TO BUILD ASSEMBLY
PLANT FOR HYDROGEN-POWERED VEHICLES IN NEOM

RIYADH
May 30, 2021

HYZON,
MODERN GROUP

Hyzon Motors Inc. (Hyzon),

A leading global supplier of zero-emission hydrogen fuel cell-powered commercial vehicles, jointly with Modern Industrial Investment Holding Group (Modern Group), a Saudi industrial conglomerate, on Thursday announced the signing of a memorandum of understanding with NEOM Company for the development of a vehicle assembly facility in NEOM.

NEOM, the $500 billion giga-project in northwest Saudi Arabia. is committed to becoming fully sustainable, powering itself through the use of 100 percent renewable energy and with net-zero emissions by 2030. A green hydrogen ecosystem will play a vital role both for the export of renewable energy and for net-zero carbon technologies for power and transportation in NEOM.

Hyzon, Modern Group and NEOM Company plan to work closely over the next 18 months to finalize plans and specifications for the new regional assembly facility, with an anticipated annual capacity to assemble up to 10,000 vehicles. Hyzon and Modern Group plan to incorporate a joint venture company, Hyzon Motors Middle East (ME), which would focus on supplying locally-built.

Partnering with Hyzon and Modern Group

will expedite NEOM’s self-sufficiency ambitions and is a great opportunity to showcase hydrogen-electric applications that are complementary to battery-electric solutions, in particular for heavy-duty and long-range logistics. We see hydrogen as the most viable solution to power the world of tomorrow and this is a further demonstration of our commitment to creating the world’s first net-zero carbon, sustainable city.”