Hyzon Motors Inc (NasdaqGS: HYZN) announced the signing of a memorandum of understanding (MoU) with Shanghai Hydrogen HongYun Automotive Co., ltd to purchase 500 hydrogen-powered electric trucks.
Hyzon Motors expects, subject to execution of a definitive vehicle supply agreement, to provide 49-ton hydrogen-powered tractor trucks to HongYun. Under the non-binding MoU, the initial order of 100 vehicles is expected before the end of 2021 while the other 400 vehicles will be ordered in 2022.
HongYun Automobile focuses on providing logistics solutions primarily through hydrogen-powered fuel cell electric vehicles. The company offers operation, leasing, and maintenance services for customers across the country, including one of the world’s largest steelmakers. After Hyzon delivers the vehicles, HongYun will be responsible for the subsequent commercial arrangements with its end customers.
“Hydrogen fuel cell technology has been adopted more quickly in China than in the rest of the world,” said Hyzon CEO Craig Knight. “This allows Hyzon to begin the critical work of decarbonizing the environment, while building experience, capacity, and expertise which will be applied globally.”