- Shares of Hyzon Motors ( NASDAQ: HYZN ) +18.6% on Thursday after the company's unit and Chevron U.S.A. announced an investment in Raven, a waste management company which converts garbage into fuel.
- Hyzon Zero Carbon will take a 20% stake in Raven for $10 million, and Raven will develop, construct, operate and maintain a solid waste-to-hydrogen facility located in Richmond, California.
- The EV company also disclosed in a separate filing that its Hyzon Shanghai unit sold all of its equity interest in Hyzon Guangdong to HYMAS, the controlling shareholder of the company, for about $3.1 million.
- Hyzon said the Guangdong stake sale reflects its decision to exit the truck market and wind down commercial truck portion of its operations in China, while continuing its China-based R&D and procurement operations.
- Hyzon said upon execution of the equity transfer, it entered into a share buyback with HYMAS, whereby Hyzon repurchased about 3.8 million of its shares for $6.4 million cash.
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Hyzon and Chevron invest in waste-to-fuels company Raven