On December 21, 2022, Hyzon Zero Carbon, a wholly owned subsidiary of Hyzon Motors (HYZN), entered into an Equity Capital Contribution Agreement with Chevron New Energies, a division of Chevron U.S.A. Inc. (CVX), and Raven SR, Inc., whereby Hyzon Zero Carbon and Chevron agreed to invest in Raven SR S1 LLC, a wholly owned subsidiary of Raven and a Delaware limited liability company. The LLC will develop, construct, operate and maintain a solid waste-to-hydrogen generation production facility located in Richmond, California. Under the Agreement, Hyzon Zero Carbon agreed to invest $10 million for an approximately 20% ownership in the LLC. The foregoing transaction closed on December 21, 2022, with Hyzon Zero Carbon investing $8.5 million at closing, and the remaining $1.5 million to be invested pursuant to the terms of the Agreement and expected to be paid in 2023.
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