HYZON ANNOUNCES THIRD QUARTER 2024 FINANCIAL AND OPERATING RESULTS

Attach first hydrogen-powered gas cellular electrical no truck series in North The us from wastage {industry} pioneer GreenWaste

Accomplished start-of-production at the 200kW gas cellular machine and 200kW Elegance 8 gas cellular electrical truck

Ten a success Elegance 8 200kW and no gas cellular electrical truck buyer trials finished with majority in industrial oath negotiations

BOLINGBROOK, In poor health., Nov. 13, 2024 /PRNewswire/ — Hyzon (NASDAQ: HYZN) (Hyzon or the Corporate), a U.S.-based, high-performance, hydrogen gas cellular machine producer and era developer thinking about offering zero-emission capability to decarbonize essentially the most difficult industries, as of late introduced its 3rd quarter 2024 monetary and working effects:

Contemporary Highlights

• Attach first-ever, no Gasoline Mobile Electrical Truck (FCET) series in North The us from wastage {industry} pioneer, GreenWaste, later a a success trial.
• Finished ten a success Elegance 8 200kW and no FCET trials since July 2024 with over twenty alternative trials scheduled thru February 2025, majority of finished trials in lively industrial oath negotiations.
• Accomplished Get started of Manufacturing (SOP) of its modern, U.S.-produced, single-stack, 200kW Gasoline Mobile Gadget (FCS), enabling the form of standardized FCSs at quantity for industrial sale.
• Accomplished SOP of its cutting edge Elegance 8 200kW FCET, enabling manufacturing of its Elegance 8 200kW FCET thru its collaboration with Fontaine Amendment.
• Attach ISO 9001 certification for gas cellular production, design, and analysis and building, certifying that Hyzon’s building and manufacturing processes meet the very best global requirements for trait.

“The third quarter marked the next inflection point in Hyzon’s evolution, completing significant milestones that we previously committed to on the commercial, technical, and financial front. These achievements mark a pivotal moment in Hyzon’s journey and the broader transition to zero-emission transportation, which is now in active commercialization,” stated Parker Meeks, CEO of Hyzon. “From securing North America’s first-ever order for refuse fuel cell electric trucks to achieving start of production for our revolutionary 200kW fuel cell system and our innovative Class 8 fuel cell electric trucks, the third quarter was a success. Additionally, our ISO 9001 certification confirms our commitment to the highest quality standards and a step towards becoming a trusted and leading FCS OEM. On the back of our completed and continuing refuse and class 8 trials, which have exceeded our and our customers’ expectations, we are well-positioned to capitalize on our active discussions with potential customers for orders. Additionally, the hydrogen fuel market is improving significantly, with fuel pricing that can enable cost-competitive operation of Hyzon’s fuel cell trucks compared to diesel today. The market opportunity before us is substantial, and Hyzon is uniquely positioned to deliver high-performance, zero-emission solutions that meet the demanding needs of our customers across multiple sectors.”

3rd Quarter 2024 Trade Highlights 

Business: Attach First Acquire Pledge; Massive Fleet Buyer Trial Techniques Underway 

Hyzon fasten a purchase order oath for North The us’s first 12 hydrogen-powered, no FCETs with recycling innovator, GreenWaste, contingent upon Hyzon assembly sure industrial phrases and specs as outlined within the oath. This pivotal series, introduced on October 7, 2024, represents the first-ever no FCET series in North The us, showcasing Hyzon’s increasing succeed in into unused marketplace areas. The oath follows a a success two-week trial of Hyzon’s no FCET, which demonstrated the automobile’s capacity to fulfill the difficult necessities of wastage assortment operations. Inbuilt partnership with {industry} chief, Brandnew Method Vehicles, those zero-emission cars are i’m ready to be delivered once This fall 2025.

The Corporate continues to concentrate on massive fleet shoppers within the North American Elegance 8 and no markets with the very best instant industrial doable. The 200kW Elegance 8 FCET trial program and no FCET trial program started in July of this presen, with 10 trials finished to life. All 10 trials had been showed as a success by way of Hyzon’s trial shoppers, which means that the pains met or exceeded the expectancies i’m ready forth by way of the buyer. Hyzon has now entered industrial negotiations with nearly all of those events for possible customer orders because the trial most often represents the general step within the building procedure with fleets previous to industrial oath negotiations. The trial program has endured to increase to a complete of over 30 fleets thru February 2025, together with the ones already finished as of November, up from the fresh 25 that had been scheduled in July. The trial agenda represents a mean of over 4,200 vans according to fleet and contains ten fleets with over 5,000 vans.

From a functionality standpoint, the FCETs are working at similar 100% availability with length, hill climb, and gas potency functionality that has surpassed each buyer expectancies and their revel in with alternative nil emission vans. This robust availability and function is the results of over 3 years of era and powertrain building, trying out, and optimization, which now contains over 300,000 miles of on-road revel in for the Hyzon gas cellular powertrain globally since 2021.

Importantly, the Corporate continues to bundle real-world information from the numerous difficult buyer operations the place those vans are put to the take a look at. From a gas potency standpoint, the no FCET has demonstrated 230% to 300% growth relative to diesel moment the Elegance 8 200kW vans are watching 25% to 50% better gas potency. That is an impressive merit as fleets glance to general price of possession and working price comparisons to diesel. Moreover, the no FCETs are hauling up to 30 heaps of trash according to year indistinguishable diesel functionality, with out refueling, and considerably outperforming battery electrical automobile possible choices, that may steadily simplest entire 50% to 60% of a normal diesel truck’s complete year’s paintings.

Era: Get started of Manufacturing has been completed and ISO 9001 Certification gained

In a line of vital milestones, Hyzon demonstrated really extensive proceed in its challenge to decarbonize heavy-duty industries thru complicated hydrogen gas cellular era.

On October 8, 2024, Nationwide Hydrogen Gasoline Mobile Presen, Hyzon introduced the SOP for its modern, single-stack, 200kW FCS at its Bolingbrook, Illinois facility. This success marks a pivotal hour for zero-emission era production in the USA, as Bolingbrook turns into house to one of the most nation’s greatest fully-integrated gas cellular manufacturing amenities.

The 200kW FCS manufacturing milestone follows carefully at the heels of Hyzon’s in the past introduced SOP for its cutting edge Elegance 8 200kW FCET in September, 2024. This milestone, made imaginable thru collaboration with Fontaine Amendment, indicates Hyzon’s transition from prototype to line manufacturing of high-performance, zero-emission possible choices to diesel within the heavy-duty shipping sector.

Additional solidifying its constancy to trait and industry-leading requirements, on October 9, 2004, Hyzon fasten an ISO 9001:2015 certification for its gas cellular production, design, and analysis and building actions. This certification, issued by way of Bureau Veritas, validates that Hyzon’s building and manufacturing processes meet the very best global requirements for trait, underscoring the Corporate’s willpower to turning in secure, top quality, and valuable zero-emission answers.

Those achievements jointly spotlight Hyzon’s technological management and production functions within the hydrogen gas cellular {industry}. Being able to now create 700 gas cellular techniques according to presen over a three-shift operation, Hyzon is well-positioned to fulfill rising call for for zero-emission capability answers in heavy-duty packages. The Corporate’s totally included production technique, from proprietary membrane electrode meeting manufacturing to finish gas cellular techniques, allows fast product building and buyer responsiveness, environment a unused same old for the {industry}.

3rd Quarter 2024 Monetary 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,” stated Hyzon Well-known Monetary Officer Stephen Weiland.

As of September 30, 2024, money and money equivalents stood at $30.4 million. In July, the Corporate finished a registered direct providing elevating roughly $3.8 million in web proceeds. This considerably progressed buying and selling liquidity, laying the groundwork for doable fairness fundraising going forward, such because the implementation of an at-the-market program on the finish of September. The Corporate has therefore old this system to boost roughly $5 million in proceeds to additional assistance the present money place and alternative for a success trials to transform into orders.

Convention Name Knowledge
The Hyzon control group will host a convention name to speak about its 3rd quarter monetary effects on Wednesday, November 13, 2024 at 8:30 a.m. Jap Year.

Contributors can connect the decision at 1-888-800-7840 or global callers can virtue 1-646-307-1856 and input the get entry to code 5240234. To hear the reside audio webcast and Q&A, seek advice from the Hyzon investor members of the family website online at https://investors.hyzonfuelcell.com.

About Hyzon

Hyzon is an international provider of high-performance hydrogen gas cellular era thinking about offering zero-emission capability to decarbonize difficult industries. With agile, high-power era designed for heavy-duty packages, Hyzon is on the middle of a unused business revolution fueled by way of hydrogen, an plentiful and blank power supply. Hyzon is that specialize in deploying its gas cellular era in heavy-duty industrial cars in Elegance 8 and no assortment cars throughout North The us. To be informed extra about how Hyzon companions around the hydrogen worth chain to boost up the blank power transition, seek advice from www.hyzonfuelcell.com.

Ahead-Taking a look Statements 

This press loose contains forward-looking statements throughout the which means of the Personal Securities Litigation Reform Business of 1995. Those statements come with, however aren’t restricted to, specific or implied forward-looking statements in regards to the Corporate’s expectancies, hopes, ideals, intentions, or methods for the moment. You might be cautioned that such statements aren’t promises of moment functionality and that the Corporate’s latest effects would possibly range materially from the ones i’m ready forth within the forward-looking statements. All of those forward-looking statements are topic to dangers and uncertainties that can trade at any age. Components that might purpose the Corporate’s latest expectancies to range materially from those forward-looking statements come with the Corporate’s talent strengthen its capital construction; Hyzon’s liquidity must function its trade and shoot its technique, and alike virtue of money; its talent to boost capital thru fairness issuances, asset gross sales or the incurrence of debt; the likelihood that Hyzon would possibly wish to search chapter coverage; Hyzon’s talent to completely shoot movements and steps that might be possible of mitigating the life of considerable dubiousness relating to its talent to proceed as a going worry; our talent to go into into any desired strategic extra on a well timed foundation, on applicable phrases; our talent to uphold the checklist of our Regular Keep at the Nasdaq Capital Marketplace; retail and credit score marketplace statuses; upper price of capital and borrowing prices; impairments; adjustments typically financial statuses; and the alternative components below the heading “Risk Factors” i’m ready forth within the Corporate’s Annual Document on Mode 10-Ok, as supplemented by way of the Corporate’s quarterly studies on Mode 10-Q and stream studies on Mode 8-Ok. Such filings are to be had on our website online or at www.sec.gov. You will have to no longer playground undue reliance on those forward-looking statements, that are made simplest as of the life hereof. The Corporate undertakes disagree legal responsibility to publicly replace or revise forward-looking statements to replicate next tendencies, occasions, or cases, apart from as could also be required below appropriate securities regulations.

SOURCE Hyzon

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