Letter to Our Stockholders Dear Fellow Stockholders, On behalf of Hyzon Motors Inc.’s Board of Directors, it is my pleasure to invite you to attend the 2023 Annual Meeting of Stockholders, which will be held at 9:00 AM, Eastern Time, on August 23, 2023, via live webcast. Stockholders must register for this webcast at www.proxydocs.com/HYZN; upon registration, you will receive a unique URL by email that you can use to gain access to the meeting. Over the past twelve months, Hyzon has experienced a significant transformation. We restructured, integrated, and simplified our Company, strengthened our governance, and built a strong foundation to advance our proprietary fuel cell technology and our fuel cell electric vehicle (“FCEV”) platforms in targeted markets. This has included adding depth to both our executive team and our Board of Directors, with the addition of talented and experienced leaders to each who are excited to join our mission at this critical time. With this foundation in place, we have begun to execute on our newly focused strategic plan, which centers on our core strength – developing and commercializing our distinct fuel cell technology. Throughout the year, we have invested in the commercialization of our proprietary single stack 200kW fuel cell, which we believe will be a significant industry breakthrough due to its weight, size, cost, power, and fuel efficiency advantages. Further, we prioritized hiring and capital spend to advance the development of the 200kW fuel cell system and build out our manufacturing capacity in our Bolingbrook, IL facility, while discontinuing a significant number of vehicle research and development programs that were not vital to the FCEV powertrain. In support of this technology development focus, we simplified our vehicle offering, engineering organization, and assembly model. We rationalized our product portfolio from over 20 distinct vehicle variants to one vehicle platform in each of our newly determined target markets: the conventional truck in the US, the cabover truck in Europe, and the rigid truck, the base for our refuse vehicle, in Australia. Additionally, we streamlined our 200kW powertrain around modular standardized components, which are designed to require minimum modifications across all three platforms. This simplifies our global supply chain and inventory management, serviceability and maintenance, and allows us to remain asset-light by leveraging thirdparty vehicle assemblers. We are grateful as well to have the continued support of our customers and suppliers across the fuel cell, vehicle and hydrogen infrastructure value chain, as we now transition into commercialization of our core FCEV truck platforms with customers in each region. We continue to work closely in North America, Europe and Australia & New Zealand with our anchor and trial customers with the aim of advancing our commercial pipeline forward based on our re-focused strategy and execution plan. We now have over a year of real customer trial experience on our heavy-duty FCEV powertrain, across a full range of customer use cases and external environments. I am excited by the significant strides we have made to date, both in the advancement of our 200kW fuel cell technology and in the commercialization of our heavy-duty FCEVs. In the past few months, we have achieved several milestones, including: • We announced an agreement with food and foodservice distribution company, Performance Food Group, for five Hyzon Class 8 110kW FCEVs, with an additional 15 200kW FCEVs, conditional on a successful vehicle trial. • We completed assembly and testing of nine single stack 200kW fuel cell system B-samples, keeping us on-track to declare start of production in the second half of 2024. • We announced commencement of our initial commercial vehicle deployments into trial in Europe with Hylane in Germany and Juve in Austria. • We announced receiving ISO certification for our Rigid truck platform developed in Australia, which we anticipate deploying into its first customer commercial trial this year. I am thankful for the support and commitment of our stockholders, employees, customers, and partners throughout the past year. With focused strategy and precise execution, we believe Hyzon is ready to lead the transition to hydrogen-powered heavy-duty mobility. Once you have read the attached proxy statement, we ask for your vote for the proposals to elect the proposed slate of directors, and to ratify the appointment of our independent registered public accounting firm, KPMG. We look forward to you joining us at the Annual Meeting of Stockholders of the Company. Best, Parker Meeks CEO July 14, 2023
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