Hyzon Motors up 6% on plans to develop green hydrogen supply with Woodside Petroleum
Dec. 07, 2021 9:11 AM ETHyzon Motors Inc. (HYZN), WDSBy: SA News Team
- Hyzon Motors (NASDAQ:HYZN) is up 6% in pre-market trading after the company extends its partnership with Australia's Woodside Petroleum (WOPEF, WOPEY) to develop liquid hydrogen supply.
- Under the agreement, the companies will evaluate opportunities to develop green hydrogen production facilities and building demand from medium- and heavy-duty commercial vehicle customers in the United States and Australia.
- The deal follows a joint venture formed between Woodside Petroleum and Hyzon Motors to build an initial 290 MW hydrogen production facility in Oklahoma.
- The facility is to use electrolysis to produce up to 90 tons/day of liquid hydrogen for the heavy transport sector.
- "By partnering with Woodside to develop liquid hydrogen supply, Hyzon furthers its goal of decarbonizing heavy transport by reducing the infrastructure development requirements which currently hinder long-range trucks from converting to hydrogen. This is particularly relevant for the Australian market, where freight corridors face especially long distances between refueling, as well as for coast-to-coast trucking in the US," says Parker Meeks, Hyzon’s Chief Strategy Officer.
- Initially, the projects will be focused to serve existing and potential demand for Hyzon ultra-long-range trucks and future high energy usage mobility use cases.
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