ROCHESTER, N.Y. and HOUSTON – Hyzon Motors Inc. (NASDAQ: HYZN), (Hyzon) a leading supplier of hydrogen-powered fuel cell electric vehicles, and TC Energy Corporation (TSX, NYSE: TRP), (TC Energy), today announced an agreement to collaborate on development, construction, operation, and ownership of hydrogen production facilities (hubs) across North America.
The hydrogen production facilities will be used to meet hydrogen fuel cell electric vehicle demand by focusing on low-to-negative carbon intensity hydrogen from renewable natural gas, biogas and other sustainable sources. The facilities will be located close to demand, supporting Hyzon back-to-base vehicle deployments.
“Through this agreement we are marrying the expertise of TC Energy in natural gas and renewables with that of Hyzon, which has its technology in fuel cell electric vehicles being delivered around the world today,” said Corey Hessen, TC Energy’s Senior Vice President and President, Power and Storage. “TC Energy is committed to exploring and developing energy solutions in North America for our own assets as well as those of customers to meet their energy transition needs. We believe we are well positioned to execute on the development of hydrogen and CO2 pipelines.”
Under the agreement, the companies will evaluate sites across multiple states and provinces to develop hydrogen production facilities with the goal of hydrogen delivery to fuel heavy duty vehicles. The hubs will be prioritized near existing and potential customer demand with a goal to produce up to 20 tonnes of hydrogen per hub per day. TC Energy will operate the hubs, supply the power and gas commodities, and provide asset development, management services, and power and gas sales marketing.
“By partnering with TC Energy on modular hydrogen production hubs from a range of sustainable production feedstocks close to Hyzon fleet deployments we can fully decarbonize mobility at a very low cost and time to build,” said Parker Meeks, Chief Strategy Officer, Hyzon Motors Inc. “This agreement is just one of the many steps and strategic partnerships that Hyzon Motors will be announcing in the coming months to confirm our ability to bring clean hydrogen infrastructure to market with our vehicles in the very near term.”
Currently, Hyzon and TC Energy are evaluating near-term potential hydrogen hub production sites in a number of states, tied to prospective fleet customer deployments. In addition to Hyzon vehicle customers, the partnership will jointly market third-party hydrogen volumes to industrial sectors, power generation and energy distribution.
Utilizing existing partnerships with modular hydrogen technology partners, such as Raven SR and ReCarbon, TC Energy and Hyzon look to site hydrogen hubs to serve Hyzon fleet deployments, enabling unique speed to market for low-cost, low-to-negative carbon intensity hydrogen infrastructure development. This also complements TC Energy’s strong renewable natural gas interconnections and pipeline network.
Headquartered in Rochester, N.Y., with U.S. operations in the Chicago and Detroit areas, and international operations in the Netherlands, Singapore, Australia, Germany, and China, Hyzon is a leader in fuel cell electric mobility with an exclusive focus on the commercial vehicle market, and a near-term focus on back to base (captive fleet) operations. Utilizing its proven and proprietary hydrogen fuel cell technology, Hyzon aims to supply zero-emission heavy duty trucks and buses to customers in North America, Europe and around the world to mitigate emissions from diesel transportation, which is one of the single largest sources of carbon emissions globally. The Company is contributing to the escalating adoption of fuel cell electric vehicles through its demonstrated technology advantage, leading fuel cell performance and history of rapid innovation. Visit www.hyzonmotors.com.
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 “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. These forward-looking statements include but are not limited to expectations pertaining to hydrogen hub production targets and customer demand, and 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 of Hyzon’s definitive proxy statement on Schedule 14A filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 21, 2021, as amended, our Registration Statement on Form S-1 filed with the SEC on July 30, 2021, 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 the ability to convert non-binding memoranda of understanding into binding orders or sales (including because of the current or prospective financial resources of the counterparties to Hyzon’s non-binding memoranda of understanding and letters of intent), or the ability to identify additional potential customers and convert them to paying customers. Hyzon gives no assurance that Hyzon will achieve its expectations.
About TC Energy
We are a vital part of everyday life – delivering the energy millions of people rely on to power their lives in a sustainable way. Thanks to a safe, reliable network of natural gas and liquids pipelines, along with power generation and storage facilities, wherever life happens — we’re there. Guided by our core values of safety, responsibility, innovation, collaboration and integrity, our 7,500 people make a positive difference in the communities where we operate across Canada, the U.S. and Mexico.
TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.