Hyzon motors inc. reports full year and fourth quarter 2021 results, delivers fuel cell vehicles, playing a pivotal role in the transition to hydrogen
Recent business highlights increased backlog1,2 to $287m up 246% from our last update in july 2021 membrane electrode assembly ("mea") production line in illinois being commissioned "made in usa" heavy-duty truck fuel cell production on track for the second half of 2022 first north america trial with total transportation services ("ttsi") kicked off at the port of long beach received an order to supply 18 hyzon trucks in europe, to a leading global logistics group as the anticipated end user established hyzon's australian headquarters in partnership with royal automobile club of victoria ("racv") to develop a purpose-built facility expected to generate over 100 localized engineering and manufacturing jobs by 2025 2021 highlights exceeded vehicle delivery guidance with 87 hyzon fuel cell electric vehicles ("fcevs") delivered; total contract value for these deliveries was $19.6 million3 total headcount across global operations increased to approximately 200 employees established u.s operations, laying the foundation for leading manufacturing capability of high-powered proton-exchange membrane ("pem") fuel cells, with full vertical integration on local mea production expanded our global footprint with facilities in four continents, providing access to markets and vital international talent and technological developments advanced our vehicle deployment and hydrogen infrastructure strategy globally through investments in raven sr and partnerships with mpreis, ark energy, superior pak, coregas, geesinknorba, woodside energy, tc energy, itochu, recarbon, totalenergies and mitac synnex deployed hyzon vehicles in four continents for internal validation, use in real-world demonstrations, trials, and commercial operations reported a cash balance of $445.1 million as of december 31, 2021, which includes proceeds from the business combination with decarbonization plus acquisition corporation that was completed in july 2021 1backlog is defined as orders and non-binding mous through 2025 and are subject to cancellation. backlog as of 3/22/2022 consists of $224m non-binding mous and $63m firm orders; includes $92m mou and $9m firm order with shanghai hongyun and $115m mou from geesink 2mous in which number of units and commercial terms have not yet been agreed upon are excluded from our backlog 3includes $13.6 million of contract value to be collected over 5 years rochester, n.y.
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