Thanks, first Henry, communication everyone formal address you, I for taking our call. briefly the join and and thank since gap. XXXX. time This earnings of to filing to is May like Hyzon's would that call
in the and to and providing In response As board has with special company reports. committee robust investigation. experienced are you aware, and the timely which likely significantly a thorough commissioning company Hyzon's internally invested concluding along governance challenges in
our Hyzon we going internal that has provide past XX-Q have earnings reports in of intend Form to a quarterly our on current filing reporting I and periodic basis timely now yesterday's our my on that Hyzon are With obligations over report as XXXX, forward. I periodic accomplished progressed. to investments QX those and proud share improvements significant year, for achievements call including get the the am CEO, first team with we
two fronts. heard our has us, team busy last from on you Hyzon Since at been
the while the across governance, progress integrated committee our and recommendations product, in have restructured, company of organization build special ongoing strong First, the making implementation from including investigation. technology, we to a geography and simplified foundation strengthening
filing of focused engagement, able forward solid a and governance, been footing put and strategic we had company on until with which our This execution the many paused to our now clarity new restart had provide. company to have then to path plan on restart customer which the
XXX of kilowatt internally in externally zero in busy and while mobility stronger. with fuel government date, heavy have have strides Hyzon, the And been and along have I'm in made our hydrogen trucking, cell commercialization support general, electric a grown relaunching our all significant advancement excited stronger emission by we and cell truck. the regulatory to of technology both we for the fuel duty
are strength our our we on cell Today, and core commercializing focused fuel developing technology.
vehicle commercialization We asset-light focus cell and vehicle streamlined have model. support fuel our offerings, this in to an operations assembly geographies
already combination. Later I to approach asset-light this to call, cell are an progress will sharing forward seeing with discuss with of of benefits combined today's in look commercialization. early In-house the details powerful we execution exciting we fuel in technology you. this
preview year the economic set production or is The of proprietary our in goals assembly that and for are and have to competitive of and systems. development membrane from high power design, in-house and MEA. proprietary assembly fundamental the seeing fuel cell implications its beyond. the progress rest electrode Hyzon's we we Starting strength of in-house
major a our kilowatt is of restructuring, and forward the system, accelerated stack prioritized XXX CapEx commercialization the for we and development for industry. cell we step which hiring investments our fuel In and therefore single believe
fuel already prototype into the of advancing is track or for production are kilowatt today have facility, on production progress system start of proud cell of made in system which end-to-end SOP We cell our fuel well XXX the we and US at production XXXX.
XXX is methodology this which earnings its SOP to through kilowatt of development, summarized the posted A-Sample accelerated an utilizing the release. in with the presentation in measure maturity are We
declarations these against talk major expected You the will progress about hear development our future. in and today us
XXXX determined the we this year. throughout specific milestones providing progress So the declaring are as table towards Measure We our for reference. SOP.
half in milestones those of of several achieved XXXX. already have the We first
at a assembling fuel with C-Sample cell goal a and testing a we process include B-Sample of of declaration assembling of A completing June and major design cell and stage, that this later by achieving prototypes final few milestones nine anticipate verification and by initial and of along the XXX year-end. testing durability, XX year end milestones priority system fuel testing systems kilowatt
today, goal. that are we on track to here Sitting reach
MEA started cell and production our and have have single across automation assembly. and system We on full continuous semi-automation cell production roll-to-roll line activities fuel begun stack
expected fuel is vehicle Class with common EV a testing, as our using bench competitor approach showing cell improvements kilowatt Beyond of on many cell to two power. same of XXX approximately US achieve the system of initial truck systems cell kilowatt fuel manufacturing the and eight testing the Alpha we XXX fuel compared
advantages and Hyzon two our and kilowatt fuel costs. XX% weight XX% cell These with lower manufacturing XXX kilowatt systems versus XXX single include volume system lower
improvements early on-vehicle typical measure XX% testing ownership a efficiency, cycle. fuel over makes fuel total indicates cost in the given XX% critical of a of truck's life is also which Our commercial over up
and protects our develop to in is produce a fuel IP, Hyzon's which ability edge. Our technology kilowatt cell firmly rooted single XXX system
Putting spectrum. of and entire patents. materials, relating includes XXX fuel a the plate system IP XXX designs cell bipolar proprietary across and Our total stack processes MEA to
to and kilowatt which Zealand. remains mobility will central kilowatt serve XXX a our and North development focused as our Australia our fuel to cell, our system, exclusive including in single future stack of patents of to roadmap. New These Hyzon are generations base markets and XXX America, develop Europe
we R&D, are vehicle two-thirds of R&D about Beyond which XXXX. those vehicle R&D programs maintained the programs to July in the in EV fuel vital cell have those number compared to have and by powertrain in technology fuel place reduced only the cell
asset-light collaborating relevant IP. while manufacturing, development example is outsourcing in to suppliers we in are and development continues own One technology, the by Hyzon a where battery with to transitioning model similar
simplified development organization to streamlined and we offering, Support model the vehicle this engineering our restructuring. our technology approach focus, and significantly assembly during
vehicle Previously rationalize we variants. we advancing First, distinct were the over product XX portfolio.
the developed the Going for on for The in Australia. Europe we truck, base cab-over each are refuse in vehicle platform truck rigid forward, The vehicle developed the in focusing developed conventional region. development one our US. truck and in
components, and maintenance. powertrain standardized designed acquire modular kilowatt and being platforms. modifications to our serviceability management, Simplifying streamlined chain which around supply all development minimum across global inventory have three are we Second, XXX
duplicating in our are and a fleets and US Europe. into Hyzon we Fontaine In now with XXXX, platform partner, of in the the to design our and vehicle since single US, trialling March and development vehicle are we Lastly, prototyping transitioning pre-production third-party assembly with has assembly Modification. improved been approach informed process the
upfit vehicle systems By can at for fuel leveraging fuel third-party assembly scale cell we an scale trucks and Hyzon EV powertrain cell delivery. established components of with assembler,
commercial customer truck is US year. a from to this Fontaine first later The to expected ship
updates in Europe. asset-light to assembly In is volumes. look the further vehicle to We US, expected this providing the transition in at forward on reduce particularly model assembled future assembly to initial our third-party cost,
costs expect truck third-party of As you on slide can small portion we benefit to By to this expect our cell technology, we with be contribution yield relatively a total customers represent the today trucks deployed in-house of to US, advantages expected XX, positive cost year. fuel see this margin assembled vehicle later mentioned our the previously to our assembly on kilowatt combining a slated costs. XXX
cell we truck of a we the the kilowatt as estimate first smaller year XXX currently also contribution kilowatt margin to scale EV expect expand fuel which XXX positive assembly, within platform. We
cell with to which internal have vehicles combustion case, for Additionally, EVs. dealers serve trucks this can for from in trucks be upfit. as the base can the many US, pre-orders When dealers large upfit directly shipped base for the fleets is Fontaine fuel our
truck. scale XXX Hyzon or In both the With cell for working put the this complete capital up Hyzon's reduction cell and and in does fuel results scenario, broader kilowatt which efficiency powertrain. system and not meaningful fuel base the vehicle the carry in in capital a working truck, cost fuel further total improvements
model the XXXX of subsidies, positive Today subsidies annual approach with parity benefit we units of we already or diesel reach mentioned TCO TCO once We diesel parity expect our even contribution US margin all the the including business without of previously. are at truck to with near benefit with production.
now Turning includes three progress, initial now three agreements This our regions engagements our in to commercial largely customers we anticipated under to activation all and regions. fleet with year. priority anchor all are in restarted maintained this have happy commercial signed
We and deploy globally vehicles by to year-end. commercial XX to expect customers agreements between XX under
a have We potential healthy fleet globally. of also customers pipeline large
fleet North is fleets vehicle engaged and shaping. have where in those America, ten we over commercial trial and completed ten addition pipeline In trials in anchor our But strong to have agreement particularly over customers. or
globally XX commercial commercial agreement good and with in globally trial total planning. our under shape. customers is fleets active and agreements execution In commercial believe pipeline in discussions. XX or Trial We
trucks first for agreement example, cell Food electric the Performance yesterday fuel PFG. announced Group US an or with in our we As
the food in One service America. North companies distribution largest food of and
generation successful XX will single systems fuel which Hyzon be X Class be vehicle is XXX XXX with First kilowatt Hyzon's trial. upfitted on next will an a five cell vehicles and fuel with kilowatt EVs conditional cell additional system kilowatt fuel XXX cell upfitted
agreed mutually together work initial deliveries the regarding EVs. XX for Hyzon Following PFG also have to agreeable a fuel additional cell option and
We mission. PFG decarbonization of to are their partner as with part excited
with Additionally, in and launched we the kilowatt Hylane we XXX commercial Europe. Austria, cab-over activated recently whom of with in customer our in JuVe have relationships first Germany trials vehicles
for mentioned I Many large who As today. decarbonization per trucks of their fleets fleets several large these we previously, are order year fleets. ice are actively hundred seeking focused solutions on
decarbonization However, initial few most an just journey the delivery year. start trucks in with a will
to fleet fueling. impact to to of performance validate stand-up multiyear these their the secure trucks order their aim collaborate able programs with as and in We decarbonization fleets fleets and are we subsidies in additional scale to they the initial in
large to this annually. per to ten would model, not If With customers will as customer in region sufficient this we each collaboration fleet focused be in customer scale to model to is potential. may trucks every scale year XXX XXXX ramp four eventually believe realized, trucks just few this years. But as major general fleets many
fleets year and future, aspirations. size Several of fleet anchor are decarbonization trucks scaling XXX of well given beyond in our per their capable the
the certified our global currently with which also underway our Australian platform Australia way the platforms fuel same cell based Design Finally, refuse in is built US in extension paving Rigid is the ISO been based design. vehicle, electric also commercialisation, first the of for on vehicle
provides will development zero powertrains. a fuel cell mandates program US to bonus prior for near is along fleet heavy HVIP launch the trial adoption. duty Refuse EV The funded publicly Voucher California's use cell for fuel Combination vehicle term pathway case California, further newly refuse created to emission government program. the the ship later voucher year to with a of refuse supported in this in of vehicle truck a powered fantastic
ecosystem It's and circular well a also pairs dual with concept.
the Given hydrogen landfills. production from for potential
Chevron We this will invested morning. with Raven and in to production discuss the SR hydrogen in first project waste California we later
Chart planning targeted in with track Michigan our assembled the and on in liquid for in demonstration. announced Industries XXX test is now with truck fleet hydrogen mile Additionally, development previously a the
effective cost for base operations EV the belief remains liquid and applications required. back longer where is approach that bar is Our fuel XXX approach cell the hydrogen storage hydrogen range well-suited to to future optimal is
and bar Given the XXX tankage. cost on-board reliability and dispensing with significant concerns
extension of on This refueling the is long Charts our existing infrastructure haul a that opening developed. platform conventional tankage once natural anticipate platform. We is hydrogen by truck market the liquid incorporating
expected subsidies model XX our the Hydrogen priority today. including further with markets are by In provides significant truck in and to Hyzon's months technology also its emission port zero progression over the the addition combined with support opportunities advancement program, Fleet Clean many In in California Advanced Reduction the in Act funds, continued government of efforts the emission or to of programs the nationwide. California, include for business and Along advantages, the addition a past the encouraged our of we in deployment drayage Energy's and Department ports equipment Inflation low at Hub focus zero Rule, expansion these are recently which of truck geographies. US, and transportation passed
drayage term relatively hubs program nationwide hydrogen as Port the mid-decade. and country progresses that the in near across
and place subsidy under customers. or put expected the are today economically or road for future that stages be the commercially thousands definition detailed soon, for subsidy are opportunities of for see industry in Given emission trucks viable of on implementation. programs the in to available now and programs proposed to grant We zero
China monetize to existing started first a Finally, trucks announced stop lease China we also with commercially decided and into in to transaction delivering December truck our portfolio XXXX.
and in operate ability related we assessment As governance commercial of commercially our in restructuring our our China challenging investigation, identified concerns committee China. to operation, special part
combination profitability the our US, focus and risk and to of markets in versus Europe to Australia-New This and challenged on those significantly China challenges been our on FCEV has Additionally relatively fronts. Zealand China decision attractive collectibility commercially exit markets. core led to economic
globally performance executing centralizing start senior development. our months, creating leadership been organization rebuilt ability our levels to The and functions, organizational vehicle management efficiency, strengthening team foundational of reset high have ten we to completed structure, the past with stronger our quality, integrated technology and Throughout has significantly we governance. and
talented on past am has Additionally, of our of the the retention a resilience and workforce supporting and we dedication our strong Hyzon for during year. are building engagement focus team skilled with building, and proud our communication, reset. decarbonization culture and despite employee and I our to demonstrated goal global grateful
With with component described development, engineering expertise rapidly of the approach along vehicle and standardized Hyzon's based and function. a and much previously we efficiency. and technology to from our I portfolio across operations enabling Combining rationalized integrated vehicle to progress global collaborating moved globally helped us resource regionally progress
including operations, companies, engineering Chief Caterpillar Officer, continue first commercial bringing Dr. two globally as integrated driving of for global forward experience Hyzon decades to functions than more Bappa joined multinational leading and and delivery. Banerjee Operating us Hyzon's
in development. Officer, background Sue priority joined as their automotive Resources Hyzon's bringing further engineering at and us To experience people HR of Human and both and an extensive our manufacturing Sun-Lasovage companies. Chief investing
We welcomed formerly Farace, global our director Citigroup. the also new leader a board, Andrea at to
As than was of across focused business. company We it to start simplified different you reset and is develop plan not use only each a to execution a part driving ago. time fundamentally year cell our but this of Hyzon can fuel plan, commercialization this see, a
previously. a in a our As supply we the rights companies expands, hydrogen and continue ecosystem hydrogen broad significant through set have relationships to announced production and we investment see of opportunity with active segment the
in a Northern Just announced of in a which to in January facility will hydrogen we to collaboration to Richmond, California. SR Chevron commercialise waste and of XXXX, with hydrogen operations production transportation Raven supply markets illustrate, California,
XX% Okay. Chevron hold stake. Raven we holds equity XX%. XX% the a has and remaining
zero operate up day in hydrogen develop waste currently from XXXX, the of carbon will per to producing reforming facility process. to targeted through Raven's five come Raven tons and to combustion organic online low non
for truck customers estimated integral world provide cost clean as that and can't upside basis EV share our Hyzon to cell both intends Hyzon. fuel conversion parity energy. player an Hyzon's to enables TCO pivots for at be margin an the fuel additional
by We our far. progress are thus excited
we the milestones are have we on. and milestones The in achieved upcoming closing
XXX of Produce For XXXX, kilowatt Europe. fleet additional deliver we kilowatt these EV cell and validate X system Class have several commercial major first agreements C-Sample fleet the milestones, of fuel cell fuel including Hyzon with laid execute a out prototypes. cell customer. our US fuel to commercial XXX customers major XX and in Declares and the US
targeted will Reaching our XXXX these keep half SOP second and milestones to us in track commercialization. on achieve
focus Of management and plan executing with course, along this a performance. is capital core cash for us financial and
who With it plans the go our and going that, over numbers will discussion hand to Jiajia I'll over forward. the
