Hyzon Motors Inc HYZN

Hyzon Q3 2021 Results with Significant Milestones

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Recent Business Highlights

• Received the first two purchase orders, for 62 trucks in total, pursuant to terms of the previously announced MOU to supply Shanghai Hydrogen Hongyun Automotive
• Announced a new strategic partnership with TC Energy, formerly TransCanada Corporation, for a broad, multi-year collaboration intended to leverage TRP's energy infrastructure across North America to accelerate the hydrogen supply and infrastructure build-out in the United States and Canada; the agreement covers planned co-investment by Hyzon and TC Energy in hydrogen production hubs and collaborative hydrogen demand creation
• Announced a joint demonstration project with Zhangjiagang Haili Terminal Co., Ltd., a subsidiary of Fortune Global 500 company Sha Steel Group, the 4th largest steel company and the largest private steel enterprise in the world
• Signed a non-binding MoU with ITOCHU to jointly develop hydrogen supply chain strategies, as well as model customer projects for the deployment of Hyzon fuel cell electric vehicles and fuel cell technology in the mining sector
• Hyzon channel partner Hiringa in New Zealand announced an equity investment from Mitsui & Co in their refueling network, in addition to funding from the New Zealand Government
• Two Australian Federal Government agencies, the Clean Energy Finance Corporation and Australian Renewable Energy Agency, announced funding support for the deployment of Hyzon ultra-heavy trucks for customer Ark Energy in Queensland, Australia

Third Quarter Highlights

• Reported a robust cash balance of $498 million as of September 30, 2021
• Delivered Hyzon vehicles and recorded first vehicle revenues during the quarter as anticipated, despite the challenging supply chain environment
• Advanced Hyzon's core technology which is expected to expand the Company's competitive advantages and achieve significant cost savings in vehicle assembly through our continued investments in innovation
• Continued the buildout of the Hyzon management team with the appointments of Jiajia Wu as Chief Accounting Officer and Patrick Griffin as President of Vehicle Operations

Business Outlook

• Hyzon reaffirms its forecast for 85 vehicles shipped before December 31, 2021, and expects to have Hyzon vehicles on the road in Asia, Australia, Europe and North America by the end of the year
• U.S. manufacturing facilities are well underway, and both the Rochester, NY and Bolingbrook, IL facilities are now anticipated to be in full production by the end of the first half of 2022
• Hyzon is well positioned to capitalize on the impending uptake in zero emission commercial vehicle solutions in light of recent developments surrounding the COP 26 Climate Summit, and through US federal and state policy developments pursuing carbon abatement

https://stockhouse.com/news/press-releases/2021/11/12/hyzon-motors-inc-announces-third-quarter-2021-financial-and-operational-results