HYZON ANNOUNCES SUCCESSFUL TRIAL COMPLETION OF NORTH AMERICA'S FIRST FUEL CELL POWERED REFUSE TRUCK WITH MT. DIABLO RESOURCE RECOVERY

Further Demonstrates Hydrogen Fuel Cell Technology as a Sustainable, Zero-Emission Solution for Heavy Duty Applications

BOLINGBROOK, Ill., Nov. 14, 2024/PRNewswire/ -- Hyzon (NASDAQ: HYZN) (Hyzon or the Company), 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 refuse collection Fuel Cell Electric Truck (FCET) -- developed in partnership with New Way Trucks -- with Mt. Diablo Resource Recovery (MDRR), a leader in sustainable waste and recycling management.

The trial, which tested the hydrogen-powered vehicle on routes in parts of California including Concord, Pittsburg, Oakley, Rio Vista, and parts of unincorporated Contra Costa, marks a significant milestone in the adoption of zero-emission technology for heavy-duty applications in the waste and recycling sector.

The trial further demonstrated hydrogen's effectiveness as a sustainable, zero-emission alternative to diesel fuel, aligning with California's Advanced Clean Fleet requirements and furthering Mt. Diablo Resource Recovery's commitment to environmental stewardship and innovation. Additionally, this represented Hyzon's tenth trial since July 2024 across both of its Class 8 and refuse collection FCETs, all of which have been successful in meeting or exceeding the expectations set forth by the potential customer.

"We are proud to partner with Mt. Diablo Resource Recovery in pioneering the use of hydrogen fuel cell technology for heavy-duty waste management," said Hyzon Chief Executive Officer (CEO) Parker Meeks. "This successful trial showcases the potential for hydrogen to drive meaningful decarbonization, without sacrificing performance, in challenging sectors like waste and recycling. We are excited to be driving forward hydrogen-powered solutions in collaboration with our customers that deliver both environmental and operational benefits," added Meeks.

Hyzon's refuse collection FCET is built in partnership between Hyzon and New Way Trucks, a privately held, industry-leading refuse truck body manufacturer. The vehicle is North America's first refuse collection FCET. New Way's expertise and leadership in refuse collection and Hyzon's focus on providing zero-emission power to decarbonize the most demanding industries combine to make decarbonized refuse collection a reality for the North American waste and recycling industry.

"We are relentless about innovation to transform the way we manage waste and recycling to maximize our environmental and financial performance," said Kish Rajan, CEO of Mt. Diablo Resource Recovery. "This pilot program is yet another example of what sets MDRR apart."

"Working with Mt. Diablo on this trial showcases what happens when industry and technology experts partner to bring innovative, more sustainable solutions to the industry and propel it forward," said Don Ross, Chief Sales Officer for New Way. "We are in a unique position to provide alternative power solutions to waste haulers looking to meet zero emissions goals and decarbonization initiatives. And we look forward to continuing our partnership with Hyzon to field more hydrogen fuel cell refuse collection trucks that will set a new standard for our industry."

Hyzon's high-performance, hydrogen fuel cell systems demonstrated consistent power over an expected range of at least 125 miles, including at least 1,300 cart lifts along with trips to the transfer station, at up to 300% increased fuel efficiency over traditional diesel trucks. Hyzon's trial program has shown range that in some route structures projects to over 1,500 cart lifts on a single fill of hydrogen.

Alongside trials of its industry-leading refuse collection FCETs, Hyzon is advancing its Class 8 200kW FCET trial program. The Company remains on track to complete customer trials with over 30 major fleets across both platforms between July 2024 and 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 trucks 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.

About MDRR
Mt. Diablo Resource Recovery serves customers, communities, and the environment responsibly by optimizing the use of discarded materials. Today, Mt. Diablo Resource Recovery serves over 250,000 residents and thousands of businesses throughout Contra Costa, Napa, and Solano Counties. By combining excellence in customer service with competitive rates and operating recycling and recovery programs designed to increase sustainability and reduce greenhouse gas emissions, MDRR is a leader in the environmental services industry. The company's Material Resource Facility in Pittsburg, California, contains the area's largest state-of-the-art recycling processing center and C+D line to ensure most of the material can be recycled, reused, and kept out of landfills. We are proud to be Trusted + Proven + Essential. For more information, please visit mdrr.com.

About New Way Trucks
New Way Trucks is the largest privately held refuse collection equipment manufacturer in North America. New Way's product lineup features top-performing rear loaders, front loaders and automated side loaders, including the industry-leading Sidewinder XTR™, ROTO PAC® with our exclusive self-cleaning auger, and the small but mighty Wolverine™ - no CDL required. New Way Trucks engineers and builds advanced, dependable, sustainable refuse collection products that best meet what waste haulers need, along with offering top-quality OEM parts and unmatched support and service through our nationwide distributor network. Visit www.newwaytrucks.com to learn more.

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.

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