Raven SR Inc., a renewable fuels firm, has closed a $20 million strategic investment from Chevron U.S.A Inc., ITOCHU Corporation, Hyzon Motors Inc., and Ascent Hydrogen Fund.
Raven SR intends to construct modular waste-to-green hydrogen production units and renewable synthetic fuel facilities in California first, and eventually throughout the world.
Raven SR’s technology distinguishes it as one of the world’s only combustion-free waste-to-hydrogen manufacturers. In contrast to other waste disposal methods such as incineration or gasification, Raven SR’s Steam/CO2 Reformation process does not use combustion. Raven SR’s technology is meant to produce more green hydrogen per ton of garbage and to reduce emissions.
Additionally, Raven SR’s technology is capable of producing other renewable energy products such as synthetic liquid fuels (diesel, Jet A, and mil-spec JP-8), additives and solvents (such as acetone, butanol, and naphtha), and electricity using microturbines. Additionally, Raven SR’s technology is capable of producing sustainable aviation fuel (SAF), a critical component of the global aviation industry’s decarbonization efforts to meet the targets set forth in the 2016 Paris Climate Agreement.
“We are grateful for our investors’ recognition of Raven SR’s technology which transforms organic waste into renewable hydrogen and synthetic fuels for commercial and passenger vehicles and airplanes,” said Matt Murdock, CEO of Raven SR. “Today, we’re excited to start working with our partners on realizing our global vision of zero-emission transportation, on land and in the skies, through locally sourced and produced renewable fuels, while reducing waste in our landfills and their accompanying emissions.”
Murdock said that the additional financing reflects increased industry and consumer demand for clean energy and renewable fuels that would contribute to climate change mitigation.
“Our investment with Raven SR underscores our commitment to help develop a commercially viable hydrogen value chain that can provide lower carbon energy solutions to a variety of sectors,” said Alice Flesher, general manager of Strategy and Planning for Chevron’s global Downstream & Chemicals businesses. “This is an exciting opportunity to develop green hydrogen technology with partners in the Bay Area that can complement our existing hydrogen infrastructure at Chevron Richmond.”
“Raven SR’s technology is highly efficient, scalable, and mobile, solving many of the logistics and financial challenges of green hydrogen production,” said Hyzon Motors CEO Craig Knight. “With their partnership, we expect to reach our vision of 1,000 green hydrogen hubs, which will enable thousands of Hyzon hydrogen fuel cell-powered trucks to operate on US roads in the near future – at costs comparable to diesel-powered vehicles.”
The strategic investment follows an agreement between Raven and Hyzon Motors to establish up to 250 hydrogen manufacturing facilities in the United States and around the world. Hyzon Motors, headquartered in Rochester, New York, is a market leader in zero-emission hydrogen fuel cell commercial vehicles.
Tsuyoshi Matsumoto, general manager of ITOCHU’s Petroleum Trading Department, said: “ITOCHU has set enhancing our contribution to and engagement with the SDGs through business activities as one of the Basic Policies in its medium-term management plan. We expect that Raven’s technology enables us to produce renewable hydrogen and renewable fuels from municipal solid wastes more efficiently. Through Raven’s projects and products, we would like to create a supply chain with partners, and will continue to work to introduce renewable fuels in worldwide markets to solve issues for the realization of a circular economy, a carbon-free and a sustainable society.”
“Ascent’s global mandate is to look for champions across hydrogen’s vertical value chain from hydrogen production, hydrogen logistics to hydrogen applications,” stated David Wu, co-founder and president of Ascent Hydrogen Fund. “What makes Raven even more exciting, is its ability to be a champion and disruptor in hydrogen production, but also in waste management and synthetic liquid fuels. They have one of the only carbon negative processes in the world that can convert waste to renewable hydrogen and clean fuels without burning the waste. With their scalable and mobile systems, they will be able to onsite at any location, making them the ideal partner of choice for many companies looking to decarbonize their operations.”
Raven SR’s initial renewable fuel production plants will be located in landfills and will supply fuel to hydrogen fuel stations in Northern California and Hyzon’s hydrogen hubs. These initial facilities are planned to process around 200 tons of organic waste everyday, producing green hydrogen and self-sufficient electricity. Raven SR’s units are modular and scalable, allowing for easy expansion to meet the hydrogen requirements of larger locations. Along with landfills, production units can be located at wastewater treatment plants and agricultural locations.