Hyzon Motors Inc. (NASDAQ: HYZN), a leading global supplier of zero-emissions hydrogen-powered fuel cell electric commercial vehicles, announced today a joint demonstration project with Zhangjiagang Haili Terminal Co., Ltd., a subsidiary of Fortune 500 company Sha Steel Group, the 4^th largest steel company and the largest private steel enterprise in the world.

Under the demonstration agreement, Hyzon Motors expects to supply 49-ton hydrogen fuel cell heavy-duty trucks for a 60-day trial at Sha Steel Group's operating base in Port of Zhangjiagang. The hydrogen-powered vehicles will provide transportation services from Sha Steel's plant to the port. During the trial, local supplier of hydrogen equipment and storage systems Guofu HEE will provide hydrogen through its hydrogen refueling station in Zhangjiagang.

Pending successful completion of the initial trial, the three parties expect to expand their business collaboration to accelerate the implementation of fuel cell electric vehicles, hydrogen refueling stations, and hydrogen production across the steel transportation industry. Through the collaboration, the companies plan to localize the production of fuel cell electric vehicle core components, reducing manufacturing and distribution costs.

"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. Implementing Hyzon fuel cell electric trucks at Sha Steel, the world's fourth largest steel company, allows us unparalleled opportunity to build our expertise in developing solutions for this industry."

Hydrogen was officially included as a zero-emissions solution for long-term energy storage and load balancing in China's 2035 emission reduction goals. Through this cooperation, the companies expect to gain access and insight into the country's decarbonization and transportation challenges, and develop actionable, near-term options to eliminate emissions.

About Sha Steel Group

Zhangjiagang Haili Terminal Co., Ltd. is a subsidiary of Sha Steel Group. Sha Steel is a Fortune 500 company and the 4^th largest steel producer in the world. Sha Steel Group has five main manufacturing bases in Jiangsu, Liangning and Henan. It has vertically integrated manufacturing processes and advanced production technologies, with customers over 100 countries.

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.

About Guofu HEE

Guofu HEE is specialized in designing, manufacturing and installing hydrogen compression equipment, refueling station, and hydrogen storage system. Guofu is dedicated to becoming the leading one-stop hydrogen equipment solution company in China.

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 include but are not limited to expectations that the trial will be successful, and if successful, will lead to future sales, and 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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