Memorandum of Understanding Between Hyzon Motors and Raven SR

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03 April 2020

Whereas HYZON Motors and Raven SR share the vision of using local waste to produce local hydrogen to fuel local mobility to create Clean Mobility Projects, that include renewable hydrogen supply, fueling and transportation solutions, delivered under a single contract, to customers; and

Whereas Raven SR owns a patented, non-combustion, modular technology capable of converting waste into renewable hydrogen suitable for Clean Mobility Projects, is developing a hydrogen production facility in San Jose, California, and

Whereas Raven SR and HYZON Motors intend to create the first Clean Mobility Project in the San Jose region and

Whereas HYZON Motors offers clean, high performance hydrogen mobility solutions to corporate and municipal clients suitable for Clean Mobility Projects and is commencing production of HFCEVs in the U.S. and,

Whereas HYZON Motors and Raven SR share a common desire to create a hydrogen mobility model (Mobility Projects), which will include a model that is replicable in the US and internationally.

HYZON Motors and Raven SR agree on the following:

1. Raven SR

  • Will act as the key source of renewable hydrogen for Clean Mobility Projects using its patented technology beginning in Californian; and
  • Will identify and secure sources of feedstock (i.e.,waste), inquality and quantity necessary for operations; and
  • Will secure the necessary permits for its hydrogen production facilities; and
  • Will ensure constant and reliable supply of hydrogen for Clean Mobility Project clients up to 99% availability, through its own supply and contractual arrangements for external sources; and
  • Will ensure that its hydrogen is considered to be renewable according to local legislation, to the extent that it can (i.e., up to legal requirements); and
  • Will operate and maintain hydrogen production facilities throughout the life of the Clean Mobility Project; and
  • Will keep its hydrogen price competitive to other renewable hydrogen suppliers; and,
  • Will support other hydrogen production facility operators/investors with Raven SR equipment through joint-ventures or similar structures.

2. HYZON Motors

  • Will lead project development of Clean Mobility Projects for Raven SR and HYZON, including identifying potential clients, developing proposals, preparing contracts and other activities as needed; and
  • Will lead financing for Clean Mobility Projects; and
  • Will act as the provider of vehicles for the Clean Mobility Projects; and
  • Will ensure maintenance and servicing of vehicles, according to contracts signed; and
  • Will, subject to any existing contracts, utilize Raven SR as the preferred source of renewable hydrogen or technology provider for Clean Mobility Projects using its patented technology in other regions; and

3. Jointly

  • HYZON Motors and Raven SR will jointly develop container size, fast deployable, renewable hydrogen production equipment using biomass and municipal waste; and
  • Develop Clean Mobility Projects, with HYZON Motors leading these initiatives; and
  • Secure financing for Clean Mobility Projects, sufficient to ensure implementation of production, fueling and mobility services; and
  • Promote the Clean Mobility Project concept and one another’s technology and
  • Publicize successful completion of activities in order to attract more interest and support for Clean Mobility Projects, and
  • Respect relationships developed by the other party and non-circumvention practices.

Now therefore, HYZON Motors and Raven SR agree to immediately commence joint development efforts for a Clean Mobility Project, including securing financing, development of products and services, and all necessary agreements. Both also agree that each party undertakes development efforts at its own cost.

Dated this the 3rd day of April 2020

George Gu, CEO
HYZON Motors Inc.

Matt W. Murdock, CEO
Raven SR

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