Hyzon Motors to Invests $10 Million to Develop Waste-to-Hydrogen Plant in Richmond, California
Hyzon Motors announced that its subsidiary, Hyzon Zero Carbon, has entered into an agreement with Chevron New Energies and Raven 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 Carbon investing $8.5 million at the closing and the remaining $1.5 million expected to be paid in 2023.
The announcement was made in a filing with the Securities and Exchange Commission.