Technology: Start of Production has been achieved and ISO 9001 Certification received

In a series of significant milestones, Hyzon demonstrated substantial progress in its mission to decarbonize heavy-duty industries through advanced hydrogen fuel cell technology.

On October 8, 2024, National Hydrogen Fuel Cell Day, Hyzon announced the SOP for its revolutionary, single-stack, 200kW FCS at its Bolingbrook, Illinois facility. This achievement marks a pivotal moment for zero-emission technology manufacturing in the United States, as Bolingbrook becomes home to one of the country's largest fully-integrated fuel cell production facilities.

The 200kW FCS production milestone follows closely on the heels of Hyzon's previously announced SOP for its innovative Class 8 200kW FCET in September, 2024. This milestone, made possible through collaboration with Fontaine Modification, signifies Hyzon's transition from prototype to series production of high-performance, zero-emission alternatives to diesel in the heavy-duty transport sector.

Further solidifying its commitment to quality and industry-leading standards, on October 9, 2004, Hyzon secured an ISO 9001:2015 certification for its fuel cell manufacturing, design, and research and development activities. This certification, issued by Bureau Veritas, validates that Hyzon's development and production processes meet the highest international standards for quality, underscoring the Company's dedication to delivering safe, high-quality, and reliable zero-emission solutions.

These achievements collectively highlight Hyzon's technological leadership and manufacturing capabilities in the hydrogen fuel cell industry. With the ability to now produce 700 fuel cell systems per year over a three-shift operation, Hyzon is well-positioned to meet growing demand for zero-emission power solutions in heavy-duty applications. The Company's fully integrated manufacturing strategy, from proprietary membrane electrode assembly production to complete fuel cell systems, enables rapid product development and customer responsiveness, setting a new standard for the industry.

Third Quarter 2024 Financial Updates

"I am pleased with the significant commercial and operational progress we have made this year while simultaneously reducing our spend. We began 2023 with an average monthly net cash burn in excess of $15 million, and through intentional, strategic actions we now have line of sight to a $6.5 million monthly cash burn by year-end. This was enabled through operational efficiencies, footprint rationalization, and cost take-outs. We also expanded our access to capital markets through the Company's first equity raise since our listing and putting in place an ATM program. Our team has done a tremendous job," said Hyzon Chief Financial Officer Stephen Weiland.

As of September 30, 2024, cash and cash equivalents stood at $30.4 million. In July, the Company executed a registered direct offering raising approximately $3.8 million in net proceeds. This significantly improved trading liquidity, laying the groundwork for potential equity fundraising in the future, such as the implementation of an at-the-market program at the end of September. The Company has subsequently used the program to raise approximately $5 million in proceeds to further support the existing cash position and opportunity for successful trials to convert into orders.

Conference Call Information
The Hyzon management team will host a conference call to discuss its third quarter financial results on Wednesday, November 13, 2024 at 8:30 a.m. Eastern Time.

Participants can join the call at 1-888-800-7840 or international callers can use 1-646-307-1856 and enter the access code 5240234. To listen to the live audio webcast and Q&A, visit the Hyzon investor relations website at https://investors.hyzonfuelcell.com.

Horizon Fuel Cell Announces Breakthrough in Automotive Fuel Cell Stacks