent upon Hyzon
meeting certain commercial terms and specifications as defined in
the agreement.
"We are proud to partner with sustainability leader GreenWaste
in this landmark agreement, as it represents a significant leap
forward in transforming trucking in the waste industry through both
Hyzon's leading Class 8 tractor and refuse collection vehicles,"
said Hyzon Chief Executive Officer (CEO) Parker Meeks. "It is clear hydrogen-powered
refuse collection demand is growing, powered by Hyzon's
high-performance hydrogen fuel cells. Our technology offers a
compelling value proposition to our customers, providing
zero-emission power necessary to meet the demanding challenges of
refuse trucks, ensuring they perform day in and day out," added
Meeks.
The company also recently announced the Start of Production
(SOP) of its revolutionary single-stack 200kW Fuel Cell System
(FCS), which enables Hyzon to manufacture standardized FCSs at
volume for commercial sale, further accelerating the
decarbonization of heavy-duty industries.
Hyzon's FCEVs are the first hydrogen-powered refuse collection
FCEVs available for trial and purchase in North America, and GreenWaste is set to make
history as the first company in North
America to commercially operate them, continuing their
commitment to sustainability leadership in the waste industry. The
hydrogen-powered refuse collection FCEVs produce zero tailpipe
emissions, supporting GreenWaste's broader sustainability
initiatives, including its 2030 goal to achieve a 45% reduction in
total combined Scope 1 and Scope 2 greenhouse gas emissions from
its 2022 baseline. In 2023, GreenWaste achieved a 36.3%
reduction in total combined Scope 1 and Scope 2 greenhouse gas
emissions from its 2022 baseline.
The purchase agreement comes on the back of GreenWaste's trial
of Hyzon's refuse FCEV, where it successfully completed several
trial routes throughout the Bay Area, testing for payload,
can-lifts and range.
"Seven years ago, GreenWaste made history by commercially
operating the world's first full-sized electric side-loading waste
collection truck. Today, we are building on that legacy with our
plan to be the first in North
America to introduce hydrogen-powered zero emissions
vehicles into our collection fleet," said Tracy Adams, CEO of GreenWaste. "For decades, we
have been at the forefront of innovative and sustainable resource
recovery and recycling. This latest investment in
zero-emission technology reinforces our leadership within the
industry and commitment to recovering, recycling, and reusing waste
materials in the most innovative, environmentally responsible, and
reliable ways possible," he added.
Hyzon's refuse collection FCEVs will be built in partnership
between Hyzon and New Way Trucks, a privately held,
industry-leading refuse truck body manufacturer. New Way's
expertise and leadership in refuse collection and Hyzon's focus on
providing zero-emission power to decarbonize the most demanding
industries combine to make hydrogen fuel cell electric refuse
collection a reality for the North American waste and recycling
industry.
"New Way is excited to be working with GreenWaste to introduce
the first-ever commercial application of hydrogen powered refuse
collection in North America.
GreenWaste has been a long-time, valued New Way partner and,
together with Hyzon, we are making the biggest steps forward to
decarbonize the solid waste industry — with no compromise on range
or dependency on the grid," said Don
Ross, Chief Sales Officer for New Way, and Chairman of the
National Waste and Recycling Association. "We look forward to
continuing our partnership with Hyzon and fielding more zero
emissions, clean energy refuse vehicle solutions that will set a
new standard for our industry."
Refuse FCEV deliveries are expected to GreenWaste starting as
soon as Q4 2025.
About Hyzon
Hyzon is a global supplier of
high-performance hydrogen fuel cell technology focused on providing
zero-emission power to decarbonize demanding industries. With
agile, high-power technology designed for heavy-duty applications,
Hyzon is at the center of a new industrial revolution fueled by
hydrogen, the most abundant natural element, and a clean energy
source. Hyzon is focusing on deploying its fuel cell technology in
heavy-duty commercial vehicles in Class 8 and refuse collection
vehicles across North America, as well as new markets such as
stationary power applications. To learn more about how Hyzon
partners across the hydrogen value chain to accelerate the clean
energy transition, visit www.hyzonfuelcell.com.
About GreenWaste
GreenWaste's mission is to focus on
innovation, people and commitment to be green first to
revolutionize how we transform the world's waste. GreenWaste
specializes in the collection and processing of residential and
commercial solid waste, recyclable materials, organic materials and
construction and demolition debris. GreenWaste's current and
predecessor companies have been innovation pioneers in the
recycling industry for almost four decades. For more
information about GreenWaste, go to: www.GreenWaste.com.
About New Way Trucks
New Way Trucks is the largest
privately held refuse collection equipment manufacturer in
North America. New Way's product
lineup features top-performing rear loaders, front loaders and
automated side loaders, including the industry-leading Sidewinder
XTR™, ROTO PAC® with our exclusive self-cleaning auger, and the
small but mighty Wolverine™ – no CDL required. New Way Trucks
engineers and builds advanced, dependable, sustainable refuse
collection products that best meet what waste haulers need, along
with offering top-quality OEM parts and unmatched support and
service through our nationwide distributor network. Visit
www.newwaytrucks.com to learn more.
Forward-Looking Statements
This press release includes
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements include
the Company's expectations, hopes, beliefs, intentions or
strategies for the future. You are cautioned that such statements
are not guarantees of future performance and that the Company's
actual results may differ materially from those set forth in the
forward-looking statements. All of these forward-looking statements
are subject to risks and uncertainties that may change at any time.
Factors that could cause the Company's actual expectations to
differ materially from these forward-looking statements include the
market acceptance of its refuse collection vehicles; the Company's
ability improve its capital structure; Hyzon's liquidity needs to
operate its business and execute its strategy, and its related use
of cash; its ability to raise capital through equity issuances,
asset sales or the incurrence of debt; the possibility that Hyzon
may need to seek bankruptcy protection; Hyzon's ability to fully
execute actions and steps that would be probable of mitigating the
existence of substantial doubt regarding its ability to continue as
a going concern; our ability to enter into any desired strategic
alternative on a timely basis, on acceptable terms; our ability to
maintain the listing of our Common Stock on the Nasdaq Capital
Market; retail and credit market conditions; higher cost of capital
and borrowing costs; impairments; changes in general economic
conditions; and the other factors under the heading "Risk Factors"
set forth in the Company's Annual Report on Form 10-K, as
supplemented by the Company's quarterly reports on Form 10-Q and
current reports on Form 8-K. Such filings are available on our
website or at www.sec.gov. You should not place undue reliance
on these forward-looking statements, which are made only as of the
date hereof. The Company undertakes no obligation to publicly
update or revise forward-looking statements to reflect subsequent
developments, events, or circumstances, except as may be required
under applicable securities laws.
Forward-Looking Statements - GreenWaste
This press
release contains "forward-looking statements" that may include but
are not limited to statements about integration of the acquisition
and outcomes of the acquisition, including future operations,
synergies, cost savings, and impact on earnings, cash flow,
revenue, return on capital, shareholder returns, strength of the
balance sheet or credit ratings, future capital allocation, and
future leverage ratio, which are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Words such as "expect," "likely," "outlook," "forecast,"
"preliminary," "would," "could," "should," "can," "will,"
"project," "intend," "plan," "goal," "guidance," "project,"
"target," "continue," "sustain, "objective," "synergy," "on track,"
"believe," "seek," "estimate," "anticipate," "may," "possible,"
"assume," and variations of such words and similar expressions are
intended to identify such forward-looking statements. Potential
investors and other readers should view these statements with
caution and should not place undue reliance on such statements. Any
forward-looking statement made by GreenWaste is based on
information and estimates currently available and known to
GreenWaste as of the date the statement is made. Such
forward-looking statements are not guarantees of performance and
are subject to risks and uncertainties that could cause actual
results to be materially different from those, whether express or
implied, set forth in such forward-looking statements, including
but not limited to, general economic and capital markets
conditions; acts of war, terrorism, natural disaster, public health
risk and other impacts, including increased costs, social and
commercial disruption, service reductions and other adverse effects
on business, financial condition, results of operations and cash
flows; legal proceedings that may be instituted related to the
acquisition; unexpected costs, charges or expenses; disruption from
the transaction impacting business relationships and operations;
inability to timely or failure to successfully close or integrate
the acquisition, implement plans, obtain permits, realize
anticipated synergies or obtain results anticipated; and other
risks and uncertainties described in GreenWaste's financial
reporting. Except to the extent required by law, GreenWaste does
not assume any obligation to publicly update any forward-looking
statement that may be made from time to time, whether written or
oral, including financial estimates and forecasts, whether as a
result of new or future information, events, circumstances,
developments or otherwise.
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SOURCE Hyzon
