HYZON ANNOUNCES COMPLETION OF SUCCESSFUL TRIAL OF 200kW CLASS 8 FCEV TRUCK WITH IMC LOGISTICS

Company's ongoing trial program reinforces commitment to decarbonizing heavy-duty industries

BOLINGBROOK, Ill., Nov. 4, 2024/PRNewswire/ -- Hyzon (NASDAQ: HYZN), a U.S.-based high-performance hydrogen fuel cell system manufacturer and technology developer focused on providing zero-emission power to decarbonize the most demanding industries, today announced the completion of a successful trial of its Class 8 200kW Fuel Cell Electric Vehicle (FCEV) with IMC Logistics, the largest container drayage company in the U.S. The two-week trial performance is the latest in a series of trials across Hyzon's Class 8 200kW and refuse FCEV truck platforms, all of which have been deemed successful to date.

"The success of this trial with IMC is in line with the impressive outcomes we've seen across the other trials of our Class 8 200kW Fuel Cell Electric Vehicle (FCEV) truck," said Hyzon Chief Executive Officer (CEO) Parker Meeks. "These consistent outcomes reinforce our confidence as we move toward full commercial activation, marking an exciting step forward in deploying hydrogen fuel cell solutions at scale," added Meeks.

IMC Logistics tested the Hyzon truck throughout the local Houston market, driving more than 1,000 miles in the two-week trial. IMC's trial is a proactive step in exploring hydrogen fuel cell performance in their fleet in the state of Texas.

"We put the truck through a rigorous trial, and it performed well, with positive feedback from drivers, said Will Connell, IMC Logistics Gulf Region President. "Our company already has the largest deployment of hydrogen vehicles in the nation and in support of our ongoing commitment to sustainability, IMC is eager to review new technologies that would enable us to expand where we can service our customers with environmentally friendly solutions for their supply chain," he added.

According to Meeks, the IMC Class 8 200kW FCEV trial highlights Hyzon's commitment to innovation and excellence in the hydrogen fuel cell industry.

Inclusive of the IMC trial, Hyzon has completed eight trials, all deemed successful, of its 200kW Class 8 and refuse truck platforms since July 2024, moving to commercial activation as trials complete. Hyzon's ongoing trial program has more than 20 large fleet trials across both truck platforms planned through February 2025.

About Hyzon

Hyzon is a global supplier of high-performance hydrogen fuel cell technology focused on providing zero-emission power to decarbonize demanding industries. With agile, high-power technology designed for heavy-duty applications, Hyzon is at the center of a new industrial revolution fueled by hydrogen, an abundant and clean energy source. Hyzon is focusing on deploying its fuel cell technology in heavy-duty commercial vehicles in Class 8 and refuse collection vehicles across North America, as well as new markets such as stationary power applications. To learn more about how Hyzon partners across the hydrogen value chain to accelerate the clean energy transition, visit www.hyzonfuelcell.com.

Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, express or implied forward-looking statements regarding the Company's expectations, hopes, beliefs, intentions, or strategies for the future. You are cautioned that such statements are not guarantees of future performance and that the Company's actual results may differ materially from those set forth in the forward-looking statements. All of these forward-looking statements are subject to risks and uncertainties that may change at any time. Factors that could cause the Company's actual expectations to differ materially from these forward-looking statements include the Company's ability improve its capital structure; its ability to achieve and maintain manufacturing volume targets; it receiving ISO certification; its liquidity needs to operate its business and execute its strategy, and related use of cash; its ability to raise capital through equity issuances, asset sales or the incurrence of debt; the possibility that Hyzon may need to seek bankruptcy protection; Hyzon's ability to fully execute actions and steps that would be probable of mitigating the existence of substantial doubt regarding its ability to continue as a going concern; our ability to enter into any desired strategic alternative on a timely basis, on acceptable terms; our ability to maintain the listing of our Common Stock on the Nasdaq Capital Market; retail and credit market conditions; higher cost of capital and borrowing costs; impairments; changes in general economic conditions; and the other factors under the heading "Risk Factors" set forth in the Company's Annual Report on Form 10-K, as supplemented by the Company's quarterly reports on Form 10-Q and current reports on Form 8-K. Such filings are available on our website or at www.sec.gov. You should not place undue reliance on these forward-looking statements, which are made only as of the date hereof. The Company undertakes no obligation to publicly update or revise forward-looking statements to reflect subsequent developments, events, or circumstances, except as may be required under applicable securities laws.

About IMC

IMC Logistics is the largest marine drayage company in the United States. Equipped with the largest fleet of trucks and chassis, an integrated network of secure depots, and transloading facilities, IMC moves cargo to and from all major rails and ports in the nation. For 42 years, IMC has focused on delivering innovative solutions to its valued clients. To learn more, visit www.imcc.com.

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