Ascent Hydrogen Fund completes investment into hydrogen mobility company Hyzon Motors alongside Total
PARIS and NEW YORK – Oct. 9, 2020 – Hydrogen mobility and clean energy company, HYZON Motors, and Total Carbon Neutrality Ventures, the venture capital arm of European energy giant Total SE today announced a strategic investment led by Total and other specialist hydrogen investors. As part of Total’s ambition to get to net-zero emissions by 2050 together with society, Total Carbon Neutrality Ventures is focused on finding, funding and fostering technology and solutions that contribute to creating a low carbon future.
HYZON Motors is a global supplier of hydrogen fuel cell-powered commercial vehicles, including heavy duty trucks, buses and coaches. Established as a spin-off from Singapore-headquartered Horizon Fuel Cell Technologies Pte Ltd, Hyzon commercializes Horizon’s 17 years of hydrogen technology development for applications in the transportation sector.
Earlier this year, Hyzon expanded existing operations by opening its new US headquarters and Engineering Center at the former General Motors fuel cell facility in Honeoye Falls, New York. Hyzon also launched its European operations in the Dutch city of Groningen with JV partner Holthausen Clean Technology.
With production facilities in North America, Europe and Asia, Hyzon expects to deliver around 5,000 fuel cell trucks and buses over the next three years. By 2025, Hyzon’s expected turn-key capacity will be more than 40,000 fuel cell vehicles annually.
Craig Knight, CEO and Co-Founder of HYZON Motors, commented:
“Over the past 17 years, the HYZON founding team have been fully focused on developing our own proton-exchange membrane (PEM) fuel cell technology, the ‘engine’ of any hydrogen-powered vehicle, with the aim of producing the world’s most advanced fuel cell and the world’s most powerful yet cleanest heavy vehicles. While we already have around 400 buses and trucks on the road with our fuel cells today, the global appetite for zero-emission heavy vehicles has grown significantly and Hyzon is now ramping operations to meet this demand.
“Building out hydrogen mobility technology and assets is a long game and requires significant partnerships. This is why we are pleased to welcome today our new investors and their support for accelerating the energy transition in mobility. In particular, we are delighted to welcome global energy company Total, a leader in the energy transition. As an investor and strategic partner, their experience, technology and infrastructure to supply clean energy, including hydrogen, around the world will be important to the success of HYZON.”
Girish Nadkarni, Chief Executive Officer at Total Carbon Neutrality Ventures, said:
“Total Carbon Neutrality Ventures invests in early stage companies which support Total’s ambition to get to net-zero emissions by 2050, together with society. Its investments allow us to expand the reach of our low carbon- businesses beyond our own borders.
“About a decade ago, Total has set up the H2 Mobility joint venture, alongside other industry partners, to develop the hydrogen mobility ecosystem. Since then, we have developed several H2-related mobility projects, mainly in Europe. Building on this experience, Total is now moving forward in decarbonizing not only mobility -and notably heavy-duty transport- but also industry and energy.
“We are pleased to partner with Hyzon, one of the leading suppliers of hydrogen fuel-cell powered commercial vehicles and look forward to working closely with them as they expand their operations around the world.”
Other investors in this round include Ascent Hydrogen Fund, Hydrogen Capital Partners and Audacy Ventures Ltd.
About HYZON Motors Inc (www.hyzonmotors.com)
HYZON Motors Inc is a US-headquartered hydrogen vehicle company on a mission to help operators of heavy vehicles transition to cost effective, zero emission, sustainable operations. HYZON achieves this by offering attractive economics with no compromise on performance.
HYZON has made significant commercial progress in Europe, Asia and Australia. The company anticipates its novel zero emission mobility model will expand in global markets over the next few years.
About Total (https://www.ventures.total/en)
Total is a broad energy company that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is more affordable, more reliable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.
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Craig Knight, HYZON Motors
SOURCE HYZON Motors