Hyzon Motors and Partners Launch Collaborative Industry Platform to Advance Hydrogen Ecosystems Worldwide (DCRB)

Hyzon Motors Inc. ("Hyzon"), a leading global supplier of zero-emission hydrogen fuel cell powered commercial vehicles, is pleased to announce the Hyzon Zero Carbon Alliance (the "Alliance"), a new collaboration of leading companies in various industries that are committed to advancing the deployment of hydrogen mobility worldwide and helping the environment.

Ark Energy (a subsidiary of Korea Zinc), AXA, Bank of America, Hiringa Energy, Modern Group, NEOM, Raven SR, ReCarbon and Total, along with Hyzon, will work together as the initial members of the Alliance to drive the development of hydrogen mobility supply chains globally and help to eliminate emissions in the hard-to-evade sector of commercial transport.

The Alliance will utilize the collective expertise, resources and capability of its members to foster knowledge and innovation, identify priority projects, create business models and support delivery of attractive solutions enabling customers to viably make the transition to cleaner hydrogen fuel cell commercial vehicles.

Bringing together a supply chain of product and service offerings is critical to the realization of a global hydrogen mobility sector. Together, the group of leading financiers, insurers and energy companies, along with global innovation hub NEOM, will support the development of hydrogen ecosystems with the aim of accelerating the energy transition and deliver its benefits to global consumers as swiftly as possible.

As a uniquely demand-led initiative, the Alliance will capitalize on its direct access to fleet operators worldwide to create hydrogen ecosystems in parallel with vehicle deployments. By aligning the supply and demand side of the sector, the Alliance is designed to overcome some of the biggest hurdles faced by the hydrogen industry to date, making zero-emission fleet operations a reality in the very near term.

George Gu, Chairman and Co-Founder of Hyzon Motors, remarked:

"Through the Hyzon Zero Carbon Alliance, we will work with partners to expand the deployment of zero-emission hydrogen fuel cell powered heavy vehicles globally and continue leading the hydrogen transition.

"We are incredibly excited to be working with leading companies committed to the energy transition who recognize the potential of hydrogen commercial mobility as an essential pathway to a net-zero transport sector."

Comments from members

Daniel Kim, Chief Executive Officer, Ark Energy Corporation: "It's a great honour for Ark Energy to be invited to join the Hyzon Zero Carbon Alliance. We're keen to work closely with Hyzon and other members to develop hydrogen mobility supply chains in Australia and support customers make the transition to hydrogen mobility. As hydrogen moves from being a future fuel to an everyday fuel, we plan to leverage our experience on SunHQ, to roll out additional hydrogen hubs across Queensland and become a major domestic hydrogen producer ahead of our ultimate goal of becoming a green hydrogen exporter."

Alexis de Schonen, Director of Partnerships at AXA, in France: "AXA is thrilled to accompany this initiative and contribute to the decarbonization of the transportation industry. Being part of the Alliance will allow us to understand in depth the specific needs of this industry and of its customers, and offer the most relevant insurance policies, risk mitigation procedures and services".

Derek Heckendorn, Head of North America Renewables Banking, Managing Director at BofA Securities: "The Hyzon Zero Carbon Alliance will help to spur innovation, collaboration and partnership across the industry as well as scale hydrogen mobility technology and advancement. This Alliance will play an important role in helping to accelerate the transition to a net zero transportation sector."

Andrew Clennett, CEO at Hiringa Energy: "We are very excited to be joining with industry leaders across the globe who are committed to the adoption of hydrogen solutions. If our last five years of hydrogen supply chain development has taught us anything, it's that collaboration and alliances such as the ZCA are critical in unlocking the potential of hydrogen to accelerate the transition away from fossil fuel powered transport."

Abdulaziz F. AI Hamwah, Chief Executive Officer at Modern Group, stated: "Modern sees a great potential in the renewable energy sector. Specifically, the hydrogen economy in Saudi is growing exponentially with the recent announcement from the Ministry of Energy stating the Kingdom's ambition to become the world's largest supplier of hydrogen. With Hyzon as a partner, who is a global leader in the hydrogen space, and leveraging on the Saudi government's incentives for renewable projects, Modern is strategically positioned to move forward into this industry."

Roland Kaeppner, Executive Director, Hydrogen & Green Fuels, NEOM: "NEOM will be one of the world's leading green hydrogen development hubs. We're committed to innovation across all aspects of the hydrogen economy and we are particularly keen to contribute to the development of the hydrogen mobility sector through this important alliance, for NEOM and also for the Kingdom of Saudi Arabia. We look forward to collaborating with all members to accelerate change."

Matt Murdock, CEO at Raven SR: "From the beginning when I first met George Gu, we shared the dream of local mobility combined with local renewable fuels. The creation of the Alliance builds on that vision, combining the strength and experience of each member towards a robust solution to restore our ecosystem and develop clean mobility projects worldwide. We look forward to the future."

Dr. Jay Kim, CEO and Founder of ReCarbon, Inc.: "ReCarbon, Inc. is proud to be a part of this collaborative global network of companies and organizations all working together, towards a hydrogen enabled mobility sector. Our partnership with Hyzon Motors has been mutually beneficial and highly synergistic thus far, and we expect the Zero Carbon Alliance to create the sense of community and open cooperation that is essential to move the hydrogen economy to the next level."

John Wilson, Vice President, Gas Mobility at the Marketing and Services branch of Total: "At Total, we are convinced that hydrogen is a mobility solution of the future. That is why Total Carbon Neutrality Ventures invested in Hyzon Motors and we are committed to developing hydrogen stations for trucks in Europe, and beyond. Becoming a member of the Hyzon Zero Carbon Alliance is another step towards our Climate Ambition to reach Net Zero emissions by 2050 together with society."

The Hyzon Zero Carbon Alliance is an open, collaborative platform with membership opportunities for those organizations willing and able to contribute to the objectives and goals of the initiative.

To learn more, see hyzonalliance.com.

About Hyzon MotorsHeadquartered in Rochester, NY and with operations in Europe, Singapore, Australia and China, Hyzon is a leader in hydrogen mobility. Hyzon is led by co-founders George Gu, Craig Knight and Gary Robb and is a differentiated, pure-play, independent mobility company with an exclusive focus on hydrogen in the commercial vehicle market. Utilizing its proven and proprietary hydrogen fuel cell technology, Hyzon will produce zero emission heavy duty trucks and buses for customers worldwide. 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.

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.

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