ROCHESTER, N.Y. – Hyzon Motors Inc. (NASDAQ: HYZN) (“Hyzon” or “the Company”), a global supplier of zero-emission heavy-duty fuel cell electric vehicles (FCEVs), today announced it has entered into a common stock purchase agreement (“the Agreement”) with Holthausen Clean Technology Investments, B.V. (“Holthausen” or “HCT”) a private limited liability company registered in the Netherlands.
Under the terms of the Agreement, Hyzon will acquire from Holthausen one million four hundred eighty-five thousand (1,485,000) shares in Hyzon Motors Europe B.V. (“Hyzon Europe”), a joint venture operating as a private limited liability company registered in the Netherlands for a purchase price of €5.52 million. The acquisition will result in Hyzon owning 100% of the outstanding shares of Hyzon Europe.
Hyzon’s agreement with Holthausen demonstrates the Company’s commitment to improving its competitive positioning by correcting inefficiencies discovered in the European operations and strategy while adhering to the refreshed long-term growth strategy of the Company.
“This agreement is a positive step towards realigning our business and improving our market position and value creation opportunities,” said Parker Meeks, President and Interim Chief Executive Officer of Hyzon. “We firmly believe that this acquisition will facilitate those operational improvements essential to a world-class organization. It will allow us to introduce a high-performance, standardized heavy-duty FCEV, supporting our customers’ transition to decarbonized commercial trucking.”
Hyzon’s management team remains focused on the delivery of its core fuel cell technology in a standardized leading cabover FCEV, commercializing a single initial heavy-duty truck platform and enabling Hyzon’s customers’ zero emission commercial trucking goals in the European region. Holthausen will continue to deliver zero emission specialty trucks.
“Hyzon’s agreement with Holthausen demonstrates the ongoing commitment from both companies to ensure that each business is well positioned to build a new era of innovation and growth while continuing to meet Europe’s decarbonization objectives. We remain committed to helping the world decarbonize transportation through specialty zero emission trucks”, said Carl Holthausen, Chief Technology Officer of Holthausen.
The transaction is expected to close on or before December 31, 2022.
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About Hyzon Motors
Hyzon is a global supplier in 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 end-to-end solutions in the transport sector with a focus on commercial vehicles 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.
