Hyzon Motors Inc. (NASDAQ: HYZN) and ITOCHU Corporation (TYO: 8001) have agreed to jointly pursue commercial hydrogen opportunities targeting the mineral and metal industry.

Hyzon, a leading manufacturer of zero-emission, hydrogen fuel cell electric commercial vehicles, announced today the signing of a Memorandum of Understanding (MoU) with ITOCHU, the leading Japanese business group. Under the non-binding MoU, the companies are expected to jointly develop hydrogen supply chain strategies as well as model customer projects for the deployment of Hyzon fuel cell vehicles and fuel cell technology in the mining sector.

The collaboration marries the companies' complementary expertise: ITOCHU brings long-standing relationships with mining companies globally, while Hyzon provides extensive experience developing and deploying fuel cell electric vehicles (FCEVs) and hydrogen solutions for large commercial vehicles and industrial equipment. In doing so, the companies address the entire hydrogen value chain, a crucial step in promoting near-term hydrogen developments.

Initially, the companies expect to develop a strategy to approach the mining sector, highlighting Hyzon's FCEV capabilities. The intent is then to implement model customer projects in the near term, with a long-term business collaboration to be developed once the market approach has been optimized and market potential has been validated.

"Hyzon's singular focus is decarbonizing heavy mobility," said Hyzon CEO Craig Knight. "This requires alignment along all positions of the hydrogen value chain – from production to distribution to offtake. ITOCHU's strong reputation and relationships within the international mining industry will provide significant access and insight to understand the industry's decarbonization and transportation challenges, some of which we aim to address through this collaboration."

The mining industry provides particularly suitable applications for hydrogen due to the heavy power demands and long utilization cycles that hydrogen can support. With operations often running 24 hours per day, Hyzon believes that hydrogen likely provides the most commercially viable zero-emission solution, as battery electric vehicles would require significant downtime for charging.

"ITOCHU has been actively seeking and developing new business models and strategies which will decarbonize essential mining and processing activities to support global economic activity," said Jun Inomata Chief Operating Officer of Metals and Mineral resources Division. "Since Hyzon's technology is available today, and their experience building hydrogen supply networks is growing daily, we believe them to be the ideal partner in pursuing this new market."

Within the mining sector, the companies will pursue opportunities in several verticals, including steel making, metal smelting, and refining. Hyzon has previously announced definitive orders for coaches and heavy trucks to be deployed in the Australian mining sector.

About Hyzon

Headquartered in Rochester, N.Y., with U.S. operations in the Chicago and Detroit areas, and international operations in the Netherlands, Singapore, Australia, Germany, and China, Hyzon is a leader in fuel cell electric mobility with an exclusive focus on the commercial vehicle market, and a near-term focus on back to base (captive fleet) operations. 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 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, as amended, 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.

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