Hyzon Motors’ Business Combination with Decarbonization Plus Acquisition Corporation

Vinson & Elkins LLP advised Decarbonization Plus Acquisition Corporation on the deal while Sullivan & Cromwell LLP advised Hyzon Motors Inc.

Decarbonization Plus Acquisition Corporation, a blank check company sponsored by an affiliate of Riverstone Holdings LLC, announced its entry into a definitive agreement with Hyzon Motors Inc. (“Hyzon”), the industry-leading global supplier of zero-emissions hydrogen fuel cell powered commercial vehicles, for a business combination that would result in Hyzon becoming a publicly listed company. The transaction is anticipated to provide gross proceeds of up to approximately $626 million to the company, including a $400 million fully committed common stock PIPE at $10 per share, anchored by existing and new investors.

The V&E team was led by partners Dan Komarek (Picture), Ramey Layne and Milam Newby and senior associates Stancell Haigwood and Zachary Swartz. Other key team members included Matt Usdin, Devika Kornbacher, Benjamin Cukerbaum, David Peck, Lina Dimachkieh, Brian Russell, Joe Milano, Anita Balasubramanian and Elisie Lee.

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.

Involved fees earner: Mehdi Ansari – Sullivan & Cromwell; Jeannette Bander – Sullivan & Cromwell; Matthew Brennan – Sullivan & Cromwell; Robert Downes – Sullivan & Cromwell; Benjamin Goodchild – Sullivan & Cromwell; Scott Miller – Sullivan & Cromwell; Justin Orr – Sullivan & Cromwell; Davis Wang – Sullivan & Cromwell; Anita Balasubramanian – Vinson & Elkins LLP; Benjamin Cukerbaum – Vinson & Elkins LLP; Lina Dimachkieh – Vinson & Elkins LLP; Milam Foster Newby – Vinson & Elkins LLP; Stancell Haigwood – Vinson & Elkins LLP; Dan Komarek – Vinson & Elkins LLP; Devika Kornbacher – Vinson & Elkins LLP; Ramey Layne – Vinson & Elkins LLP; Elisie Lee – Vinson & Elkins LLP; Joseph Milano – Vinson & Elkins LLP; David Peck – Vinson & Elkins LLP; Brian Russell – Vinson & Elkins LLP; Zachary Swartz – Vinson & Elkins LLP; Matthew Usdin – Vinson & Elkins LLP;

Law Firms: Sullivan & Cromwell; Vinson & Elkins LLP;

Clients: Decarbonization Plus Acquisition Corporation; Hyzon Motors Inc. ;

Martina Bellini

Author: Martina Bellini