Hyzon Motors - Hydrogen revolution for heavy-duty transport

[NEA]

Hyzon’s history dates back to the early 2000s when Horizon Fuel Cell started its operations in Singapore. The company thus has a background of almost 20 years in fuel cell technology (mainly for transportation and backup power) and primarily in Asia. In practice, Hyzon was spun off from Horizon in 2020 to conquer the world beyond Asia, especially North America. Its headquarters moved to the US, to former GM facilities where GM once developed its own fuel cell technology.

Hyzon specifically focuses on “hydrogenizing” transportation, offering solutions for city buses, long-distance buses (coaches), and other heavy-duty vehicles (especially trucks in various forms). In addition to these, there are also backup power solutions. Hyzon makes its own cells; for example, 150kW cells are available, and a large 370kW cell (PEM) for heavy-duty vehicles is coming. The target is a range of 400-600km on a single refueling.

Over 500 vehicles have already been delivered to the market during Horizon’s time.

Hyzon thus manufactures its own cells. Their G3 titanium-based cells are planned to be the most energy-dense on the market, and apparently, according to independent tests, they are (TÜV Rheinland, and benchmarked through independent consultant research). There are a bunch of patents (20+ >40 partial ones through Horizon).
Hyzon therefore focuses heavily on fuel cells and leaves other areas to partners, which it aims to acquire more of.

Other developments are also underway, e.g., its own chassis, compressor…
In the future, however, the intention is to start building more of a hub/filling network, initially with partners (e.g., Total, which has strategically invested in Hyzon), perhaps eventually more on its own. Below are a few excerpts from the material:

Alliances with energy and industrial gas
companies expected to enable Hyzon to offer
a partnership approach to hydrogen supply.
In collaboration with its partners, Hyzon is currently building its first Hydrogen Hub in Australia. Hyzon’s partner, NRG Global, has multiple waste to electricity
sites, and is planning to build Hydrogen Hubs.
Hyzon is working with Infinite Blue Energy in Western Australia to source hydrogen
produced from solar and then distributed to fuel stations

HYZON PROVIDES THE FUEL CELL AND KEY RELATED COMPONENTS FOR A FCEV
WITH EXISTING AND ESTABLISHED SUPPLIERS PROVIDING ADDITIONAL ENABLING TECHNOLOGY

Hyzon thus has roots in Singapore through Horizon, now with its headquarters in the USA (where there is also a manufacturing plant and development), and its European headquarters and assembly plant are located in the Netherlands. In Australia, Hyzon started office operations in 2020 to serve the Australian and New Zealand markets. In the future, perhaps some factory, initially partners will handle it.

Hyzon is merging with DCRB SPAC, through which it will be listed on the NASDAQ stock exchange in the US. The future Ticker is HYZN.
After the merger, Horizon will own over 50% of Hyzon. 75% of the shares are held by Hyzon’s current owners, 15% by PIPE, and 10% by SPAC. It is worth reading the texts in the blue box below.

Edit. This is quite interestingly written:

Source: https://fuelcellsworks.com/asia/hyzon-aims-for-tesla-style-rush-to-market-for-hydrogen-trucks/

Competitors in the market are presented in the attached slide.

edit. 18.2.2021:
Cooperation agreements

• Hiringa NZ: hydrogen refueling station network (8 units in 2021/2022, 24 units by 2025). Hyzon will supply 1500 heavy-duty vehicles by 2026
• Fortescue Metals Group: Hyzon will convert the company’s buses into hydrogen buses
• Viva Energy Australia: hydrogen refueling stations, Viva will convert the Geelong oil refinery into a hydrogen and solar energy hub
• Pure Hydrogen (Real Energy Australia): cooperation with Hyzon on hydrogen refueling stations and hydrogen truck leasing
• WarpForge: joint “SuperBus” development for ATG

---

Clarification on certain points:

Hyzon Motors - Vetyvallankumous raskaalle liikenteelle

[ChuckPeddle]

Here are the official DCRB/Hyzon infos from Hyzon’s website:

Announcement Press Release

Investor Presentation

Conference Call Transcript

[KONTI]

A few videos related to the topic.

Accelerating the Energy Transition

Hydrogen + Electric Truck

Craig Knight | Hydrogen_Mobility_Session | EnergyOceania | Positioning_Hydrogen_2020_Webinar|

Hyzon's Craig Knight chats with Sam Pickett from Knext Energy. Hydrogen vs Diesel.

[Dick_Johnson]

{“content”:“Very interesting case. Can someone explain how Hyzon differs from, for example, Nikola? My understanding is that Hyzon already has vehicles in traffic, unlike Nikola. But the stock hasn’t received as much hype yet as Nikola did last year.”,“target_locale”:“en”}

[KONTI]

Of course, the situation is different now, but VTIQ wasn’t even close to these prices at this stage yet. In fact, you could tank it peacefully for months before it took off only after mid-May. The real culmination of the hype came only after the VTIQ/NKLA merger in June, when the stock price briefly rose above $90. On that day, I also placed a sell order at $90, but the price had already dropped and didn’t climb back up there. The rest is history. By the way, the shares are still in my portfolio at an average price of about $15.

[Vodel1]

I added DCBR to the title because trading can only be done on the spac before the merger.

[tahveli]

Is there any information about what will happen to that SPAC stock in connection with the merger? Will it get Hyzon at all or how do these things usually go?

[ChuckPeddle]

Hyzon’s ticker will be HYZN. It says in the investor presentation: NASDAQ: HYZN (post-merger)

[ChuckPeddle]

A couple of minutes interview with Hyzon’s CEO on CNBC yesterday:

https://www.cnbc.com/video/2021/02/09/hydrogen-based-truck-maker-hyzon-motors-ceo-on-spac-merger.html

[naata]

I went through the company’s press release, and in addition to a very promising starting point, there are certainly some aspects that give cause for concern.
From a fundamental and historical perspective, there are several prerequisites for an absolutely brilliant start (if hydrogen really takes off now); there aren’t many providers who have vehicles already on the road, and thus the scaling window is already open. But history brings its own baggage.

In the risk section of the press release, this particular part is interesting to me:

— We are the U.S. subsidiary of Singapore incorporated Hymas Pte Ltd, which is majority but indirectly controlled by Horizon Fuel Cell Technologies Pte Ltd (“Horizon”). The Company was formed primarily to commercialize Horizon’s industry-leading fuel cell technology for the manufacture and commercialization of certain vehicles for the transportation sector. Horizon has control over our voting stock, including the election of directors, and has a significant understanding of our business and may be uniquely positioned to compete against us. Certain customers of our existing deployed technology will continue to be customers of both the Company and Horizon, and certain future customers could terminate their relationships with us and/or become customers of Horizon. Although we have endeavored to enter into agreements on market terms, our agreements with Horizon and its affiliates may not reflect terms that would have resulted from arm’s-length negotiations with unaffiliated third parties.

Then there’s the small print on page 33, which is even more concerning:

Note: Market sizes estimated based on third party research. While Hyzon will be permitted to manufacture and sell products across all vehicle segments including rail, aviation and marine worldwide, *Hyzon will be subject to certain restrictions with respect to its sales of standalone fuel cells for non-mobility applications generally, and for mobility applications to be commercialized in Asia, Africa or South America.

Well, Horizon owns over 50% of Hyzon, so why would they shoot themselves in the foot? And perhaps this is standard text in these risk sections; my experience isn’t enough to say.

Additionally, the first analyst calls will likely clarify what these small print restrictions are. Generally speaking, it would be nice if the company could grow and sell freely; I don’t understand this “fiefdom” mentality at all.
Of course, North America and Europe can provide a good start, especially if we further agree that the Middle East and Australia are not included in “Asia.” And not Japan

EDIT: Corrected Horizon’s ownership stake to be slightly lower; I confused it with the current owners’ 75% stake in Horizon.

[Vodel1]

Definitely this excellent message by @NEA, it could be moved to the opening post so it doesn’t get lost among other messages @Verneri_Pulkkinen @Johannes_Sippola.

https://hyzonmotors.com/new-zealand-firms-sign-up-for-fuel-cell-trucks-network/

Finland could take a page from New Zealand’s playbook, as the same coverage could be achieved here with about 10 stations.

[Johannes_Sippola]

All good, new thread is live - carry on

[KONTI]

Australian energy company Viva Energy makes strategic $4 million investment in Hyzon.
https://hyzonmotors.com/hyzon-motors-and-viva-energy-in-strategic-alliance/

[Meri]

More about Hyzon.

Hyzon räjäyttää markkinat vetylinja- ja kuorma-autoilla

H2GO – HYZON’S HYDROGEN POWER PLAY

Europe DAF and Hyzon

Hyzon DAF XF vetykuorma-auto tuli Hollantiin

Hyzon opens European HQ in the Netherlands - electrive.com

An article about the 500hp internal combustion engine that will be installed in the heaviest trucks.
https://zephyrnet.com/fi/kolmannen-osapuolen-testit-vahvistavat-hyzon-moottorit-uudet-nestejäähdytteiset-polttokennopinot-johtavat-maailmaa-tehotiheydessä/
https://www.h2-view.com/story/hyzon-motors-fuel-cell-stacks-complete-successful-testing/

New Zealand
https://www.greencarcongress.com/2020/09/20200901-hiringa.html

HYZON Motors and Hiringa Energy to Deploy Fuel Cell-Powered Heavy Trucks in...

Here’s some reading for today. Could you add these to the new Hyzon thread, @Johannes_Sippola, so they don’t get lost here unnecessarily

[Massikekri]

What does this mean? Can someone clarify? https://www.bloomberg.com/press-releases/2021-02-10/moore-kuehn-encourages-dcrb-ghvi-snpr-and-ksmt-investors-to-contact-law-firm

[CarriE]

@Massikekri

What does this mean? Could someone clarify?

More a rule than an exception. A class B law firm is testing the waters to see if anyone is disappointed. I don’t know if the intention is to genuinely hope to find something awful or to try to extort some settlement fee from the SPAC.

I don’t own this SPAC, but it doesn’t cause any actions for the SPACs I have in my own portfolio. The market doesn’t even give these any weight; they don’t even cause a discussion.

[Intueor]

Does this incredibly poor image editing bother anyone else? The logos are just slapped onto the image, and it looks like pieces are missing from the corners of the text (perhaps an artistic vision?). Additionally, the last trailers of the truck are missing their tensioning straps. The CEO has the same image in the banner of their LinkedIn profile.

[Seinakadun_Keisari]

No problem, I’m comparing this to car companies’ concept pictures, which are something completely different if/when they go into production.

[Ruffe]

Those missing pieces must be a feature of the logo… a quick glance shows the text is similar in other cars too. Not in all of them though…

[JackTheBad]

Could you enlighten me on how DCRB, DCRBU, DCRNU, etc. differ from each other? OP, for example, has DECN PLUS, but is it a completely different type? The course seems to match DCRB, though.