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Hyzon Motors Launches Leasing Service for Hydrogen Commercial Vehicles

April 01, 2021, 07:12 AM
Filed Under: Industry News

Rochester, NY-based Hyzon Motors Inc., a global supplier of zero-emission hydrogen fuel cell-powered commercial vehicles, announced it has launched leasing service for the provision of heavy-duty fuel cell electric vehicles (FCEVs) to its customers in the European Union.

As announced on Feb. 9, Hyzon has entered into a definitive agreement for a business combination with Decarbonization Plus Acquisition Corporation, 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.

Through the leasing service, Hyzon intends to enable potential European Union customers to operate the company's branded vehicles through a leasing model, and to thereby fast-track the transition of their fleets to hydrogen fuel, without compromising on performance.

Hyzon and its partners have been actively developing complete end-to-end lifecycle solutions that enable fleet operators to viably make the transition to hydrogen fuel cell commercial vehicles. The company's new lease offering represents the first step in the development of a holistic fleet leasing offering for the European market that is expected to include hydrogen fuel, insurance, service and maintenance for Hyzon and Hyzon-branded vehicles.

Hyzon Sets Ambition to Achieve TCO Parity in Europe

The company also announced it aims to be among the first companies to supply customers with a hydrogen fuel cell truck at total cost of ownership (TCO) parity with diesel-powered commercial vehicles in Europe. With its leading fuel cell technology, and incentives available in Europe, Hyzon expects to help customers achieve TCO parity through its alliance with multiple hydrogen infrastructure partners.

Given the momentum behind hydrogen across Europe, this region is anticipated to lead the roll-out of hydrogen mobility worldwide. As a hydrogen heavy mobility category leader, Hyzon expects to play a significant role in the European Union's transition to hydrogen energy, through its manufacturing base in Groningen, The Netherlands.

Craig Knight, Hyzon's Chief Executive Officer, said, "We are excited to be able to offer this leasing service to our customers in Europe, and to support fleet operators in making the switch to hydrogen. This leasing service aims to offer the quickest possible pathway for our customers to make the transition to zero-emission hydrogen fuel cell-powered heavy vehicles that can go toe-to-toe with diesel engines on both costs and refueling time."

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