Raven SR, Chevron and Hyzon Motors Collaborate to Produce Hydrogen from Green Waste in Northern California

• Hydrogen to be produced from green waste and food waste with non-combustion reforming process
• Richmond, Calif., production facility to serve local hydrogen transportation fuel market, replacing conventional fuels
• Commercial operations targeted for Q1 2024

PINEDALE, Wyo. and HOUSTON, Jan. 9, 2023 /PRNewswire/ -- Raven SR Inc. (Raven SR), a renewable fuels company, Chevron New Energies, a division of Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX), and Hyzon Motors Inc. (NASDAQ: HYZN) today announced they are collaborating to commercialize operations of a green waste-to-hydrogen production facility in Richmond intended to supply hydrogen fuel to transportation markets in Northern California.

The facility will be owned by a newly formed company, Raven SR S1 LLC (Raven SR S1). Raven SR will be the operator of the facility, which is targeted to come online in the first quarter of 2024. Chevron holds a 50% equity stake in Raven SR 1. Raven SR holds a 30% stake and Hyzon owns the remaining 20%.

To produce the hydrogen, the project is expected to divert up to 99 wet tons of green and food waste per day from Republic Services' West Contra Costa Sanitary Landfill into its non-combustion Steam/CO₂ Reforming process, producing up to 2,400 metric-tons per year of renewable hydrogen. Diversion of this organic waste will help fulfill California's SB 1383 mandates, and will potentially avoid up to 7,200 metric-tons per year of CO₂ emissions from the landfill. In addition, Raven's technology uses no fresh water, an important element given drought risks in California, and uses less electricity to power its units than competing processes. The project is expected to produce at least 60% of its own electricity by upgrading the currently permitted and zoned landfill gas electric generators at the landfill, further reducing both the current air emissions and the need for grid power for its non-combustion process.

Chevron plans to market its share of the hydrogen in Bay Area and Northern California fueling stations, enabling the energy transition to zero emission vehicles. Hyzon, a global supplier of fuel cell electric commercial vehicles, plans to provide refueling for hydrogen fuel cell trucks at a hydrogen hub in Richmond.

"Our strategic partners' commitment to the first non-combustion Steam/CO₂ facility in the world will help drive our commercial operations in Richmond and accelerate similar facilities globally," said Matt Murdock, CEO of Raven. "This facility will be the first hydrogen production plant in the world to reduce greenhouse gases, including critically important short-lived climate pollutants, through its process and its product. By removing waste from the landfill, it will help reduce methane emissions. Not only will the greater Richmond community benefit from reduced emissions, investments, and jobs, it will also see economic benefits as local gas stations have a consistent supply of clean, zero-carbon hydrogen fuel for fuel cell vehicles. We are grateful to work with partners who share our mission to make cleaner fuel options available as soon as possible."

Ahead of teaming with Raven SR on the Raven SR S1 facility, Chevron and Hyzon were among Raven SR's initial strategic investors, along with ITOCHU, Ascent Hydrogen Fund and Samsung Ventures.

"We are excited about this collaboration and our expanded commitment to Raven and its waste-to-hydrogen technology," said Austin Knight, vice president of Hydrogen for Chevron New Energies. "Not only are we positioned to commercialize a first-of-its-kind lower carbon hydrogen project, we are working to reduce emissions in a community in which we have a long and proud history. With a relatively short lead time, we will be able to further develop the hydrogen ecosystem in the region."

The Raven SR technology is a non-combustion thermal, chemical reductive process that converts organic waste and landfill gas to hydrogen and Fischer-Tropsch synthetic fuels. Unlike other hydrogen production technologies, its Steam/CO₂ Reformation does not require fresh water as a feedstock and uses less than half the energy of electrolysis. The process is more efficient than conventional hydrogen production and can deliver fuel with low to negative carbon intensity. Additionally, Raven SR's goal is to generate as much of its own power onsite as possible to reduce reliance on, and/or be independent of the grid. Its modular design provides a scalable means to locally produce renewable hydrogen and synthetic liquid fuels from local waste.

"The Richmond hub enables a local, renewable hydrogen ecosystem by aligning hydrogen production, refueling infrastructure and vehicle availability geographically and technologically. This alignment is expected to reduce total costs to fleet operators, accelerating the transition to zero-emissions vehicles and global decarbonization," said Parker Meeks, Hyzon president and interim CEO.

"This marks a significant step in demonstrating the commercial viability of a localized, low-to-negative carbon intensity hydrogen economy," he added. "Through Hyzon's partnership with Raven, hydrogen supply can be synchronized with the demand for hydrogen fuel cell electric vehicles. Raven's deployment of scalable hydrogen production facilities allows supply and demand to grow together as clean hydrogen for transport continues to gain market and regulatory support."

Raven SR, headquartered in Wyoming, transforms biomass, mixed municipal solid waste, bio-solids, sewage, medical waste, and natural or biogas into renewable fuels. Using its proprietary, non-combustion, non-catalytic "Steam/CO₂ Reformation" technology, Raven SR dependably produces a hydrogen-rich syngas regardless of feedstock utilized. Raven SR, led by co-founders Matt Murdock and Matt Scanlon, is committed to adding value to local resources and communities while responsibly reducing greenhouse gases and achieving a low carbon economy. By using modular systems and producing low air emissions, their systems can be located closer to customers and feedstock, creating local fuel from local waste for local mobility. Visit https://ravensr.com.

Chevron Corporation (NYSE: CVX) is one of the world's leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and growing lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.

Hyzon is a global supplier in fuel cell electric mobility, with US operations in the Rochester, Chicago and Detroit areas, and international operations in the Netherlands, Australia, Germany, and China. Hyzon is an energy transition accelerator and technology innovator, providing end-to-end solutions in the transport sector with a focus on commercial vehicles and hydrogen supply infrastructure. Utilizing its proven and proprietary hydrogen fuel cell technology, Hyzon aims to supply zero-emission heavy duty trucks and buses to customers in North America, Europe and around the world to mitigate emissions from diesel transportation, which is one of the single largest sources of carbon emissions globally. The Company is contributing to the escalating adoption of fuel cell electric vehicles through its demonstrated technology advantage, leading fuel cell performance and history of rapid innovation. Visit www.hyzonmotors.com.

Chevron

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Hyzon Motors

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, are forward-looking statements. When used in this press release, the words "aims", "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyzon disclaims any duty to update any forward -looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Hyzon cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyzon, including risks and uncertainties described in the "Risk Factors" section of Hyzon's Annual Report on Form 10-K for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (the "SEC") on March 30, 2022, our Amended Registration Statement on Form S-1 filed with the SEC on April 6, 2021, and other documents filed by Hyzon from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Hyzon gives no assurances that Hyzon will achieve its expectations. 

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