Raven SR

Raven is a producer of green hydrogen and synthetic fuels from organic waste. The company’s proprietary "Steam/CO2 Reformation” technology uses steam and a non-combustion and non-catalytic chemical process to convert solid, medical, and industrial waste into renewable fuels such as green hydrogen, synthetic liquid fuels, additives, solvents, and sustainable aviation fuel (SAF).

In March 2022, Raven established its Spanish subsidiary, Raven SR Iberia, in Zaragoza, Aragón, which will allow the company to expand its European presence.

Key customers and partnerships

In April 2021, Raven partnered with Hyzon Motors to build up to 100 hydrogen hubs in the US and around the world. The first facility in the San Francisco Bay Area, using the Steam/CO2 Reforming process, is expected to be online in Q1 2024. Together, all 100 hydrogen hubs are expected to convert 5,000 tons of waste and power 10,000 heavy-duty trucks per day. In January 2023, Raven expanded its partnership with Hyzon to include Chevron New Energies to deploy a waste-to-hydrogen facility in Richmond, California. Raven also plans to deploy a waste-to-hydrogen production facility in Aragon, Spain, which is expected to be operational by 2024. Raven selected Watlow, an industrial thermal systems manufacturer, as its technology partner for the new facility.

In August 2021, Raven partnered with Republic Services to commercialize green hydrogen production in Northern California. The green hydrogen produced will be resold at commercial fueling stations to power zero-emission passenger and heavy-duty vehicles in the transportation sector. In November 2021, Raven SR acquired Benicia Fabrication & Machine (BFM), an industrial engineering and equipment supplier, for technology development.

In May 2022, the company partnered with Gevolve Solutions, an Australian renewable energy exploration firm, to develop hydrogen and synthetic fuel production networks across Australia. Raven collaborated with Howden, a Scottish engineering provider to develop a standardized design for hydrogen compressors at Raven’s production facilities, and with INNIO, an Australian producer of reciprocating gas engines, to power Raven’s waste-to-hydrogen plant in California with INNIO’s engines. In September 2022, Raven signed an MoU with Emerging Fuels Technology (EFT), a producer of SAF, to jointly develop SAF and renewable diesel. In December 2022, the company partnered with Chart Industries, a producer of engineering equipment for the energy sector, to explore carbon capture and storage solutions. In January 2023, Raven signed an MoU with H3 Dynamics, a Singapore-based AI and robotics company, to jointly develop green hydrogen aviation hubs for airports worldwide. In the same month, Raven partnered with Japan Airlines and All Nippon Airways (ANA) to supply waste-to-hydrogen SAF on major air routes. In April 2023, Raven signed an MoU with Cap Clean, a Canadian clean energy development company, to deploy Raven’s Steam/CO2 Reforming process at Cap Clean’s portfolio of biofuel facilities across Canada.

Funding and financials

In July 2023, investment firm RockCreek made an undisclosed investment in Raven, which the company intends to use to further commercialize low-to-negative carbon intensity hydrogen and SAF. Raven secured an undisclosed strategic investment from its construction partner Stellar J in February 2023, to commercialize its waste-to-hydrogen production by early 2024. In December 2022, the company received EUR 1.7 million (USD 1.75 million) in grant funding from the European Commission to establish the waste-to-hydrogen production facility in Aragon, Spain. In the same month, Hyzon invested USD 8.5 million in Raven, and plans to invest the remaining USD 1.5 million by 2023 to deploy a waste-to-hydrogen facility in California. In March 2022, the company received a strategic investment from Samsung Ventures to expand its reach globally, particularly in the Asia-Pacific region. Previously, in August 2021, Raven received USD 20 million as a strategic investment from Chevron, ITOCHU Corporation, Hyzon Motors, and Ascent Hydrogen Fund. The funds were used to establish production facilities at landfills in Northern California.