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Why did it increase 1.16% today

  • Hyzon Motors Inc (NASDAQ: HYZN) share price rose 1.16% today. This is why.

The share price of Hyzon Motors Inc (NASDAQ: HYZN), a global provider of zero-emission hydrogen and fuel cell powered commercial vehicles, rose 1.16% today. Investors are responding positively to Hyzon Motors’ announcement of the signing of a definitive agreement to acquire ORTEN Betriebs GmbH and its subsidiaries, and ORTEN Electric Trucks GmbH, German manufacturers of innovative truck and trailer bodies for the beverage industry. The deal is expected to close in the fourth quarter of 2022.

This acquisition brings three fully operational production facilities and a team of more than 80 employees under the Hyzon umbrella. And ORTEN employees have experience in electrification, retrofitting and body building, all critical elements of Hyzon’s FCEV build process. And the ORTEN management has extensive and long-standing relationships with customers throughout Germany.

The complementary product lines between Hyzon and ORTEN, in combination with ORTEN’s body and drivetrain kits, provide a comprehensive solution for customers transitioning their fleets to zero emissions: vehicles up to 26 tons can move to ORTEN’s existing battery electric vehicle offering, 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. And the European Union recently announced a total ban on sales of combustion-engined cars from 2035 and Germany offers various incentives for heavy-duty vehicles to switch from diesel, including some that provide subsidies of up to 80% of the additional investment costs of going electric compared to replacing them. vehicles with diesel equivalents; and even higher subsidy levels for some public fleets.

KEY QUOTES:

“We are proud to grow our team and our reach through such an esteemed and innovative solution provider in German logistics. We look forward to working with the ORTEN team to accelerate Germany’s move to zero emissions through hydrogen fuel cell technology and deepen relationships with ORTEN’s customers in the beverage industry to include the potential of the Hyzon. VEGF”.

—Craig Knight, CEO of Hyzon Motors

“Looking back on a nearly 100-year history of providing innovative solutions to our commercial and municipal customers, we are happy and proud to join forces with Hyzon to build a better future. As pioneers in the field of battery electric trucks, we now have the opportunity to extend our proprietary knowledge of electrification and body construction. I would like to express my gratitude to my employees, customers and suppliers and look forward to a successful cooperation with Hyzon.”

— Robert Orten, long-term owner and CEO of the ORTEN group

Disclaimer: This content is for informational purposes. Before making any investment, you should do your own analysis.

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