HYZON MOTORS INC. ANNOUNCES MILESTONE IN PRODUCTION OF 200KW SINGLE-STACK FUEL CELL SYSTEM

First Nine B-Sample Fuel Cell Systems Successfully Assembled and Tested; On Track to Declare C-Sample in late 2023 and Begin Production in 2024

ROCHESTER, N.Y., July 10, 2023 Hyzon Motors Inc. (Hyzon) (NASDAQ: HYZN), a high-power hydrogen fuel cell technology developer and global supplier of zero-emission heavy-duty fuel cell electric vehicles (FCEVs), today announced the successful completion and factory acceptance testing of the first nine single-stack 200kW Fuel Cell System (FCS) B-samples at its production and innovation center in Bolingbrook, IL. By achieving this milestone, Hyzon remains on track to declare Start of Production (SOP) and commercialization of its innovative FCS in 2024.

The successful completion of testing of Hyzon's nine 200kW FCS B-samples in the first half of 2023 demonstrates consistent progress toward commercial production. This achievement follows the commissioning of Hyzon's proprietary, automated roll-to-roll Membrane Electrode Assembly (MEA) production line including in-line inspection and the installation of its single cell and fully automated fuel cell stack manufacturing lines. Progression of the 200kW FCS B-samples validates the design, equipment, and operating procedures, which are all critical to the final tooling and production of C-samples and the eventual commercialization of the FCS.  Additionally, we believe it shows growth in the company's prototype assembly rate, with six of the B-samples produced and tested in Q2 2023, an increase from three in Q1 2023.

Hyzon is positioning to increase its FCS manufacturing rate with the installation of additional full and semi-automation equipment in the assembly and inspection processes, which is already underway. We also expect the continued standardization of design around the 200kW FCS powertrain components will expedite production and the Company expects the remaining 16 B-samples to be complete and the production of C-samples to begin in the second half of 2023.

"Our goal is to accelerate the clean energy transition by providing hydrogen fuel cells to power zero-emission mobility," said Parker Meeks, Hyzon's Chief Executive Officer. "In our view, this milestone reflects Hyzon's years of leadership in developing hydrogen fuel cell technology, and this important step toward full-scale 200kW FCS production demonstrates exciting progress toward the commercialization of our single stack design."

Hyzon's single-stack 200kW FCS provides significant advantages relative to current industry standards. While most FCEV suppliers achieve 200kW output by coupling two ~110kW FCSs, Hyzon has developed proprietary material, design, and equipment engineering enabling 200kW output from a single stack. This breakthrough is expected to result in the following improvements:

• ~20% increase in miles per kilogram of hydrogen vs the 120kW FCS – greatly improving the truck total cost ownership (TCO);
• ~30% smaller volume & weight;
• 25% lower cost; and
• Materially less maintenance than two 100kW long-range fuel cell systems due to the relative simplicity of design.

The demand environment for hydrogen fuel cell systems is robust, with approximately 68 million diesel-powered vehicles globally emitting roughly 11 billion tons of carbon annually[1]. Further, the U.S. government has made significant commitments to the industry, including the $7 billion committed through the Department of Energy's Hydrogen Hub Program, as well as several programs contained in the Inflation Reduction Act, such as:

• $60 million for the Diesel Emission Reduction Act program,
• $2 billion for the Domestic Manufacturing Conversion Grant program,
• $3 billion for the Advanced Technology Vehicle Manufacturing program,
• A long-term extension of the Advanced Manufacturing Production Credit,
• $2.25 billion to reduce air pollution at ports through deploying zero-emission technology.

For more information, visit HyzonMotors.com.

About Hyzon Motors Inc.

Hyzon Motors Inc. is a global supplier of fuel cell electric mobility, with US operations in the Rochester, Chicago and Detroit areas, and international operations in the Netherlands, Australia, and China. Hyzon is an energy transition accelerator and technology innovator, providing solutions in the transport sector with a focus on commercial vehicles and hydrogen supply infrastructure. Utilizing its proprietary hydrogen fuel cell technology, Hyzon's mission is to supply zero-emission heavy duty trucks to customers in North America, Europe and other countries to mitigate emissions from diesel transportation - one of the single largest sources of carbon emissions globally. The Company is contributing to the adoption of fuel cell electric vehicles through its demonstrated technology advantage, fuel cell system performance, and innovation. Visit www.hyzonmotors.com.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, are forward-looking statements. When used in this press release, the words "aims", "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. This press release contains forward-looking information relating, but not limited to, testing of B-sample FCS, anticipated production, testing, and commercialization timelines, and benefits of Hyzon's 200kW single-stack FCS as compared to Hyzon's current 110kW FCSs. 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, Hyzon disclaims 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. Hyzon cautions 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 Hyzon, including risks and uncertainties described in the "Risk Factors" section Risk Factors" section of Hyzon's Annual Report on Form 10-K for the year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission (the "SEC") on May 31, 2023, and other documents filed by Hyzon 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 such as risks related to Hyzon's ability to obtain necessary raw materials and risks related to changes in market demand and future testing failures. Hyzon gives no assurances that Hyzon will achieve its expectations.

¹ Multiple industry sources: WhichCar, ecoRI News, Proformance Supply

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SOURCE Hyzon Motors Inc.