Raven SR bolsters leadership team, secures $15 million investment
Raven SR Inc. announced April 2 key board additions and an executive promotion, coupled with securing $15 million in new investments, positioning the company for further growth and innovation in the clean-energy sector.
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,” Raven SR stated.
In addition to the funding milestone, Raven SR said Stuart McFarland, former CFO of Fannie Mae, has been appointed chairman of its board of directors, with Mark Gordon, chief investment officer of Ascent Funds, as vice chairman.
The company also named new board members, including Justin Heyman, managing director of RockCreek Group, and Robert Kinghorn, founder and CEO of Stellar J Corp.
Matt Scanlon, the current chief financial officer (CFO), has been promoted to president and interim CFO.
Ascent Funds, a venture-capital fund dedicated to advancing the energy transition, led the latest $15 million investment, with contributions from existing investors Chevron New Energies, Itochu Corp. and Stellar J Corp., the engineering, procurement and construction (EPC) 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,” McFarland said.
Raven SR’s unique process is noncombustion 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, according to Raven SR.
“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,” the company stated.
