Benzinga - Hyzon Motors Inc (NASDAQ: HYZN) shares are trading higher in Wednesday's after-hours session after the company announced it entered into an equity capital contribution agreement last week with Chevron New Energies, a division of Chevron Corp's (NYSE: NYSE:CVX) U.S. business, and Raven SR.
What Happened: According to a new regulatory filing, Hyzon entered into agreements in which Hyzon Zero Carbon and Chevron agreed to invest in Raven SR S1 LLC, a subsidiary of Raven.
The LLC will develop, construct, operate and maintain a solid waste-to-hydrogen generation production facility located in Richmond, California.
Hyzon Zero Carbon agreed to invest $10 million for approximately 20% ownership in the LLC. The company invested $8.5 million at closing on Dec. 21. The remaining $1.5 million is expected to be paid in 2023.
Hyzon assembles and supplies hydrogen fuel cell-powered commercial vehicles across North America, Europe and China.
HYZN Price Action: Hyzon has a 52-week high of $7.18 and a 52-week low of $1.37.
The stock was up 12.90% in after-hours at $1.58 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Hyzon.
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