By Stephen Nakrosis

A subsidiary of Hyzon Motors Inc. and a division of Chevron U.S.A. Inc. agreed to make investments in Raven SR S1 LLC, a wholly owned subsidiary of clean fuels company Raven SR.

Hyzon Zero Carbon, Inc. and Chevron New Energies entered into an equity capital contribution agreement to invest in Raven SR S1 LLC. The LLC will "develop, construct, operate and maintain a solid waste-to-hydrogen generation production facility located in Richmond, California," Hyzon said.

The deal will see Hyzon Zero Carbon invest $10 million for an approximately 20% ownership in the LLC, Hyzon said, while Chevron New Energies will invest $20 million.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

December 28, 2022 17:40 ET (22:40 GMT)

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