Hyzon Motors, a supplier of zero-emission hydrogen fuel cell-powered commercial vehicles, launched a leasing service for the provision of heavy-duty fuel cell electric vehicles (FCEVs) to its customers in the European Union.

As announced on Feb. 9, Hyzon entered into a definitive agreement for a business combination with Decarbonization Plus Acquisition, a publicly-traded special purpose acquisition company (SPAC), that would result in Hyzon becoming a publicly listed company. Completion of the proposed transaction is subject to customary closing conditions and is expected to occur in Q2/21.

Through the leasing service, Hyzon intends to enable potential European Union customers to operate the company’s branded vehicles through a leasing model.

Hyzon and its partners have been developing lifecycle solutions that enable fleet operators to make the transition to hydrogen fuel cell commercial vehicles. The company’s new lease offering represents the first step in the development of a holistic fleet leasing offering for the European market. The lease offering is expected to include hydrogen fuel, insurance, service and maintenance for Hyzon and Hyzon-branded vehicles.

The company also aims to be among the first companies to supply customers with a hydrogen fuel cell truck at total cost of ownership (TCO) parity with diesel-powered commercial vehicles in Europe. Hyzon expects to play a significant role in the European Union’s transition to hydrogen energy through its manufacturing base in Groningen, the Netherlands.

“We are excited to be able to offer this leasing service to our customers in Europe and to support fleet operators in making the switch to hydrogen,” Craig Knight, CEO of Hyzon, said. “This leasing service aims to offer the quickest possible pathway for our customers to make the transition to zero-emission hydrogen fuel cell-powered heavy vehicles that can go toe-to-toe with diesel engines on both costs and refueling time.”