Delivery of initial vehicles to food and
foodservice distributor expected to begin this year
ROCHESTER, N.Y., June 7, 2023
/PRNewswire/ -- Hyzon Motors Inc. (Hyzon) (NASDAQ: HYZN), a global
supplier of zero-emission heavy-duty fuel cell electric vehicles,
and Performance Food Group, Inc. (PFG) (NYSE: PFGC), one of the
largest food and foodservice distribution companies in North America, today announced they have
entered into an agreement for five fuel-cell electric vehicles
(FCEV).
The first five vehicles will be upfitted with Hyzon Class 8
110kW fuel cell systems, and an additional 15 FCEVs will be
upfitted with Hyzon's next-generation single 200kW fuel cell
system, which is conditional on a successful 200kW vehicle
trial. Following the initial deliveries, PFG and Hyzon also
have agreed to work together regarding a mutually agreeable option
for 30 additional FCEVs.
"PFG remains committed to implementing new technologies that
help reduce our greenhouse gas emissions and carbon footprint,"
said Jeff Williamson, senior vice
president, Operations, PFG. "As we increase our exploration into
alternative fuels and low-carbon technologies, partnering with
companies like Hyzon provides us access to advanced products and
services that will help us improve our transportation
infrastructure."
The FCEVs will be powered by Hyzon's proprietary fuel-cell
system, developed and designed specifically for heavy-duty freight
transport. The technology allows customers to transition their
fleets to zero-emissions, while maintaining similar operating
characteristics. Fueled by energy-dense hydrogen, FCEVs have the
power, range, payload, and refueling time more typical of a diesel
vehicle.
PFG's agreement follows a successful third quarter 2022 vehicle
trial, during which PFG deployed a Hyzon 110kW FCEV in their
commercial operations in Southern
California. PFG currently runs a fleet of more than 7,000
heavy-duty trucks across North
America.
The first five trucks, powered by Hyzon's 110kW fuel cell
system, are expected to be delivered in 2023 and 2024, with the
first truck scheduled to arrive in Q4 2023. These trucks are
expected to be deployed in PFG's regional, commercial delivery
operations in Southern California.
Launching with the 110kW vehicles allows PFG to begin the crucial
work of decarbonization starting this year, while building driver
familiarity with new vehicle technology and delivering operational
data to Hyzon.
Currently in development, Hyzon's 200kW FCEV brings the power to
tackle steep grades and highway speeds over long distances. Instead
of the common approach of linking two 110kW fuel cell systems to
generate 200kW, Hyzon will provide a single 200kW fuel cell module,
reducing cost, weight, and complexity.
All vehicles will be delivered through, and contingent upon,
California's Hybrid and
Zero-Emission Truck and Bus Incentive Program (HVIP), which
provides up to $240,000 in price
subsidies.
"Hyzon's proprietary fuel cell technology is specifically suited
for applications such as food and beverage, characterized by
heavier loads and long usage cycles," said Parker Meeks, Hyzon's chief executive officer.
"This agreement for up to 50 hydrogen-powered trucks demonstrates
how Hyzon intends to build customer familiarity with a new
technology as the hydrogen infrastructure accelerates. Working with
forward-thinking customers such as PFG, who share Hyzon's mission
of decarbonizing operations, allows us to accumulate real
operational experience in fuel cell electric trucks, while we
simultaneously develop and work to deploy our next-generation 200
kW fuel cell system."
About Hyzon
Hyzon is a global supplier of fuel
cell electric mobility, with US operations in the Rochester, Chicago and Detroit areas, and international operations in
the Netherlands, Australia, and China. Hyzon is an energy
transition accelerator and technology innovator, providing
solutions in the transport sector with a focus on commercial
vehicles and hydrogen supply infrastructure. Utilizing its
proprietary hydrogen fuel cell technology, Hyzon's
mission is to supply zero-emission heavy duty trucks to
customers in North America,
Europe and around the world to
mitigate emissions from diesel transportation - one of the single
largest sources of carbon emissions globally. The Company 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.
About Performance Food Group Company
Performance Food
Group is an industry leader and one of the largest food and
foodservice distribution companies in North America with more than 150 locations.
Founded and headquartered in Richmond,
Virginia, PFG, and our family of companies, market and
deliver quality food and related products to over 300,000 locations
including independent and chain restaurants; businesses, schools
and healthcare facilities; vending and office coffee service
distributors; and big box retailers, theaters and convenience
stores. PFG's success as a Fortune 200 company is achieved through
our more than 35,000 dedicated associates committed to building
strong relationships with the valued customers, suppliers and
communities we serve. To learn more about PFG, including how you
can join our team, visit pfgc.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 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 the
timing of deliveries under the agreement with PFG, the
unavailability, suspension or termination of the HVIP
program, the unsuccessful trial of the 200kW
FCEV, and the risks and uncertainties described in the "Risk
Factors" section of Hyzon's Annual Report on Form 10-K
for the year ended December 31, 2022
filed with the U.S. Securities and Exchange Commission (the "SEC")
on May 31, 2023, 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. Hyzon gives no assurances that
Hyzon will achieve its expectations.
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SOURCE Hyzon Motors Inc.
