Hyzon Motors Inc. (NASDAQ: HYZN), a leading supplier of hydrogen-powered fuel cell electric vehicles, and the MiTAC-Synnex Group, a leading industrial conglomerate in Taiwan, today announced a Memorandum of Understanding (MoU) to jointly develop hydrogen-powered commercial vehicles and distribution models optimized for the Taiwan market.

Under the terms of the non-binding agreement, Hyzon and HwaQi, a MiTAC-Synnex affiliate, will work to establish a joint operating model delivering a product portfolio, service, and logistics operations tailored to the needs of the Taiwan market. The companies anticipate securing 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 the supply of two fuel cell electric trucks to MiTAC-Synnex in 2022. Pending successful deployment of these initial trucks and appropriate regulatory frameworks in Taiwan, Hyzon and MiTAC-Synnex anticipate jointly building substantial business volumes for Hyzon FCEVs in Taiwan.

"Partnering with MiTAC-Synnex allows Hyzon to expand its crucial work of decarbonizing heavy transport into Taiwan," said Craig Knight, Hyzon CEO and Co-Founder. "MiTAC-Synnex's strong relationships, significant operating footprint, and insight into the market are invaluable as we seek to transition commercial trucking in Taiwan to Hyzon vehicles in the coming years."

To accelerate the adoption of Hyzon vehicles across Taiwan, the companies are evaluating the option to explore hydrogen production and refueling infrastructure assets and partnerships to provide green hydrogen to Hyzon fleets.

"Over the past 60 years, MiTAC-Synnex has established a track record of success, leading innovation in numerous growth industries. By collaborating with Hyzon, MiTAC-Synnex extends its commitment to reducing emissions and air pollution in Taiwan by addressing one of the biggest contributors," said Matthew Miau, MiTAC-Synnex Chairman and Chief Strategy Officer. "Bringing Hyzon's technology together with MiTAC-Synnex's market experience creates unique access along each step of the hydrogen value chain."

This announcement follows several recent partnership announcements by Hyzon relating to partnerships, spanning large green hydrogen production, distributed hydrogen hub models and heavy-duty truck deployments in segments of industry that contribute substantially to global emissions. Aided by building tailwinds from pro-hydrogen decarbonization policy frameworks in the European Union, the United States and elsewhere, fuel cell commercial mobility applications are expected to ramp rapidly across the globe.

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 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.