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News Release | July 2, 2021 |
Hyzon Motors signs agreement to participate
in 1,000 vehicle HyTrucks program
| Hyzon has joined forces with Air Liquide, DATS 24, the Port of Rotterdam, the Port of Antwerp and the Port of Duisburg to advance the HyTrucks program |
| HyTrucks is a consortium of businesses that has pledged to put 1,000 hydrogen trucks and 25 hydrogen refueling stations on European roads by 2025 |
| The project has tapped Hyzon as a key supplier of hydrogen heavy trucks for the initiative |
Rochester, NY July 2, 2021: Hyzon Motors Inc. (Hyzon), a leading global supplier of zero-emission hydrogen fuel cell-powered heavy vehicles, today announced the signing of a Memorandum of Understanding (MoU) to participate in the newly established HyTrucks consortium in Europe.
The HyTrucks consortium, founded by Air Liquide, DATS 24, the Port of Rotterdam, the Port of Antwerp and the Port of Duisburg, is one of Europes largest initiatives aiming to deploy zero-emission heavy vehicle fleets into the continents busiest transportation corridors.
By entering into the agreement, Hyzon will support the HyTrucks programs goal to have 1,000 heavy hydrogen-powered trucks on the road, as well as establishing 25 new hydrogen refueling stations, by 2025, enabling emissions-free road travel between Belgium, the Netherlands and western Germany. More than 100,000 tons per year of CO2 emissions, equivalent to 110 million kilometers (68 million miles) driven, could be avoided from successful deployment of FCEVs such as those that Hyzon manufactures.
Through its participation in HyTrucks, Hyzon joins yet another powerful and growing ecosystem of hydrogen partners that represent the entire mobility value chain: truck manufacturers, transport companies and fuel cell suppliers. As previously announced, Hyzon has joined the Covenant on Hydrogen in Mobility in Utrecht, which plans to bring 1,800 hydrogen vehicles to the Netherlands, and is a member of a European consortium of automotive companies that specified a joint target to deploy up to 100,000 hydrogen fuel cell-powered trucks from 2030 onwards.
Notably, Hyzon has also taken on the role of a hydrogen ecosystem convener through the establishment of the Hyzon Zero Carbon Alliance, an international effort to advance hydrogen ecosystems. With founding members such as AXA, Bank of America, Raven SR, ReCarbon, and Total, Hyzon has aligned the supply and demand side of the sector, pooling collective expertise to make zero-emissions hydrogen mobility a reality.
Decarbonizing heavy road transport is essential to meeting global climate goals and hydrogen heavy vehicles offer Europe and other regions a fast lane to that reality, said Hyzon CEO Craig Knight. Collaboration will be central to this effort and key to scaling hydrogen mobility solutions world-wide so were excited to join the prominent members of HyTrucks and to supply our proven zero-emission heavy trucks to help Europe put 1,000 more hydrogen powered trucks on the road by 2025.
About Hyzon Motors
Headquartered in Rochester, NY with US operations also in Chicago and Detroit, and international operations in the Netherlands, Singapore, Australia and China, Hyzon is a leader in hydrogen mobility. Hyzon is a pure-play hydrogen mobility company with an exclusive focus on hydrogen in the commercial vehicle market. Utilizing its proven and proprietary hydrogen fuel cell technology, Hyzon aims to supply zero-emission heavy duty trucks and buses to customers in North America, Europe, and around the world. The company is contributing to the escalating adoption of hydrogen vehicles through its demonstrated technology advantage, leading fuel cell performance and history of rapid innovation. Visit www.hyzonmotors.com.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, including those regarding Decarbonization Plus Acquisition Corporations (DCRB) proposed acquisition of Hyzon and DCRBs ability to consummate the transaction, are forward-looking statements. When used in this press release, the words could, should, will, may, believe, anticipate, intend, estimate, expect, project, the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on managements current expectations
and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, DCRB and Hyzon disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. DCRB and Hyzon caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of either DCRB or Hyzon, including risks and uncertainties described in the Risk Factors section of Exhibit 99.3 of DCRBs Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the SEC) on February 9, 2021, the Risk Factors section of DCRBs definitive proxy statement on Schedule 14A filed with the SEC on June 21, 2021, and other documents filed by DCRB from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements, such as risks related to the ability to convert non-binding memoranda of understanding into binding orders or sales (including because of the current or prospective financial resources of the counterparties to Hyzons non-binding memoranda of understanding and letters of intent), or the ability to identify additional potential customers and convert them to paying customers. Hyzon gives no assurance that Hyzon will achieve its expectations.
Important Information for Investors and Stockholders
In connection with the proposed business combination, DCRB filed a proxy statement and other relevant documents with the SEC. Stockholders and other interested persons are urged to read the proxy statement and any other relevant documents filed with the SEC because they contain important information about DCRB, Hyzon and the proposed business combination. Stockholders may obtain a free copy of the proxy statement, as well as other filings containing information about DCRB, Hyzon and the proposed business combination, without charge, at the SECs website located at www.sec.gov.
Participants in the Solicitation
DCRB, Hyzon and their directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from DCRBs stockholders in respect of the proposed business combination and the other matters set forth in the proxy statement. Information regarding DCRBs directors and executive officers is available in DCRBs Annual Report on Form 10-K for the annual period ended December 31, 2020, and under the heading Information About DCRB in DCRBs definitive proxy statement related to the proposed business combination filed with the SEC on June 21, 2021. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is set forth in the proxy statement relating to the proposed business combination.
Media contacts
Hyzon Motors contacts
For U.S., Europe and Asia media:
Caroline Curran
Hill+Knowlton Strategies
+1 256-653-5811
caroline.curran@hkstrategies.com
For Australasian media:
Fraser Beattie
Cannings Purple
+61 421 505 557
fbeattie@canningspurple.com.au
For Investors:
Caldwell Bailey
ICR, Inc.
HyzonMotorsIR@icrinc.com
***
Forward Looking Statements
The information in this filing includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this filing, regarding Decarbonization Plus Acquisition Corporations (DCRB) proposed acquisition of Hyzon Motors Inc. (Hyzon), DCRBs ability to consummate the transaction, the benefits of the transaction and the combined companys future financial performance, as well as the combined companys strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this filing, the words could, should, will, may, believe, anticipate, intend, estimate, expect, project, the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on managements current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, DCRB and Hyzon disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. DCRB and Hyzon caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of either DCRB or Hyzon. In addition, DCRB cautions you that the forward-looking statements are subject to the following factors: (i) the occurrence of any event, change or other circumstances that could delay the business combination or give rise to the termination of the Business Combination Agreement and Plan of Organization, dated as of February 8, 2021, by and among DCRB, DCRB Merger Sub Inc., and Hyzon, any PIPE investors subscription agreement, and the other agreements related to the business combination (including catastrophic events, acts of terrorism, the outbreak of war, COVID-19 and other public health events), as well as managements response to any of the foregoing; (ii) the outcome of any legal proceedings that may be instituted against DCRB, Hyzon, their affiliates or their respective directors and officers following announcement of the transactions; (iii) the inability to complete the business combination due to the failure to obtain approval of the stockholders of DCRB, regulatory approvals, or other conditions to closing in the transaction agreement; (iv) the risk that the proposed business combination disrupts DCRBs or Hyzons current plans and operations as a result of the announcement of the transactions; (v) Hyzons ability to realize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the pace and depth of hydrogen vehicle adoption generally, and the ability of Hyzon
to accurately estimate supply and demand for its vehicles, and to grow and manage growth profitably following the business combination; (vi) risks relating to the uncertainty of the projected financial information with respect to Hyzon, including the conversion of pre-orders into binding orders; (vii) costs related to the business combination and the PIPE investment; (viii) changes in applicable laws or regulations, governmental incentives and fuel and energy prices; (ix) the possibility that Hyzon may be adversely affected by other economic, business, and/or competitive factors; (x) the amount of redemption requests by DCRBs public stockholders; and (xi) such other factors affecting DCRB that are detailed from time to time in DCRBs filings with the Securities and Exchange Commission (the SEC). Should one or more of the risks or uncertainties, or should underlying assumptions prove incorrect, actual results and plans could different materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in DCRBs definitive proxy statement filed with the SEC on June 21, 2021, and its periodic filings with the SEC, including its Annual Report on Form 10-K for annual period ended December 31, 2020. DCRBs SEC filings are available publicly on the SECs website at www.sec.gov.
Important Information for Investors and Stockholders
In connection with the proposed business combination, DCRB filed a definitive proxy statement with the SEC on June 21, 2021. Additionally, DCRB will file other relevant materials with the SEC in connection with the business combination. Copies may be obtained free of charge at the SECs web site at www.sec.gov. Security holders of DCRB are urged to read the proxy statement and the other relevant materials when they become available before making any voting decision with respect to the proposed business combination because they contain or will contain important information about the business combination and the parties to the business combination.
Participants in the Solicitation
DCRB and its directors and officers may be deemed participants in the solicitation of proxies of DCRBs stockholders in connection with the proposed business combination. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of DCRBs executive officers and directors in the solicitation by reading DCRBs Annual Report on Form 10-K for the annual period ended December 31, 2020, and the proxy statement and other relevant materials filed with the SEC in connection with the business combination. Information concerning the interests of DCRBs participants in the solicitation, which may, in some cases, be different than those of their stockholders generally, is set forth in the proxy statement relating to the business combination.