Hyzon Motors (Hyzon) a Nasdaq-listed developer of commercial hydrogen fuel cell vehicles (FCEVs) announced that its subsidiary Hyzon Zero Carbon entered into an agreement with Raven SR, a producer of hydrogen-rich syngas, and Chevron New Energies to deploy a waste-to-hydrogen facility in Richmond, California.

Under the agreement, the companies will collaborate to develop, build, operate, and maintain a waste-to-hydrogen facility. As part of the agreement, Hyzon Zero Carbon will invest USD 10 million for an approximate stake of 20% in Raven SR.

Hyzon Zero Carbon already invested USD 8.5 million with plans to invest the remaining USD 1.5 million by 2023.

Analyst QuickTake: This investment of USD 10 million was announced on the heels of a EUR 1.7 million (USD 1.75 million) grant funding awarded to Raven SR by the European Commission to deploy a waste-to-hydrogen production facility in Aragon, Spain. The facility was expected to generate 1,600 tons of renewable hydrogen per year with commercial operations to begin in 2024 to fuel hydrogen-powered vehicles.