Recent Business Highlights

  • Increased backlog1,2 to $287M up 246% from our last update in July 2021
  • Membrane Electrode Assembly ("MEA") production line in Illinois being commissioned
  • "Made in USA" heavy-duty truck fuel cell production on track for the second half of 2022
  • First North America trial with Total Transportation Services ("TTSI") kicked off at the Port of Long Beach
  • Received an order to supply 18 Hyzon trucks in Europe, to a leading global logistics group as the anticipated end user
  • Established Hyzon's Australian headquarters in partnership with Royal Automobile Club of Victoria ("RACV") to develop a purpose-built facility expected to generate over 100 localized engineering and manufacturing jobs by 2025

2021 Highlights

  • Exceeded vehicle delivery guidance with 87 Hyzon fuel cell electric vehicles ("FCEVs") delivered; total contract value for these deliveries was $19.6 million3
  • Total headcount across global operations increased to approximately 200 employees
  • Established U.S operations, laying the foundation for leading manufacturing capability of high-powered Proton-Exchange Membrane ("PEM") fuel cells, with full vertical integration on local MEA production
  • Expanded our global footprint with facilities in four continents, providing access to markets and vital international talent and technological developments
  • Advanced our vehicle deployment and hydrogen infrastructure strategy globally through investments in Raven SR and partnerships with Mpreis, Ark Energy, Superior Pak, Coregas, Geesinknorba, Woodside Energy, TC Energy, ITOCHU, ReCarbon, TotalEnergies and MiTAC Synnex
  • Deployed Hyzon vehicles in four continents for internal validation, use in real-world demonstrations, trials, and commercial operations
  • Reported a cash balance of $445.1 million as of December 31, 2021, which includes proceeds from the Business Combination with Decarbonization Plus Acquisition Corporation that was completed in July 2021

1Backlog is defined as orders and non-binding MoUs through 2025 and are subject to cancellation. Backlog as of 3/22/2022 consists of $224M non-binding MoUs and $63M firm orders; includes $92M MoU and $9M firm order with Shanghai HongYun and $115M MoU from Geesink
2MoUs in which number of units and commercial terms have not yet been agreed upon are excluded from our backlog
3Includes $13.6 million of contract value to be collected over 5 years

2022 Business Outlook

  • Expect to deliver 300-400 vehicles with deliveries heavily weighted towards the back half of the year as the industry navigates supply chain challenges and global uncertainties
  • Expect to commence assembling vehicles using our flagship, made in the USA, high power-density fuel cells during the second half of 2022
  • In North America, we expect to have 10-15 Hyzon fuel cell demonstration trucks deployed to multiple trial customers by year end
  • In EuropeAustralia, and China, expect to ramp up deliveries and streamline assembly processes to meet increasing demand
  • Anticipate a Hyzon / Raven gas-to-hydrogen hub and waste-to-hydrogen hub online by year end