Hyzon Motors to expand in Germany with acquisition of Orten Betriebs GmbH and Orten Electric Trucks GmbH

• Through the transaction, Hyzon plans to establish operational footprint and customer access in attractive German Zero Emission truck market, including expansion of electrification and powertrain kit expertise & assembly capacity
• With almost one century of experience in the truck and trailer industry, the ORTEN Group is one of the pioneers for the electrification of new and used commercial diesel vehicles, supporting worldwide CO2 free mobility.

ROCHESTER, N.Y., June 14, 2022 /PRNewswire/ -- Hyzon Motors (NASDAQ: HYZN), a global supplier of zero-emissions hydrogen and fuel cell powered commercial vehicles, announced today the signing of a definitive agreement to acquire ORTEN Betriebs GmbH and subsidiaries, and ORTEN Electric Trucks GmbH, German manufacturers of innovative truck and trailer bodies for the beverage industry (collectively, "ORTEN"). The transaction is expected to close in the fourth quarter, 2022.

The acquisition brings three fully-operational production facilities and a team of over 80 employees under the Hyzon umbrella. ORTEN's employees are experienced in electrification, retrofitting, and bodybuilding, all critical elements of Hyzon's FCEV build process. Additionally, ORTEN management has extensive, long-standing customer relationships across Germany.

Complementary product lines between Hyzon and ORTEN, in combination with ORTEN's body and powertrain kits, provide a comprehensive solution for customers transitioning their fleets to zero emissions: vehicles up to 26 tons can be transitioned to ORTEN's existing offering of battery electric vehicles, while the operational requirements of medium- and heavy-duty vehicles can be met with Hyzon's FCEVs.

Germany is expected to be a major global market for zero-emission commercial vehicles in the coming years. The European Union recently announced a total ban on sales of combustion engine cars from 2035, and Germany offers various incentives to transition heavy vehicles off diesel, including some that provide subsidies for up to 80% of the additional investment costs of going electric compared to replacing vehicles with diesel equivalents; and even greater levels of subsidy for some public fleets.