Benzinga | Dec 13, 2021 01:39PM EST

Hyzon Signs MoU With Taiwan's MiTAC-Synnex For Hydrogen Powered Vehicles

* Hyzon Motors Inc (NASDAQ:HYZN) has signed a Memorandum of Understanding (MoU) with MiTAC-Synnex Group to jointly develop hydrogen-powered commercial vehicles and distribution models optimized for the Taiwan market. The financial terms of the arrangement were not disclosed.

* Under the agreement, Hyzon and HwaQi, a MiTAC-Synnex affiliate, will work to establish a joint operating model delivering a product portfolio, service, and logistics operations specific to the needs of the Taiwan market.

* The companies expect to secure orders from municipalities and private businesses, targeting first commercial shipments in 2022.

* Hyzon is also expected to support MiTAC-Synnex's decarbonization efforts, starting with supplying two fuel cell electric trucks to MiTAC-Synnex in 2022.

* Price Action: HYZN shares are trading lower by 2.23% at $6.57 on the last check Monday.