Hyzon Motors announced that its subsidiary, Hyzon Zero Carbon, has entered into an agreement with Chevron New Energies andRaven SR LLC to develop, build, operate, and maintain a solid waste-to-hydrogen generation facility in Richmond, California.
As part of the deal, Hyzon Zero Carbon will invest $10 million for an approximately 20% stake in Raven S1 LLC.
The transaction closed on December 21, 2022, with Hyzon Zero (arbon investing $8.5 million at the closing and the remaining $1.5million expected to be paid in 2023.
The announcement was made in a filing with the Securities and Exchange Commission.
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