Benzinga | Nov 10, 2021 03:03PM EST

Hyzon Motors Inks Hydrogen Production Hub Development Deal With TC Energy

* Hyzon Motors Inc (NASDAQ:HYZN) has entered a modular hydrogen production hub development agreement with TC Energy Corp (NYSE:TRP). The financial terms of the deal were not disclosed.

* The hubs will be used to meet hydrogen fuel cell electric vehicle demand by focusing on low-to-negative carbon intensity hydrogen from renewable natural gas, biogas, and other sustainable sources.

* The facilities will be located close to demand, supporting Hyzon back-to-base vehicle deployments.

* The parties will evaluate sites across multiple states and provinces across North America to develop hydrogen production facilities with the goal of hydrogen delivery to fuel heavy-duty vehicles.

* TC Energy will operate the hubs, supply the power and gas commodities, and provide asset development, management services, and power and gas sales marketing.

* Price Action: HYZN shares are trading higher by 2.47% at $6.02 on the last check Wednesday.