Hyzon SPAC Presentation Deck slide image

Hyzon SPAC Presentation Deck

Fuel Cell EV (FCEV) Economics Are Driven by Fuel Cost Fuel cell trucking is already cost competitive The largest factor driving the economics of diesel versus hydrogen heavy trucks is the cost of the fuel used Hydrogen is produced from natural gas today for petroleum refining and industrial use for <$1 per kg globally ■ The price of hydrogen is expected to decrease rapidly as green production scales around the world, while oil derivatives will likely become more expensive through a dearth of investment We believe that waste gas or various wastes as sources of hydrogen will be even cheaper as money is paid to those capturing landfill gas or processing mixed solid waste that otherwise goes to landfill We believe that fuel cell costs will drop as Hyzon reaches scale ■ Various regions are developing additional financial incentives encouraging the adoption of fuel cell technology European jurisdictions offer Road Tax Savings of $120,000-300,000 over a typical life of a commercial vehicle FUTURE OF HYDROGEN IS NOW California has a Low Carbon Fuel Standard rule which will credit the dispenser of hydrogen by $1.75 per kg if the hydrogen is produced by natural gas (and even more for renewable hydrogen) COST OF CLASS 8 TRUCK MILES DRIVEN TRUCK COST PER MILE FUEL COST PER US GALLON FUEL COST PER kg MILES PER US GALLON MILES PER kg FUEL COST PER MILE SERVICE + MAINTENANCE PER MILE TOTAL COST PER MILE INCL. EUROPEAN SUBSIDY¹ INCL. CALIFORNIA SUBSIDY² DIESEL CA $140,000 700,000 $0.20 $3.25 6.25 $0.52 $0.21 $0.93 DIESEL EUROPE $115,000 700,000 $0.16 $4.00 6.25 $0.64 $0.21 $1.01 NEAR TERM MEDIUM TERM FUEL CELL FUEL CELL ECONOMICS ECONOMICS $240,000 700,000 $0.34 $4.00 7.5 $0.53 $0.15 $1.02 $0.85 $0.79 $150,000 700,000 $0.21 $3.00 9.0 $0.33 $0.15 $0.70 $0.53 $0.47 Source: Hyzon Motors, Department of Energy. Note: Actual values may vary, projections based on management forecasts. ¹ Assumes European subsidy equivalent of $0.17 per mile. 2 Assumes California subsidy equivalent of $0.23 per mile. HYZON | DCRB+ 12
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