Raven SR Inc., a renewable fuels company, has board additions and an executive promotion, coupled with securing $15m in new investments.
The company said the latest fundraising underscores the confidence in Raven SR’s proprietary Steam/CO2 Reforming technology that converts various waste streams into renewable transportation fuels like hydrogen and sustainable aviation fuel (SAF). The process outperforms all known alternatives in efficiency, producing more hydrogen and SAF per ton of waste, according to the company.
In August, 2021, Raven closed on a $20m strategic investment from Chevron U.S.A., ITOCHU Corporation, Hyzon Motors Inc. and Ascent Hydrogen Fund. Samsung Ventures made a strategic investment earlier this year, allowing the company to expand into the Asia-Pacific market.
In 2022 it launched a Series C funding round led by Barclays and BofA Securities.
In addition to today’s funding milestone, Raven SR said Stuart McFarland, former CFO of Fannie Mae, has been appointed chairman of the Board of Directors, with Mark Gordon, chief investment officer of Ascent Funds, as vice chairman.
Named as new board members: Justin Heyman, managing director of RockCreek Group, and Robert Kinghorn, founder and CEO of Stellar J Corp. Matt Scanlon, the current CFO, has been promoted to president and interim CFO.
Ascent Funds, a venture capital fund dedicated to advancing the energy transition, led the latest $15m investment, with contributions from existing investors Chevron New Energies, ITOCHU Corp. and Stellar J Corp., the engineering, procurement and construction company managing construction of Raven SR’s hydrogen project in Richmond, California.
“Raven SR is pleased to have the continued and enhanced support of our investors as we move toward construction of our organic waste-to-hydrogen facility,” said Matt Murdock, founder and CEO of Raven SR. “This funding is crucial for finalizing our production setup, and the expanded board strengthens our team for the next phase.”
McFarland said he was honored by the board’s trust in his leadership and is looking forward to teaming with Murdock as they move the company ahead. McFarland also acknowledged the support from shareholders and the dedicated project team, emphasizing their importance in Raven SR’s journey.
“With this solid foundation, 2024 is shaping up to be a landmark year for Raven SR as it commercializes its Steam/CO2 Reforming technology to bring clean and sustainable fuel to the world,” said McFarland.
Raven SR’s unique process is non-combustion and catalyst-free as verified by the California EPA. The Richmond project is the first and only California Environmental Quality Act-permitted biomass-to-hydrogen facility in the state.
The Steam/CO2 Reforming technology diverts waste from landfills, produces a carbon-negative fuel and ensures a low carbon footprint compared to traditional hydrogen production methods, placing Raven at the forefront of the waste-to-hydrogen sector.
