Raven SR, a renewable fuels company, has opened a Series C funding round, according to a press release.
Barclays and BofA Securities are advising on the process, which is expected to close this fall.
Raven’s roster of strategic investors prior to its Round C launch includes Chevron, Ascent Hydrogen Fund, ITOCHU, Samsung and Hyzon Motors.
Raven is based in Wyoming with significant infrastructure in California. The developer recently announced the results of the field trial of its non-combustion equilibrium Steam/CO2 Reforming SR2 unit, which converted methane to transportation-grade hydrogen at a rate exceeding other commercially available technologies for producing hydrogen from methane. More than 95% of the hydrogen currently produced in the US uses Steam Methane Reformation (SMR), which has an average first-pass conversion efficiency of only 75-80%.
The technology can produce emissions-free hydrogen fuel and lower-carbon synthetic fuels from a variety of feedstock sources, including landfills, methane, fugitive gas wells, wastewater treatment plants, agricultural and other sites.
The August 12 trial was held at Raven SR’s Benicia Fabrication & Machine facility in Benicia, California. It demonstrated to stakeholders at the event how the technology for waste-to-hydrogen and gas-to-hydrogen processes is commercially ready, effective, and efficient.
Raven SR plans to bring its first commercial Steam/CO2 Reforming production facility online in the first half of 2023 at the West Contra Costa Sanitary Landfill in Richmond, Calif., where Raven’s facility will convert organic green waste into transportation-grade hydrogen for local customers.
