(Hyzon) Shares of Hyzon Motors Inc. rose more than 3% on Monday in premarket after it said it will supply 18 fuel cell electric trucks to Hylane Gmbh.
Hyzon said that under Hylane’s sustainable mobility model, fleet owners will be able to deploy the trucks in their operations through a rental agreement with Hylane.
Hylane will cover the downtime costs and maintenance, in an arrangement that will allow customers to pay for the miles driven.
Hyzon says that through the pay-per-user approach, Hylane will minimize the risk for customers and accelerate the rate of electrification.
Hylane, a wholly-owned subsidiary of one of Germany’s leading motor insurers DEVK Versicherung, has so far confirmed rental contracts for its first vehicles. The company is also holding discussions with several transport companies seeking to transition to zero-emission options.
The development happens when Germany is seeking a total ban on sales of combustion cars by 2035, in a market shake-up seeking to transition to zero-emission vehicles.
HYZN: NASDAQ is -3.53%
