S&C Advises Hyzon Motors in $2.1 billion SPAC Deal

February 17, 2021

Hyzon Motors Inc. has agreed to merge with Decarbonization Plus Acquisition Corporation, a special purpose acquisition company (SPAC), in a $2.1 billion deal that will take Hyzon public. The transaction is anticipated to generate approximately $626 million in gross proceeds for Hyzon, including a $400 million PIPE investment in connection with the deal. S&C is advising Hyzon on both the merger and the PIPE transaction.
 
Hyzon is developing heavy trucks that run on ecofriendly hydrogen fuel cells instead of traditional gasoline or diesel. The company expects to begin deliveries this year to North American and European clients, with orders lined up from municipalities and Fortune 100 companies.
 
The S&C team advising on the transaction includes Scott Miller, Bob Downes and Benjamin Goodchild. Jeannette Bander advised on executive compensation matters. Davis Wang advised on tax-related matters. Mehdi Ansari and Justin Orr advised on intellectual property matters. Matthew Brennan advised on environmental matters.