Raven SR Inc, a renewable fuels company, announced this Wednesday it has secured a strategic investment of $20 million from a cluster of companies. Particularly, this financing will allow the company to develop top-notch waste-to-green hydrogen modules. It will also help fund new renewable synthetic fuel facilities in California.
Indeed, the $20 million investment came from Chevron, Itochu Corporation, Hyzon Motors, and the Ascent Hydrogen Fund.
Raven SR’s technology is one of its kind, as it is the only combustion-free waste-to-hydrogen production unit in the world. Notably, it uses a Steam/CO2 Reformation process that involves no combustion. Thus, this operation can significantly reduce emissions and produce more green hydrogen per ton of waste than competing processes.
Raven SR’s process can also produce other renewable energy products such as synthetic liquid fuels; for instance, biodiesel, sustainable aviation fuel, additives, and solvents (acetone, butanol, and naphtha).
Indeed, and it is worth noting, the strategic investment comes right after Raven SR and Hyzon Motors agreed to jointly build up to 250 hydrogen production facilities across the United States and globally. Hyzon Motors is a leading global supplier of zero-emission hydrogen fuel cell-powered commercial vehicles.
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Raven SR’s first renewable fuel production facilities will be built at landfills and will produce fuel for Northern California hydrogen fuel stations and for Hyzon’s hydrogen hubs. The facilities will also process approximately 200 tons of organic waste daily.
“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.”
Similarly, Alice Flesher, General Manager for Chevron’s Global Downstream Business, said, “Our investment in the company underscores our commitment to helping develop a commercially viable hydrogen value chain; one that can provide lower-carbon energy solutions to a variety of sectors.”
Hyzon Motors CEO Craig Knight said, “With this partnership, we expect to reach our vision of 1,000 green hydrogen hubs, which will also 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.”