ROCHESTER, N.Y. and RIYADH, Saudi Arabia, April 29, 2021 /PRNewswire/ -- Hyzon Motors Inc. ("Hyzon"), a leading global supplier of zero-emission hydrogen fuel cell-powered commercial vehicles, jointly with Modern Industrial Investment Holding Group ("Modern Group"), a Saudi industrial conglomerate, today announced the signing of a memorandum of understanding (MoU) with NEOM Company for the development of a vehicle assembly facility in NEOM, the $500 billion giga-project in northwest Saudi Arabia.
NEOM is committed to becoming fully sustainable, powering itself through the use of 100% renewable energy and with net zero emissions by 2030. A green hydrogen ecosystem will play a vital role both for the export of renewable energy and for net-zero carbon technologies for power and transportation in NEOM. Various global corporations have already committed to invest over $5 billion to produce green hydrogen in NEOM in the world's largest hydrogen production plant. It is expected NEOM will become an area with one of the highest concentrations of green hydrogen production and investment in the world.
Hyzon aims to be at the forefront of providing heavy duty commercial fleet vehicles into NEOM which would act as a showcase to the wider Kingdom and beyond.
Hyzon, Modern Group and NEOM Company plan to work closely over the next 18 months to finalize plans and specifications for the new regional assembly facility, with an anticipated annual capacity to assemble up to 10,000 vehicles. To facilitate construction of the new facility, Hyzon and Modern Group plan to incorporate a joint venture company, Hyzon Motors Middle East (ME), which would focus on supplying locally-built, Hyzon-branded zero-emission commercial vehicles throughout Saudi Arabia and the GCC.
NEOM is part of the world-class, diversified portfolio of Saudi Arabia's Public Investment Fund, one of the largest sovereign wealth funds in the world.
Craig Knight, CEO and Co-Founder of Hyzon Motors, commented: "We see NEOM as one of the world's most innovative and ambitious global decarbonization developments. Hyzon's technology is at the forefront of hydrogen-powered vehicles and fuel cell solutions and has been developed over many years. We are proud to be partnering with the Modern Industrial Investment Holding Group to bring emissions-free vehicles to NEOM and the region. Hydrogen is a key fuel to power global heavy duty commercial transport, liberating it from dependence on fossil fuels. This project is showing the way for resource-rich GCC countries to achieve the energy transition, and Hyzon's partnership with Modern will help to make this a reality."
Abdulaziz F. Al Hamwah, CEO and Co-Founder of Modern Industrial Investment Holding Group commented: "Modern Group is excited at the prospect of teaming with Hyzon to enable NEOM's goal of a net zero community, and to localize manufacturing of Hyzon's zero-emission commercial and heavy duty vehicles. But this is only the first step. Through our joint venture, Hyzon Motors Middle East, we aim to integrate hydrogen fuel cell commercial vehicles into economies across the region. This partnership is a great step toward making that a reality."
Roland Kaeppner, Executive Director, Hydrogen & Green Fuels, NEOM Company, said: "NEOM is developing a multi-dimensional hydrogen ecosystem and is a perfect location to activate hydrogen-based technologies and applications for use in NEOM and beyond. Given its strategic geographic location and its impact as a lighthouse for innovation and future livability, localized manufacturing is a natural consequence as NEOM develops. Partnering with Hyzon and Modern Group will expedite NEOM's self-sufficiency ambitions and is a great opportunity to showcase hydrogen-electric applications that are complementary to battery electric solutions, in particular for heavy duty and long-range logistics. We see hydrogen as the most viable solution to power the world of tomorrow and this is further demonstration of our commitment to creating the world's first net zero carbon, sustainable city."
Erik Anderson, CEO of Decarbonization Plus Acquisition Corporation, commented: "Decarbonization Plus Acquisition Corporation was established with the express purpose of identifying a business built upon the objective of disruptive innovation to upend existing frameworks to decarbonize global industries. Hyzon is, at its core, a technology platform with a myriad of downstream applications. The hydrogen future across a wide variety of transportation use cases – including heavy duty truck transportation, coaches and buses – is unfolding as we had anticipated it would, and we could not be more pleased to see Hyzon identified as a leading platform to hasten the transportation transformation. Further, we always believed the promise would be global. The ability for the Gulf to capitalize on its abundant and plentiful access to solar and wind to become a leader in the development of green hydrogen can unlock enormous, near-term solutions with significant commercial opportunity as global transportation categories rapidly seek alternatives to diesel and traditional fuels. We are extremely excited about the future for this effort and congratulate the Hyzon team and commend the vision of Modern and NEOM in charting a path to a net-zero future."
The MoU sets out the current aims of the parties with respect to the assembly facility and vehicle delivery, but such aims will not constitute binding obligations on any party thereto until definitive agreements are executed.
About Hyzon Motors Inc.
Headquartered in Rochester, NY and with operations in Europe, Singapore, Australia and China, Hyzon is a leader in hydrogen mobility. Hyzon is a pure-play hydrogen mobility company with an exclusive focus on hydrogen in the commercial vehicle market. Utilizing its proven and proprietary hydrogen fuel cell technology, Hyzon aims to produce zero-emission commercial vehicles for customers in North America, Europe, and across the world. The company is contributing to the escalating adoption of hydrogen vehicles through its demonstrated technology advantage, leading fuel cell performance and history of rapid innovation. Visit www.hyzonmotors.com.
As announced on February 9, 2021, Hyzon has entered into a definitive agreement for a business combination with Decarbonization Plus Acquisition Corporation (NASDAQ: DCRB), a publicly-traded special purpose acquisition company (SPAC) that would result in Hyzon becoming a publicly listed company. Completion of the proposed transaction is subject to customary closing conditions, and is expected to occur in the second quarter of 2021.
About Modern Industrial Investment Holding Group
The Modern Industrial Investment Holding Group "Modern Group" is a diversified industrial company based in Riyadh, Kingdom of Saudi Arabia, with principal businesses in various sectors such as civil explosives, petrochemicals, mining, steel, aluminum, healthcare, and renewable energy. It aims to leverage Saudi Arabia's National Industrial Development Strategy anchored by natural endowments of crude oil, petrochemicals, mining, and renewable energy sources.
Companies under the Modern Group are all privately held and are in joint venture with publicly listed best-in-class international market leaders. It works closely with its partners, frequently transcending sectoral and geographical boundaries.
NEOM is an accelerator of human progress and a vision of what a New Future might look like. It is a region in northwest Saudi Arabia on the Red Sea being built from the ground up as a living laboratory – a place where entrepreneurship will chart the course for this New Future. It will be a destination and a home for people who dream big and want to be part of building a new model for exceptional livability, creating thriving businesses, and reinventing environmental conservation.
NEOM will be the home and workplace to more than a million residents from around the world. It will include towns and cities, ports and enterprise zones, research centers, sports and entertainment venues, and tourist destinations. As a hub for innovation, entrepreneurs, business leaders and companies will come to research, incubate and commercialize new technologies and enterprises in ground-breaking ways. Residents of NEOM will embody an international ethos and embrace a culture of exploration, risk-taking and diversity - all supported by a progressive law compatible with international norms and conducive to economic growth.
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act. All statements, other than statements of present or historical fact included in this press release, including those regarding Decarbonization Plus Acquisition Corporation's ("DCRB") proposed acquisition of Hyzon and DCRB's ability to consummate the transaction, are forward-looking statements. When used in this press release, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, DCRB and Hyzon disclaim any duty to update any forward looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. DCRB and Hyzon caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of either DCRB or Hyzon, including risks and uncertainties described in the "Risk Factors" section of DCRB's Preliminary Proxy Statement on Schedule 14A filed with the SEC on March 17, 2021 and other documents filed by DCRB from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Hyzon gives no assurance that Hyzon will achieve its expectations.
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