Why Shares of Hyzon Motors Are Skyrocketing Today
Before the start of today's trading session, the market had pumped the brakes on buying shares of Hyzon Motors (NASDAQ: HYZN) in December. Shares had plunged 14%. Today, however, investors are seeing a bright green flag for the developer of hydrogen-powered vehicles.
Partnering with Chevron, the company announced an investment in Raven SR. As of 11:42 a.m. ET, shares of Hyzon are up 18.6%.
In a regulatory filing made public yesterday, Hyzon reported that Hyzon Zero Carbon, a subsidiary of Hyzon, had entered into an agreement with Chevron New Energies, a division of Chevron, to invest in Raven SR S1 LLC, a subsidiary of Raven. In addition to the development and construction, Raven SR S1 LLC will operate and maintain a solid waste-to-hydrogen generation production facility in Richmond, California.
Source Fool.com
