First-Ever Fuel Cell Refuse Vehicle Order in North America
BOLINGBROOK, Ill., Oct. 22, 2024 /PRNewswire/ -- Hyzon (NASDAQ: HYZN) (Hyzon or the Company), a U.S.-based high-performance hydrogen fuel cell system manufacturer and technology developer focused on providing zero-emission power to decarbonize the most demanding industries, today announced it has entered into a purchase agreement for North America's first 12 hydrogen-powered refuse Fuel Cell Electric Vehicles (FCEVs) with recycling and innovation pioneer GreenWaste®, contingent upon Hyzon meeting certain commercial terms and specifications as defined in the agreement.
"We are proud to partner with sustainability leader GreenWaste in this landmark agreement, as it represents a significant leap forward in transforming trucking in the waste industry through both Hyzon's leading Class 8 tractor and refuse collection vehicles," said Hyzon Chief Executive Officer (CEO) Parker Meeks. "It is clear hydrogen-powered refuse collection demand is growing, powered by Hyzon's high-performance hydrogen fuel cells. Our technology offers a compelling value proposition to our customers, providing zero-emission power necessary to meet the demanding challenges of refuse trucks, ensuring they perform day in and day out," added Meeks.
The company also recently announced the Start of Production (SOP) of its revolutionary single-stack 200kW Fuel Cell System (FCS), which enables Hyzon to manufacture standardized FCSs at volume for commercial sale, further accelerating the decarbonization of heavy-duty industries.
Hyzon's FCEVs are the first hydrogen-powered refuse collection FCEVs available for trial and purchase in North America, and GreenWaste is set to make history as the first company in North America to commercially operate them, continuing their commitment to sustainability leadership in the waste industry. The hydrogen-powered refuse collection FCEVs produce zero tailpipe emissions, supporting GreenWaste's broader sustainability initiatives, including its 2030 goal to achieve a 45% reduction in total combined Scope 1 and Scope 2 greenhouse gas emissions from its 2022 baseline. In 2023, GreenWaste achieved a 36.3% reduction in total combined Scope 1 and Scope 2 greenhouse gas emissions from its 2022 baseline.
The purchase agreement comes on the back of GreenWaste's trial of Hyzon's refuse FCEV, where it successfully completed several trial routes throughout the Bay Area, testing for payload, can-lifts and range.
"Seven years ago, GreenWaste made history by commercially operating the world's first full-sized electric side-loading waste collection truck. Today, we are building on that legacy with our plan to be the first in North America to introduce hydrogen-powered zero emissions vehicles into our collection fleet," said Tracy Adams, CEO of GreenWaste. "For decades, we have been at the forefront of innovative and sustainable resource recovery and recycling. This latest investment in zero-emission technology reinforces our leadership within the industry and commitment to recovering, recycling, and reusing waste materials in the most innovative, environmentally responsible, and reliable ways possible," he added.
Hyzon's refuse collection FCEVs will be built in partnership between Hyzon and New Way Trucks, a privately held, industry-leading refuse truck body manufacturer. New Way's expertise and leadership in refuse collection and Hyzon's focus on providing zero-emission power to decarbonize the most demanding industries combine to make hydrogen fuel cell electric refuse collection a reality for the North American waste and recycling industry.
"New Way is excited to be working with GreenWaste to introduce the first-ever commercial application of hydrogen powered refuse collection in North America. GreenWaste has been a long-time, valued New Way partner and, together with Hyzon, we are making the biggest steps forward to decarbonize the solid waste industry — with no compromise on range or dependency on the grid," said Don Ross, Chief Sales Officer for New Way, and Chairman of the National Waste and Recycling Association. "We look forward to continuing our partnership with Hyzon and fielding more zero emissions, clean energy refuse vehicle solutions that will set a new standard for our industry."
Refuse FCEV deliveries are expected to GreenWaste starting as soon as Q4 2025.
About Hyzon
Hyzon is a global supplier of high-performance hydrogen fuel cell technology focused on providing zero-emission power to decarbonize demanding industries. With agile, high-power technology designed for heavy-duty applications, Hyzon is at the center of a new industrial revolution fueled by hydrogen, the most abundant natural element, and a clean energy source. Hyzon is focusing on deploying its fuel cell technology in heavy-duty commercial vehicles in Class 8 and refuse collection vehicles across North America, as well as new markets such as stationary power applications. To learn more about how Hyzon partners across the hydrogen value chain to accelerate the clean energy transition, visit www.hyzonfuelcell.com.
About GreenWaste
GreenWaste's mission is to focus on innovation, people and commitment to be green first to revolutionize how we transform the world's waste. GreenWaste specializes in the collection and processing of residential and commercial solid waste, recyclable materials, organic materials and construction and demolition debris. GreenWaste's current and predecessor companies have been innovation pioneers in the recycling industry for almost four decades. For more information about GreenWaste, go to: www.GreenWaste.com.
About New Way Trucks
New Way Trucks is the largest privately held refuse collection equipment manufacturer in North America. New Way's product lineup features top-performing rear loaders, front loaders and automated side loaders, including the industry-leading Sidewinder XTR™, ROTO PAC® with our exclusive self-cleaning auger, and the small but mighty Wolverine™ – no CDL required. New Way Trucks engineers and builds advanced, dependable, sustainable refuse collection products that best meet what waste haulers need, along with offering top-quality OEM parts and unmatched support and service through our nationwide distributor network. Visit www.newwaytrucks.com to learn more.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include the Company's expectations, hopes, beliefs, intentions or strategies for the future. You are cautioned that such statements are not guarantees of future performance and that the Company's actual results may differ materially from those set forth in the forward-looking statements. All of these forward-looking statements are subject to risks and uncertainties that may change at any time. Factors that could cause the Company's actual expectations to differ materially from these forward-looking statements include the market acceptance of its refuse collection vehicles; the Company's ability improve its capital structure; Hyzon's liquidity needs to operate its business and execute its strategy, and its related use of cash; its ability to raise capital through equity issuances, asset sales or the incurrence of debt; the possibility that Hyzon may need to seek bankruptcy protection; Hyzon's ability to fully execute actions and steps that would be probable of mitigating the existence of substantial doubt regarding its ability to continue as a going concern; our ability to enter into any desired strategic alternative on a timely basis, on acceptable terms; our ability to maintain the listing of our Common Stock on the Nasdaq Capital Market; retail and credit market conditions; higher cost of capital and borrowing costs; impairments; changes in general economic conditions; and the other factors under the heading "Risk Factors" set forth in the Company's Annual Report on Form 10-K, as supplemented by the Company's quarterly reports on Form 10-Q and current reports on Form 8-K. Such filings are available on our website or at www.sec.gov. You should not place undue reliance on these forward-looking statements, which are made only as of the date hereof. The Company undertakes no obligation to publicly update or revise forward-looking statements to reflect subsequent developments, events, or circumstances, except as may be required under applicable securities laws.
Forward-Looking Statements - GreenWaste
This press release contains "forward-looking statements" that may include but are not limited to statements about integration of the acquisition and outcomes of the acquisition, including future operations, synergies, cost savings, and impact on earnings, cash flow, revenue, return on capital, shareholder returns, strength of the balance sheet or credit ratings, future capital allocation, and future leverage ratio, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "expect," "likely," "outlook," "forecast," "preliminary," "would," "could," "should," "can," "will," "project," "intend," "plan," "goal," "guidance," "project," "target," "continue," "sustain, "objective," "synergy," "on track," "believe," "seek," "estimate," "anticipate," "may," "possible," "assume," and variations of such words and similar expressions are intended to identify such forward-looking statements. Potential investors and other readers should view these statements with caution and should not place undue reliance on such statements. Any forward-looking statement made by GreenWaste is based on information and estimates currently available and known to GreenWaste as of the date the statement is made. Such forward-looking statements are not guarantees of performance and are subject to risks and uncertainties that could cause actual results to be materially different from those, whether express or implied, set forth in such forward-looking statements, including but not limited to, general economic and capital markets conditions; acts of war, terrorism, natural disaster, public health risk and other impacts, including increased costs, social and commercial disruption, service reductions and other adverse effects on business, financial condition, results of operations and cash flows; legal proceedings that may be instituted related to the acquisition; unexpected costs, charges or expenses; disruption from the transaction impacting business relationships and operations; inability to timely or failure to successfully close or integrate the acquisition, implement plans, obtain permits, realize anticipated synergies or obtain results anticipated; and other risks and uncertainties described in GreenWaste's financial reporting. Except to the extent required by law, GreenWaste does not assume any obligation to publicly update any forward-looking statement that may be made from time to time, whether written or oral, including financial estimates and forecasts, whether as a result of new or future information, events, circumstances, developments or otherwise.
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