Hyzon Motors completes merger with Decarbonization Plus Acquisition Corporation

ROCHESTER, NY, July 16, 2021 / PRNewswire / – Hyzon Motors Inc. (f / k / a Decarbonization Plus Acquisition Corporation), a leading global supplier of zero-emission hydrogen fuel cell heavy-duty vehicles, today announced the completion of its previously announced business combination with Hyzon Moteurs United States Inc. (f / k / a Hyzon Motors Inc.).

Concurrent with the completion of the business combination, Decarbonization Plus Acquisition Corporation (“DCRB”) changed its name to “Hyzon Motors Inc.” (the post-combination entity referred to throughout the remainder of this release as “Hyzon “). From the opening of the markets on July 19, 2021, the Class A common shares of Hyzon and the Hyzon Warrants are expected to begin trading on the Nasdaq Global Select (“Nasdaq”) market under the symbols “HYZN” and “HYZNW”, respectively.

The transaction was unanimously approved by the Board of Directors of DCRB and was approved at a special meeting (the “Special Meeting”) of DCRB shareholders on July 15, 2021. Approximately 95% of the votes cast on the business combination proposal at the extraordinary meeting were in favor of approving the business combination. DCRB shareholders also voted to approve all other proposals presented to the Special Meeting.

Management commentary

“Achieving our business combination with DCRB is a huge step forward for Hyzon and for global zero-emission hydrogen mobility,” said Craig knight, CEO of Hyzon “It has been a total team effort to get to this point, and we will continue to bring the same dedication to our next exciting phase of growth as a public company. The world increasingly recognizes the need for innovative solutions to combat climate change. and for the decarbonization of global economies, and the conclusion of this transaction is recognition of Hyzon’s commercial and technological lead in making it a reality. We have the capacity to do even more to convert commercial vehicle fleets around the world to clean and efficient hydrogen fuel, and are delighted to continue this work now. ”

“We are proud to be a partner of Hyzon and are now delighted to continue our relationship after the close of our business combination,” said Robert Tichio, Chairman of DCRB and Partner at Riverstone Holdings LLC. “Hyzon is already a leader in clean mobility, and they are now poised to spur the proliferation of hydrogen fuel cells in commercial transportation on four continents, and lead the march towards a zero emissions future. “

Overview of transactions

As a result of this transaction, Hyzon received more than $ 550 million as a main product, consisting of funds from the old DCRB trust account and $ 400 million cash from a private placement in public capital (PIPE), after redemptions and transaction costs. Hyzon will use the proceeds to accelerate its growth and finance its operations. All Hyzon shareholders United States prior to the Combination who were eligible to receive securities of Hyzon Motors Inc. renewed 100% of their securities and own approximately 70% of the Combined Company on a fully diluted basis (excluding the conversion of certain convertible notes immediately before regrouping ).


Hyzon will be led by Hyzon the United States management team, including Georges gu (Executive Chairman), Craig knight (Chief executive officer), Marc Gordon (Financial director), Adam kroll (Administrative director), Parker Meeks (Strategy Director), and Jean Zavoli (General Counsel and Legal Director).

Hyzon’s board of directors will be composed of Georges gu (Executive Chairman), Erik Anderson, Marc Gordon, Craig knight, Elaine wong, Ivy Brown, Viktor Meng, Dennis edwards, and KD Park.


Goldman Sachs & Co. LLC acted as exclusive financial advisor to Hyzon United States, and Principal Placement Officer on PIPE at DCRB. Morgan Stanley & Co. LLC also acted as placement agent on PIPE. Credit Suisse and Citigroup acted as financial and capital market advisers, and Alvarium Investment Advisors acted as capital markets advisor to DCRB. Canaccord Genuity, Colliers Securities and Wedbush Securities acted as capital markets advisers for Hyzon United States. Vinson & Elkins LLP acted as legal counsel to DCRB. Sullivan & Cromwell LLP acted as legal counsel to Hyzon United States. Ropes & Gray LLP acted as legal counsel to PIPE’s private placement agents.

About Hyzon Motors Inc.

Based at Rochester, New York, with American operations also in Chicago and Detroit, and international operations in the Netherlands, Singapore, Australia and China, Hyzon is a leader in hydrogen mobility. Hyzon is a hydrogen mobility company that focuses exclusively on the commercial vehicle market. Using its proven and proprietary hydrogen fuel cell technology, Hyzon aims to provide zero emission heavy duty trucks and buses to customers of North America, Europe and around the world to fight diesel transport which is one of the biggest sources of carbon emissions in the world. The company contributes to the growing adoption of hydrogen vehicles through its demonstrated technological advantage, advanced fuel cell performance and history of rapid innovation. Visit www.hyzonmotors.com.

Forward-looking statements

This press release contains “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”, “could”, “believe”, “anticipate”, “intend”, “estimate”, negative of these 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 are based on management’s current expectations and assumptions regarding future events and are based on information currently available as to the outcome and timing of future events. Except as otherwise provided by applicable law, Hyzon disclaims any obligation 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 Hyzon’s control, including the risks and uncertainties described in the “Risk Factors” section of the room 99.3. Hyzon’s current report on Form 8-K filed with the United States Securities and Exchange Commission (the “SEC”) on February 9, 2021, the “Risk Factors” section of Hyzon’s definitive proxy statement on Schedule 14A filed with the SEC on June 21, 2021, and other documents filed by Hyzon from time to time with the SEC. These filings identify and address other significant risks and uncertainties that could cause actual events and results to differ materially from those contained in forward-looking statements, such as risks relating to the ability to convert memoranda of understanding not binding in binding orders or sales. (particularly due to the current or potential financial resources of counterparties to Hyzon’s non-binding MoUs and Letters of Intent), or the ability to identify additional potential clients and convert them into paying clients. Hyzon does not guarantee that Hyzon will meet his expectations.

Hyzon Motors contacts
For investors:
Caldwell Bailey
ICR, Inc.
[email protected]

For us, Europe and Asia media:
Caroline curran
Hill + Knowlton Strategies
+1 256-653-5811
[email protected]

For Australian media:
Fraser beattie
Preserves Violet
+61 421 505 557
[email protected]


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