Hyzon Motors announced it has entered into a common stock purchase agreement (the Agreement) with Holthausen Clean Technology Investments, B.V. a private limited liability company registered in the Netherlands. Under the terms of the Agreement, Hyzon will acquire from Holthausen one million four hundred eighty-five thousand (1,485,000) shares in Hyzon Motors Europe B.V. (Hyzon Europe), a joint venture operating as a private limited liability company registered in the Netherlands for a purchase price of €5.52 million.  The acquisition will result in Hyzon owning 100% of the outstanding shares of Hyzon Europe. 

Hyzon’s agreement with Holthausen demonstrates the Company’s commitment to improving its competitive positioning by correcting inefficiencies discovered in the European operations and strategy while adhering to the refreshed long-term growth strategy of the Company.  

“This agreement is a positive step towards realigning our business and improving our market position and value creation opportunities,” said Parker Meeks, President and Interim Chief Executive Officer of Hyzon. “We firmly believe that this acquisition will facilitate those operational improvements essential to a world-class organization. It will allow us to introduce a high-performance, standardized heavy-duty FCEV, supporting our customers’ transition to decarbonized commercial trucking.” 

 Hyzon’s management team remains focused on the delivery of its core fuel cell technology in a standardized leading cabover FCEV, commercializing a single initial heavy-duty truck platform and enabling Hyzon’s customers’ zero emission commercial trucking goals in the European region. Holthausen will continue to deliver zero emission specialty trucks. 

“Hyzon’s agreement with Holthausen demonstrates the ongoing commitment from both companies to ensure that each business is well positioned to build a new era of innovation and growth while continuing to meet Europe’s decarbonization objectives. We remain committed to helping the world decarbonize transportation through specialty zero emission trucks”, said Carl Holthausen, Chief Technology Officer of Holthausen.   

The transaction is expected to close on or before December 31, 2022.