Hyzon Motors Inc., a global manufacturer of fuel cell trucks, and special purpose acquisition company Decarbonization Plus Acquisition Corporation (DCRB) announced a definitive agreement for a business combination that would result in Hyzon becoming a publicly listed company. The new company, simply called Hyzon, is expected to be listed on the Nasdaq under the ticker HYZN.
Hyzon, headquartered in Rochester, N.Y, is a differentiated, pure-play, independent mobility company with an exclusive focus on hydrogen in the commercial vehicle market. The company’s proprietary hydrogen fuel cell technology enables zero emission, fleet based, commercial transport at competitive performance as measured against both traditional fuel sources and other alternative vehicle power sources.
“We are excited to partner with DCRB at an important inflection point for our company, hydrogen and society,” said Craig Knight, co-founder and CEO of Hyzon. “Deliveries of Hyzon fuel cell powered heavy trucks to customers in Europe and North America will occur this year, well ahead of our competitors, and our committed sales pipeline is proof that the world is truly recognizing the need to develop innovative solutions to mitigate climate change and accelerate efforts to move the world economy down the path to net-zero emissions.”
In the Securities and Exchange Commission filing, it was noted that the fuel cell electric vehicle market, worth $1 billion now, will grow 34% annually over the next decade, when it will hold a $20 billion value. This was based off data from the McKinsey Center for Future Mobility.
Through its partnerships with suppliers and manufacturers, and the company’s commercial relationships with retailers, consumer goods companies, natural resource firms and governments, Hyzon has rapidly expanded its commercial reach with supply agreements to customers around the world. Hyzon is working to catalyze the adoption of hydrogen heavy vehicles.
The transaction is anticipated to generate gross proceeds of up to approximately $626 million of cash, assuming minimal redemptions by DCRB’s public stockholders, which will be used to fund operations and growth. This includes a $400 million fully committed private placement of common stock in DCRB.
“After evaluating dozens of very promising low-carbon platforms, we are excited to announce our combination with Hyzon,” added Erik Anderson, CEO of DCRB. “Hyzon is a truly differentiated company that is accelerating and leading the hydrogen transition with captive, proven fuel cell technology and superior performance. We look forward to working with Craig and the entire team to help advance the company’s compelling mission for the environment, automotive industry and investors alike.”
Hyzon’s leadership will remain intact, with Knight continuing as CEO of the combined company, overseeing its strategic growth initiatives and expansion and working alongside Hyzon’s current executive team.
“This business combination will enable us to expand deployments of our zero-emission hydrogen fuel cell powered heavy vehicles globally, and to continue leading the hydrogen transition,” explained George Gu, chairman and co-founder of Hyzon. “We are incredibly excited about the dynamic mobility category as municipalities and Fortune 100 companies are rapidly embracing hydrogen as the essential pathway to a net-zero economy. The number of countries cementing and then enhancing their national hydrogen strategies expands almost weekly, and we are extremely encouraged by both investor and public interest in the hydrogen economy.”
The transaction has been unanimously approved by the boards of Hyzon and DCRB. Completion of the proposed transaction is subject to customary closing conditions, including the approval of DCRB’s stockholders, and is expected to occur in the second calendar quarter of 2021.
