Hyzon Motors Inc., a global supplier of zero-emissions hydrogen fuel cell powered commercial vehicles, and Decarbonization Plus Acquisition Corporation (NASDAQ: DCRB) have announced a definitive agreement for a business combination that would result in Hyzon becoming a publicly listed company.
The business combination values the combined company at $2.1 billion. The proceeds wil be used to fully fund and accelerate Hyzon’s well-defined growth strategy in the hydrogen fuel cell-powered, zero-emission commercial transportation sector.
The U.S. company’s leadership will remain intact, with Craig Knight continuing as Chief Executive Officer of the combined company, overseeing its strategic growth initiatives and expansion. Completion of the proposed transaction is expected to occur in the second quarter of 2021.
Knight says: “We are excited to partner with DCRB at an important inflection point for our company, hydrogen and society. Deliveries of Hyzon fuel cell powered heavy trucks to customers in Europe and North America will occur this year, well ahead of our competitors, and our committed sales pipeline is proof that the world is truly recognizing the need to develop innovative solutions to mitigate climate change and accelerate efforts to move the world economy down the path to net-zero emissions.”
Erik Anderson, Chief Executive Officer of DCRB adds: “After evaluating dozens of very promising low-carbon platforms, we are excited to announce our combination with Hyzon. Hyzon is a truly differentiated company that is accelerating and leading the hydrogen transition with captive, proven fuel cell technology and superior performance. We look forward to working with Craig and the entire team to help advance the company’s compelling mission for the environment, automotive industry and investors alike.”
Headquartered in Rochester, NY and with operations in Europe, Singapore, Australia and China, Hyzon is a leader in hydrogen mobility. It will produce zero emission heavy duty trucks and buses for customers across North America, Europe, Asia and Australia.
Keyword: Hydrogen Fuel Cell Heavy Vehicle Company, Hyzon Motors, Joins NASDAQ Listing Frenzy: Valued at $2.1 Billion