Pinedale, Wyo. – November 18, 2025 – Raven SR Inc. (Raven SR), a renewable fuels company specializing in producing clean hydrogen from waste, announced today that it has received its final Air Permit and Authority to Construct (ATC) from the Bay Area Air District (BAAD), authorizing construction of the first facility in California to convert diverted organic waste into renewable hydrogen through a non-combustion Steam/CO₂ Reforming process.

Located at Republic Services’ closed West Contra Costa Sanitary Landfill, the facility will process up to 99 wet tons of organic waste per day, producing approximately 2,400 metric tons of renewable hydrogen annually. The diverted organic waste will help California meet SB1383 diversion mandates and potentially avoid up to 7,200 metric tons per year of CO₂ emissions from the landfill.

Hydrogen will be collected daily by offtake partners and supplied to regional fueling stations serving both passenger and commercial fuel cell vehicles, supporting California’s decarbonization and zero-emission transportation goals. Hydrogen will not be stored on-site.

“Receiving the ATC marks a major milestone for Raven SR, the City of Richmond, and the broader hydrogen economy,” said Matt Murdock, CEO of Raven SR. “This facility will commercially demonstrate that we can convert waste that would otherwise emit methane and turn it into clean hydrogen without combustion or toxic emissions.  At a time when many hydrogen projects have stalled or been cancelled, Raven SR’s Richmond facility will stand as proof that innovation and persistence still win. We believe it will set a new benchmark for waste-to-hydrogen projects globally, and positions Raven years ahead of other developers in bringing clean hydrogen from waste to market.”

“Raven SR’s Richmond facility represents a critical step toward cutting California’s most damaging climate pollutants—methane and black carbon—by turning landfill-bound organic waste into clean hydrogen,” said Julia Levin, Executive Director of the Bioenergy Association of California. “Reducing these short-lived climate pollutants (SLCPs) provides immediate climate and public-health benefits while advancing the state’s clean-fuel transition.”

“California and the City of Richmond are leading the transition to a clean hydrogen economy, and projects like Raven SR’s demonstrate how innovation can turn waste challenges into clean-energy and workforce opportunities,” said Richmond, CA Mayor Eduardo Martinez. “This project reflects the type of investment and perseverance needed to achieve Richmond’s and the state’s clean-air and decarbonization goals.”

“This project demonstrates how innovation and environmental protection can go hand in hand,” said Gabe Quinto, President, California League of Cities, Board Member of the Bay Area Air Quality Management District, Mayor Pro Tem for the City of El Cerrito, and Vice Chair of MCE Clean Energy. “By converting organic waste into clean hydrogen fuel, Raven SR is helping reduce methane emissions and improve local air quality for communities long impacted by pollution.”

The permitting process spanned more than five years, including three and a half years of BAAD review. Raven SR expressed appreciation for the decisive leadership of BAAD’s Executive Officer Dr. Philip Fine and Principal Deputy Executive Officer Dr. Meredith Bauer, who advanced the permit to completion after administrative delays.

With the Authority to Construct (ATC) now issued, Raven SR is completing final engineering revisions required by the permit conditions and preparing building permit packages for submission to the City of Richmond. Given the late timing of the year, the company anticipates holding a groundbreaking in early 2026, followed by full construction once project financing is finalized.

With this air permit, Raven SR becomes the first company in California to achieve full environmental and air-quality approvals for a waste-to-hydrogen facility – well ahead of other biomass or gasification projects still awaiting permits or financing. Due to the extended permitting timeline and inflation, project costs have risen to approximately $75 million, financed primarily through private equity partnerships. The company will leverage the Inflation Reduction Act 45V credit, but has used no federal grant funding.

The Richmond project is owned by Raven SR S1 LLC, a Raven SR subsidiary. Chevron New Energies is collaborating on the project, which Raven SR will operate. Chevron, ITOCHU, Ascent Funds, Samsung Ventures, and RockCreek are strategic investors in Raven SR.

The Raven SR technology is a non-combustion, non-catalytic thermal, chemical reductive process that converts organic waste and landfill gas to hydrogen and Fischer-Tropsch synthetic fuels. Unlike other hydrogen production technologies, its Steam/CO₂ Reformation does not require fresh water as a feedstock and uses less than half the energy of electrolysis. The process is more efficient than conventional hydrogen production and can deliver fuel with low to negative carbon intensity. Additionally, Raven SR’s goal is to generate as much of its own power onsite as possible to reduce reliance on and/or be independent of the grid. Its modular design provides a scalable means to locally produce renewable hydrogen and synthetic liquid fuels from local waste.

About Raven SR

Raven SR, headquartered in Wyoming, converts biomass, mixed municipal solid waste, bio-solids, sewage, medical waste, and natural or biogas into renewable fuels. Using its proprietary, non-combustion, non-catalytic Steam/CO2 Reformation technology, Raven SR dependably produces a hydrogen-rich syngas regardless of feedstock utilized. That same core process can also be configured to produce sustainable aviation fuel (SAF), renewable diesel, or renewable power, depending on project design and market need. Raven SR, led by co-founders Matt Murdock and Matt Scanlon, is committed to adding value to local resources and communities while responsibly reducing greenhouse gases and achieving a low carbon economy. By using modular systems and producing low air emissions, their systems can be located closer to customers and feedstock, creating local fuel from local waste for local mobility. Visit https://ravensr.com.

Media Contact:
JuliAnne Thomas
Director External Affairs
Raven SR Inc.
julianne.thomas@ravensr.com
307.413.2267

“This year, the voters went global in picking companies from all around the world focused on sustainable fuels and chemicals — founded in India, New Zealand, Canada, the US, and the Netherlands, in the top 10,” said Digest editor and publisher Jim Lane.

“It truly is an honor to be recognized by our industry colleagues,” said Matt Murdock, Founder and CEO, Raven SR. “There are so many incredible companies developing technologies to assist in the energy transition, and to be held in such high regard by your peers is very meaningful.”

To view a list of the Hottest 50 Companies, click here.

Please see the formal meeting notice listed below.

Contra Costa County Environmental Health

Solid Waste Local Enforcement Agency (LEA)

Date of Notice: October 1. 2024

NOTICE OF PUBLIC INFORMATION MEETING

Date & Time of Meeting: Location of Meeting: 

Wednesday, October 16, 2024, at 6:45 p.m.

Shields Reid Community Center

1410 Kelsey St, Richmond, CA 94801

 Name and Location of the Facility: 

RAVEN SR Transformation/Processing Facility 1 Parr Boulevard, Richmond, CA 94801

Permit Description:                                                           

Solid Waste Facility Permit for a New Transformation Facility – RAVEN SR

Transformation/Processing Facility, SWIS No. 07-AA-0074

Facility Contact: Applicant:

Matt Murdock, (307) 749-0615 RAVEN SR Sl LLC

Date LEA Accepted Application:

September 19, 2024

LEA:                                                                                       

Contra Costa County Environmental Health Local Enforcement Agency

2120 Diamond Blvd, Suite 100

Concord, California 94520

LEA Contact:                                                                       

Michael Ogunbodede, REHS Environmental Health Specialist II 

Phone Number:                                                                 

(925) 608-5500

Fax Number:                                                                       

(925) 608-5502

Please be advised that the Local Enforcement Agency (LEA) will be holding a Public Information Meeting pursuant to California Code of Regulations, CCR Title 27, Section 21660.2 for the issuance of a Full Solid Waste Facility Permit (SWFP) for RAVEN SR Transfer/Processing  Facility  (Facility).  The  LEA  is  certified  by  the  California

Department of Resources Recycling and Recovery (CalRecycle) to enforce state laws and regulations at solid waste sites within the County of Contra Costa.

Description o[ Proiect

RAVEN SR Transfer/Processing Facility, SWIS No. #07-AA-0074, is a proposed transformation facility to be located at 1 Parr Boulevard, Richmond, California. The Facility proposes to accept pre-processed blended organic material including, but not limited to green waste, food waste, wood waste, and other material typically accepted in municipal organics collection programs. These pre-processed organic materials undergo screening to remove any oversized and unwanted material, such as metals. Post­ screening, the organic material will be fed into the RAVEN SR Steam/CO² Reforming System, converting it to hydrogen-rich syngas, from which hydrogen will be separated and purified for sale to the transportation fuel market. Expected peak daily load of incoming material will be 99.9 tons per day.

Any prohibited wastes, including but not limited to medical wastes and hazardous wastes, will not be accepted at the Facility. The Facility will accept the pre-processed organic materials listed above, screened for oversized material prior to processing. The final products will be marketed as appropriate. A Report of Facility Information has been prepared that describes the design and operation of the Facility in detail.

On August 20, 2024, the LEA received a permit application package for review from RAVEN SR SI LLC for a full Solid Waste Facility Permit. On September 19, 2024, the LEA accepted the application package as complete and correct. The LEA finds that the proposed project is consistent with the state minimum standards and the Facility’s May 16, 2023, Updated Mitigated Negative Declaration (MND).

The LEA must submit a proposed SWFP to CalRecycle for concurrence within 60 days of acceptance of the application package as complete and correct.

Purpose of the Meeting

This Public Information Meeting is for any interested parties to learn more about the proposed permit and to provide comments to the LEA regarding the proposed action: NO DECISIONS WILL BE MADE AT THIS MEETING. Prior to issuance of the permit, the LEA must request and receive concurrence from CalRecycle.

Where to get additional information

A copy of the application and its supporting documents is available for public review by appointment at the LEA office located at 2120 Diamond Blvd., Suite 100, Concord, California 94520, Monday through Friday 7:30 a.m. to 4:30 p.m.

Options for Submitting Comments and LEA Contact Information

If you have any questions after reviewing the above information or would like to schedule an appointment to review the application at 2120 Diamond Blvd., Suite 100, Concord, California 94520, please contact Michael Ogunbodede at (925) 608-5500. Written comments can be submitted via mail, email, or fax. Mailed comments can be sent to 2120 Diamond Blvd, Suite 100, Concord, California 94520. E-mailed comments can be sent to Solid.Waste@cchealth.org, and comments submitted via fax can be sent to (925) 608-5502. E-mailed or faxed comments must be received no later than October 19, 2024.

Appeals Process Information

For information on the appeals process pursuant to Public Resources Code (PRC) §44307 after the decision to issue or deny the proposed permit has occurred, contact Michael Ogunbodede at (925) 608-5500.

Translation Senlice

A Spanish translator will be available during meeting. For further inquiries about translation and interpretation, please contact Michael Ogunbodede at (925) 608-5500 at least two days prior to the meeting.

Condado de Contra Costa Environmental Health (Salud Ambiental)

Agencia Local de Cumplimiento de Residuos Solidos (Solid Waste Local Enforcement Agency, LEA)

Fecha de notificaci6n: 2 de octubre de 2024

AVI, SO DE PUBLICO REUNION INFORMATIVA

Fecha y hora de la reunion: Miercoles 16 de octubre de 2024 a las 6:45 p. m.

Lugar de la reunion: 

Centro     Comunitario     Shields     Reid     (Shields     Reid Community Center)

1410 Kelsey St, Richmond, CA 94801

Nombre y ubicacion de la instalacion

Planta de Transformaci6n/Procesamiento RAVEN SR 1 Parr Boulevard

Richmond, CA 94801

Descripcion del permiso:  

Permiso de Instalaci6n de Residuos S6lidos para una Nueva

Instalaci6n  de  Transformaci6n                RAVEN SR Transformation/Processing Facility, SWIS No. 07-AA- 0074

Contacto de la instalacion:

Matt Murdock, (307) 749-0615

Solicitante:                             

RAVEN SR Sl LLC

Fecha de aceptacion de la LEA Aplicacion:                             

19 de septiembre de 2024

LEA:

Salud Ambiental del Condado de Contra Costa (Contra Costa County Environmental Health)

Agencia Local de Cumplimiento      (Local    Enforcement Agency)

2120 Diamond Blvd, Suite 100

Concord, California 94520

Contacto de la LEA:

Michael Ogunbodede, REHS Especialista en salud ambiental II

Numero de telefono: Numero de fax:

(925) 608-5500

(925) 608-5502

Tenga en cuenta que la Agencia Local de Cumplimiento (Local Enforcement Agency, LEA) llevara a cabo una Reunion de Informaci6n Publica de conformidad con el Codigo de Regulaciones de California, CCR Titulo 27, Secci6n 21660.2 para la emision de un Permiso Completo de Instalaci6n de Residuos S6lidos (SWFP) para la Instalaci6n de Transferencia/Procesamiento de RAVEN SR (Instalacion). La LEA esta certificada por el Departamento de Reciclaje y Recuperacion de Recursos de California (CalRecycle) para hacer cumplir las leyes y regulaciones estatales en los sitios de desechos solidos dentro del Condado de Contra Costa.

Descripci6n de/ proyecto

La Instalaci6n de Transferencia/Procesamiento RAVEN SR, SWIS No. #07-AA-0074, es una instalaci6n de transformacion propuesta que se ubicara en 1 Parr Boulevard, Richmond, •California. La Instalaci6n propone aceptar material organico mezclado preprocesado, incluidos, entre otros, desechos verdes, desechos de alimentos, desechos de madera y otros materiales tipicamente aceptados en los programas de recoleccion de organicos municipales. Estos materiales organicos pretratados se someten a una evaluaci6n para eliminar cualquier material de gran tamafio o no deseado, como los metales. Tras la evaluaci6n, el material organico se introducira en el sistema de reformado de vapor/CO² RAVEN SR, que lo convertira en gas de sintesis rico en hidr6geno, del que se separara y purificara el hidr6geno para su venta al mercado de combustibles para el transporte. La carga maxima diaria esperada de material entrante sera de 99.9 toneladas por dia.

Cualquier desecho prohibido, incluidos, entre otros, los desechos medicos y los desechos peligrosos, no se aceptara en la Instalaci6n. La instalaci6n aceptara los materiales organicos preprocesados enumerados anteriormente, examinados para detectar material de gran tamafio antes del procesamiento. Los productos finales se comercializaran segun corresponda. Se ha preparado un Informe de Informaci6n de la Instalaci6n que describe el disefio y la operacion de la Instalaci6n en detalle.

El 20 de agosto de 2024, la LEA recibio un paquete de solicitud de permiso para su revision de RAVEN SR S1 LLC para un Permiso completo de instalacion de desechos s6lidos. El 19 de septiembre de 2024, la LEA acept6 el paquete de solicitud como completo y correcto. La LEA considera que el proyecto propuesto es coherente con los estandares minimos estatales y la Declaraci6n Negativa Mitigada (Mitigated Negative Declaration, MND) actualizada del 16 de mayo de 2023 de la Instalacion.

La LEA debe presentar una propuesta de SWFP a CalRecycle para su aprobaci6n dentro de los 60 dias posteriores a la aceptacion del paquete de solicitud como completo y correcto.

Obieto de la reunion

Esta reunion de informaci6n publica es para que las partes interesadas aprendan mas sobre el permiso propuesto y proporcionen comentarios a la LEA con respecto a la acci6n propuesta. EN ESTA REUNION NO SE TOMARA.N DECISIONES. Antes de la emision del permiso, la LEA debe solicitar y recibir la aprobaci6n de CalRecycle.

D6nde obtener informaci6n adicional

Una copia de la solicitud y sus docu entos de respaldo estan disponibles para revision publica con cita previa en la oficina de LEA ubicada en 2120 Diamond Blvd., Suite 100, Concord, California 94520, de lunes a viernes de 7:30 a. m. a 4:30 p. m.

Opciones para enviar comentarios e informaci6n de contacto de la LEA

Si tiene alguna pregunta despues de revisar la informacion anterior o desea programar una cita para revisar la solicitud en 2120 Diamond Blvd., Suite 100, Concord, California 94520, comuniquese con Michael Ogunbodede al (925) 608-5500. Los comentarios por escrito se pueden enviar por correo, correo electronico o fax. Los comentarios enviados por correo pueden enviarse a 2120 Diamond Blvd, Suite 100, Concord, California 94520. Los comentarios enviados por correo electronico se pueden enviar a: Solid.Waste@cchealth.org. y los comentarios enviados por fax pueden enviarse al (925) 608-5502. Los comentarios enviados por correo electronico o fax deben recibirse a mas tardar el 19 de octubre de 2024.

Informaci6n sabre el proceso de apelaci6n

Para obtener informacion sobre el proceso de apelacion de conformidad con el Codigo de Recurses Publicos (Public Resources Code, PRC) §44307 despues de que se haya tornado la decision de emitir o denegar el permiso propuesto, comuniquese con Michael Ogunbodede al (925) 608-5500.

Servicios de traducci6n

Un traductor de espafiol estara disponible durante la reunion. Para obtener mas informacion sobre traduccion e interpretacion, comuniquese con Michael Ogunbodede al (925) 608-5500 al menos dos dias antes de la reunion.

PINEDALE, Wyo. – August 7, 2024 – Raven SR is pleased to announce its waste-to-hydrogen production facility planned for Zaragoza, Spain has been declared “A Project and Investment of Regional Autonomous Interest” by the Regional Ministry of Presidency, Economy and Justice of the Government of Aragón. This designation is for projects having special relevance for economic, social, and territorial development in Aragón, and allows for accelerated and reduced administrative deadlines.  Over the past 10 years, only a limited number of projects have received this status in Spain, reflecting the high level of scrutiny and importance placed on these initiatives.

Raven SR expects the project – the first in Europe – to be operational by 2026.  It will produce 75 kg of transport-grade hydrogen for each ton of organic waste, or approximately 5,250 kg per day, with an annual total of approximately 1.8M kg.

“We are honored and privileged that the Government of Aragón has entrusted us with this designation,” said Matt Murdock, CEO of Raven SR.  “We are excited to be developing Spain’s first waste-to-hydrogen facility, and it reinforces Aragón’s commitment to sustainable and innovative technologies.  It has been a pleasure collaborating with Spain and the European Union on developing the Hydrogen Valleys across Europe.  Raven’s technology will deliver renewable hydrogen to the Aragón region, and it will reduce the amount of organic waste destined for landfills, as well as landfill and transportation emissions.”

The Raven SR technology is a non-combustion thermal, chemical reductive process that converts organic waste and landfill gas to hydrogen and Fischer-Tropsch synthetic fuels. Unlike other hydrogen production technologies, its Steam/CO₂ Reformation does not require fresh water as a feedstock and uses less than half the energy of electrolysis. The process is more efficient than conventional hydrogen production and can deliver fuel with low to negative carbon intensity. Additionally, Raven SR’s goal is to generate as much of its own power onsite as possible to reduce reliance on and/or be independent of the grid. Its modular design provides a scalable means to locally produce renewable hydrogen and synthetic liquid fuels from local waste.

The company’s project has been supported by the European Commission, which granted the company €2.4 million in aid in 2022 to start up the plant. Raven has also obtained an additional €1.4 million from the Ministry for Ecological Transition and the Demographic Challenge in Spain through the Perte H2 Cadena Valor C2 grant, the final decision of which was announced in May of this year.

About Raven SR

Raven SR is a renewable fuels company whose proprietary Steam/CO2 Reforming process converts waste materials, solid and gaseous, into hydrogen and Fischer-Tropsch synthetic fuels, including sustainable aviation fuel (SAF) and renewable diesel, with low to negative carbon intensity. Its non-combustion process reliably produces hydrogen-rich syngas regardless of the feedstock utilized. The Raven SR process does not use fresh water and is more efficient than both conventional hydrogen production and electrolysis. Raven SR’s modular and scalable design allows emissions-free renewable fuels to be produced locally using local waste, and reduces greenhouse gas emissions, achieving a low-carbon economy. Visit https://ravensr.com.

For further information, please contact:

Raven SR

JuliAnne Thomas
Director External Affairs
307-413-2267
julianne.thomas@ravensr.com

Pinedale, WY – July 16, 2024 – Raven SR (RAVEN) announced today it was awarded a €1,441,862.95 grant from Ministry for Ecological Transition and Demographic Challenge (MITECO). The funding is managed by the Institute for the Diversification and Saving of Energy (IDAE) under the Strategic Projects for Economic Recovery and Transformation Program.

The funding will support the development of an organic waste-to-renewable hydrogen production facility in Zaragoza, Spain, using Raven’s non-combustion Steam/CO₂ Reforming technology. The project is the first in Europe to be established on an industrial scale. Raven Iberia was previously awarded in 2022, €1.7m by the European Commission being part of the European Consortium, Hy2Market.

“This grant award reinforces the attractiveness of the Steam/CO₂ Reforming technology and the critical role it can play in Spain and the European Union when producing renewable hydrogen,” said Matt Murdock, Founder and CEO of Raven SR.  “We are honored the Ministry recognizes the benefits of our non-combustion technology and the opportunity to reduce organic waste by converting it into renewable hydrogen.  Spain is at the forefront of hydrogen production in the EU and we look forward to developing this project in the coming year to advance renewable fuel options in the region.”

The Ministry of Ecological Transition and Demographic Challenge is responsible for developing government policy on addressing climate change, prevention of pollution, and protecting the natural heritage, biodiversity, forests, sea, water and energy for a more ecological and productive social model. It is also responsible for the elaboration and development of government policy against the country’s demographic challenges.

The Ministry is supporting with this specific call for projects, innovative developments and advanced technologies to produce renewable hydrogen in Spain that can be replicable and scalable. The publication of the final award resolution was made by the Ministry last week after approval by the Board of Directors of the Institute for Energy Diversification and Saving (IDAE), a public entity dependent on MITECO and responsible for managing these funding programs for innovative technologies.

By developing and deploying advanced technologies, Raven is contributing to Spain’s national strategy of reducing carbon emissions and promoting renewable energy sources.  Raven is also exploring other production opportunities across the European Union in France, Portugal, and Greece.

About Raven SR

Raven SR is a renewable fuels company whose proprietary Steam/CO2 Reforming process converts waste materials, solid and gaseous, into hydrogen and Fischer-Tropsch synthetic fuels, including sustainable aviation fuel (SAF) and renewable diesel, with low to negative carbon intensity. Its non-combustion process reliably produces hydrogen-rich syngas regardless of the feedstock utilized. The Raven SR process does not use fresh water and is more efficient than both conventional hydrogen production and electrolysis. Raven SR’s modular and scalable design allows emissions-free renewable fuels to be produced locally using local waste, and reduces greenhouse gas emissions, achieving a low-carbon economy. Visit https://ravensr.com.

For further information, please contact:

Raven SR

JuliAnne Thomas
Director External Affairs
307-413-2267
julianne.thomas@ravensr.com

• Stuart McFarland, former Fannie Mae CFO, named board chairman
• Raven SR CFO Matt Scanlon promoted to president
• Ascent Funds leads investments with Chevron New Energies, Itochu, Stellar J Corp.

Pinedale, Wyo. – April 2, 2024 – Raven SR Inc. (https://ravensr.com/), a renewable fuels company, announced today 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.

In addition to the funding milestone, Raven SR said Stuart McFarland, former CFO of Fannie Mae, has been appointed chairman of the Board of Directors, with Mark Gordon, chief investment officer of Ascent Funds, as vice chairman.

Named as new board members: Justin Heyman, managing director of RockCreek Group, and Robert Kinghorn, founder and CEO of Stellar J Corp. Matt Scanlon, the current 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 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,” said McFarland.

Raven SR’s unique process is non-combustion 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. 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.

About Raven SR

Raven SR is a renewable fuels company whose proprietary Steam/CO2 Reforming process converts waste materials, solid and gaseous, into hydrogen and Fischer-Tropsch synthetic fuels, including sustainable aviation fuel (SAF) and renewable diesel, with low to negative carbon intensity. Its non-combustion process reliably produces hydrogen-rich syngas regardless of the feedstock utilized. The Raven SR process does not use fresh water and is more efficient than both conventional hydrogen production and electrolysis. Raven SR’s modular and scalable design allows emissions-free renewable fuels to be produced locally using local waste, and reduces greenhouse gas emissions, achieving a low-carbon economy. Visit https://ravensr.com.

About Ascent Funds

Ascent Funds is a US-based energy platform that seeks champions within the hydrogen ecosystem. Ascent is led by Mark Gordon, veteran Wall Street energy investor with senior positions at Goldman Sachs, Soros Fund Management, Paulson & Co and Janus Henderson; and capital markets executive David Wu, a former Rothschild banker and Chairman of Capital Markets for Fosun International, one of the largest investment conglomerates in the world managing over US$100bn in total assets. Visit www.ascent-funds.com.

About ITOCHU

The history of ITOCHU Corporation dates back to 1858 when the Company’s founder Chubei Itoh commenced linen trading operations. Since then, ITOCHU has evolved and grown over 160 years. With approximately 100 bases in 62 countries, ITOCHU, one of the leading sogo shosha, is engaging in domestic trading, import/export, and overseas trading of various products such as textile, machinery, metals, minerals, energy, chemicals, food, general products, realty, information and communications technology, and finance, as well as business investment in Japan and overseas. Visit https://www.itochu.co.jp/en/index.html.

About Stellar J Corporation

Stellar J is a merit-based, employee-owned company founded on hard work, principled business practices and the relentless pursuit of excellence. Since 1986, these core principles have allowed Stellar J Corporation to grow into a company offering general contracting and EPC contracting services nationally. Visit www.stellarj.com.

For further information, please contact:

Raven SR

JuliAnne Thoams
Director External Affairs
307-413-2267
julianne.thomas@ravensr.com

Ascent Funds

Scott Atkinson
Director
Scott@ascent-funds.com

Chevron

Tyler Kruzich
925-549-8686
tkruzich@chevron.com

ITOCHU Corporation

Please contact through the following inquiries form:
https://www.itochu.co.jp/en/inquiry/index.html

Stellar J Corporation

Patrick Farrell
360-225-7996
patrickfarrell@stellarj.com

PINEDALE, Wyo. – January 10, 2024 – Raven SR Inc. (Raven), a renewable fuels company, announced today the appointment of Stuart A. McFarland to its Board of Directors, effective January 2024.

McFarland’s appointment marks a significant addition to Raven SR’s Board and leadership team. His deep financial expertise and management and strategic vision have been shaped by a career that includes his role as a Director of the Brookfield and OakTree Funds and executive roles at large financial institutions, including EVP and General Manager of GE Capital Mortgage Services, EVP Operations and CFO of Fannie Mae, leadership roles at several other closed and open end mutual funds, and as a director at several Fortress Investment managed companies.

The Raven SR technology is a non-combustion thermal, chemical reductive process that converts organic waste and landfill gas to hydrogen and Fischer-Tropsch synthetic fuels. Unlike other hydrogen production technologies, its Steam/CO₂ Reformation does not require fresh water as a feedstock and uses less than half the energy of electrolysis. The process is more efficient than conventional hydrogen production and can deliver fuel with low to negative carbon intensity.

“The world needs Raven SR’s technology to reduce waste and emissions, and we need it now,” said McFarland. “Its novel approach efficiently transforms waste materials and associate pollutants, including methane, into emissions-free fuels. As we enter 2024, the need for localized and renewable energy production is extremely important, and we have it right at our doorstep. I’m pleased to be joining Raven at this pivotal time for both the company and the global energy transition.”

“We are pleased to welcome Stuart to Raven SR’s Board,” said Matt Murdock, CEO of Raven SR. “His exceptional insights and management experience, combined with proven financial acumen gained from his leadership roles at leading companies will be invaluable assets as we continue our journey to revolutionize renewable energy solutions.”

McFarland’s appointment further strengthens Raven’s position as a leading force in waste-to-energy conversion as he joins a robust board with expertise from an array of sectors. His seat on the Raven SR board complements representatives from Chevron, Itochu Corporation, Ascent Funds, and Intellergy.  McFarland exemplifies Raven SR’s dedication to leveraging diverse expertise for sustainable energy innovation.

About Raven SR

Raven SR is a renewable fuels company whose proprietary Steam/CO₂reforming process converts waste materials, solid and gaseous, into hydrogen and Fisher-Tropsch synthetic fuels, including sustainable aviation fuel (SAF) and renewable diesel with low to negative carbon intensity. Its non-combustion process reliably produces hydrogen-rich syngas regardless of the feedstock utilized. The Raven SR process does not use fresh water and is more efficient than both conventional hydrogen production and electrolysis. Raven SR’s modular and scalable design allows emissions-free renewable fuels to be produced locally using local waste, and reduces greenhouse gas emissions, achieving a low-carbon economy. Visit https://ravensr.com/.

Media Contact:

Katharine Fraser

Hill & Knowlton

+1 281-409-9351

katharine.fraser@hillandknowlton.com

WASHINGTON & PINEDALE, Wyo. — July 25, 2023 – RockCreek, a leading global multi-asset firm investing in the energy transition, announced the closing of an investment in Raven SR, Inc. (Raven SR), a company that produces high-value renewable transportation fuels from a variety of feedstocks, including waste streams, using a proprietary non-combustion process.

Raven SR will use RockCreek’s investment to further commercialize low-to-negative carbon intensity hydrogen and sustainable aviation fuel (SAF). This investment comes on the heels of last month’s announcement that Raven SR’s Richmond, Calif. project is the first ever biomass-to-renewable hydrogen project permitted in the state of California.

Renewable hydrogen from this project will be commercially available in the Bay Area beginning in 2024 through agreements with Chevron New Energies and Hyzon Motors. The same core technology will also be adapted to commercialize the production of sustainable aviation fuel in 2025.

The Raven SR investment is part of RockCreek’s Smart Aviation Futures fund. Working with a major US airline, Smart Aviation Futures invests in high-growth companies that enable and benefit from decarbonizing the aviation industry. Airlines are looking to both sustainable aviation fuel and hydrogen as key energy transition tools. Smart Aviation Futures taps into tailwinds from billions of dollars in opportunities unlocked globally by policy measures like the U.S. Inflation Reduction Act, and will target investments in companies aligned with corporate and consumer preferences for reducing environmental footprints. Supportive public policy initiatives and high demand for SAF are encouraging investors to expand in the space, leading to project development in regions across the world.

“Raven SR is pioneering innovative ways to produce renewable transportation fuels that will play an instrumental role in decarbonizing the aviation and transportation industries,” said Justin Heyman, managing director of RockCreek. “Their products have an attractive environmental footprint and are cost competitive with traditional fuels. This offers industries smart options to both manage fuel costs and achieve abatement goals.”

“RockCreek’s investment in Raven SR signals the investing community’s confidence that our patented Steam/CO2 Reforming technology will have a significant impact on reducing carbon emissions through the production of carbon-neutral and carbon-negative fuels,” said Matt Murdock, CEO of Raven SR. “With the demand for sustainable aviation fuel and renewable hydrogen rapidly on the rise, RockCreek’s support will play a vital role in advancing the development and expansion of our global business model.”

The Raven SR technology is a non-combustion thermal, chemical reductive process that converts organic waste and landfill gas to hydrogen and Fischer-Tropsch synthetic fuels. Unlike other hydrogen production technologies, its Steam/CO2 Reformation does not require fresh water as a feedstock and uses less than half the energy of electrolysis. The process is more efficient than conventional hydrogen production and can deliver fuel with low to negative carbon intensity. Additionally, Raven SR’s goal is to generate as much of its own power onsite as possible to reduce reliance on and/or be independent of the grid. Its modular design provides a scalable means to locally produce renewable hydrogen and synthetic liquid fuels from local waste.

About Raven SR
Raven SR, headquartered in Wyoming, transforms biomass, mixed municipal solid waste, bio-solids, sewage, medical waste, and natural or biogas into renewable fuels. Using its proprietary, non-combustion, non-catalytic Steam/CO2 Reformation technology, Raven SR dependably produces a hydrogen-rich syngas regardless of feedstock utilized. Raven SR, led by co-founders Matt Murdock and Matt Scanlon, is committed to adding value to local resources and communities while responsibly reducing greenhouse gases and achieving a low carbon economy. By using modular systems and producing low air emissions, their systems can be located closer to customers and feedstock, creating local fuel from local waste for local mobility.
Visit https://ravensr.com.

About RockCreek
RockCreek is a global multi-asset investment firm that applies innovation, data, and technology to sustainable investing. With over $15 billion in assets and decades of experience investing in the energy transition, health, mobility, affordable housing, fintech, and health, RockCreek partners with university endowments, foundations, pension plans, sovereign funds, and family offices to generate long-term value and make business and financial models more inclusive and sustainable. RockCreek’s private markets teams invest in early stage, growth, and late-stage companies, and its Outsourced Chief Investment Officer (OCIO) and multi-asset class teams invest with leading partners in hard to access opportunities, and emerging talent.
Visit therockcreekgroup.com, and follow us on LinkedIn.

Media Contacts:

RockCreek
Nate Rawlings
Head of Communications, RockCreek
+1 423-664-3772
nate.rawlings@therockcreekgroup.com

Raven SR
Katharine Fraser
Hill + Knowlton Strategies
+1 281-409-9351
katharine.fraser@hkstrategies.com

PINEDALE, Wyo. – May 24, 2023 – Raven SR Inc. (Raven SR), a renewable fuels company, announced today the unanimous approval of its California Environmental Quality Act (CEQA) permit by the Richmond City Council on May 16 for Raven SR’s first organic waste-to-hydrogen bioenergy project, which will be located in Richmond, California. This permit marks a significant step in approving the world’s first Steam/CO2 Reforming hydrogen production facility using diverted waste as a feedstock.

“We are honored that the City of Richmond unanimously approved our waste-to-hydrogen facility, setting the stage for the community to be a leader in the global hydrogen transition,” said Matt Murdock, CEO of Raven SR. “By diverting organic waste from Republic Services’ closed West Contra Costa Sanitary Landfill (WCCLS), this facility will produce clean hydrogen and reduce both greenhouse gases and
cumulative cancer and non-cancer risks in the community. Moreover, the project will economically benefit the Richmond community by supplying local gas stations with clean, zero-carbon hydrogen fuel for fuel cell vehicles and creating new green jobs, including 100-150 construction positions.”

“The City of Richmond is excited to begin this journey into the future of green technology, a green economy, a green workforce, and a greener world,” said City of Richmond Mayor Eduardo Martinez. “The Raven SR project will contribute to the reduction of waste and greenhouse emissions, and will employ local residents. The message that we are sending today is, Richmond is serious about addressing climate change and serious about providing solutions and alternatives to dirty jobs.”

The project is expected to divert up to 99 wet tons of green and food waste per day from Republic Services’ WCCSL into Raven SR’s non-combustion Steam/CO2 Reforming process, producing up to 2,400 metric tons of renewable hydrogen per year. Diversion of the organic waste will help fulfill California’s SB 1383 mandates, and will potentially avoid up to 7,200 metric-tons per year of CO2 emissions from the landfill. The project is expected to produce at least 60% of its own electricity by using methane from the landfill in new state-of-the-art electric generators, further reducing both the current air emissions and the need for grid power for its non-combustion process.

“Raven SR is poised to make a significant impact in reducing short-lived climate pollutants, the most damaging climate pollutants and the most urgent climate solution,” said Julia Levin, Executive Director of the Bioenergy Association of California. “Cutting these climate super pollutants benefits the climate right away and buys us time until fossil fuel reductions, which take decades to begin to benefit the climate, begin to take effect. Reducing methane and black carbon also provide immediate benefits to public health since these are powerful air pollutants as well.”

The Raven SR Richmond project is in the final stages of obtaining a permit from the Bay Area Air Quality Management Department (BAAQMD), which previously approved its pilot facility. Upon receiving authority to construct, the company plans to break ground this summer, with full commercial operations beginning in Q1 2024.

Off-take agreements for the hydrogen supply are in place with several companies, including project equity investors Hyzon Motors and Chevron New Energies, that plan to market the hydrogen in Bay Area and Northern California fueling stations, enabling the energy transition to zero-emission vehicles. Hyzon, a global supplier of fuel cell electric commercial vehicles, plans to provide refueling for hydrogen fuel cell trucks at a hydrogen hub in Richmond.

The Raven SR technology is a non-combustion thermal, chemical reductive process that converts organic waste and landfill gas to hydrogen and Fischer-Tropsch synthetic fuels. Unlike other hydrogen production technologies, its Steam/CO2 Reformation does not require fresh water as a feedstock and uses less than half the energy of electrolysis. The process is more efficient than conventional hydrogen production and can deliver fuel with low to negative carbon intensity. Additionally, Raven SR’s goal is to generate as much of its own power onsite as possible to reduce reliance on, and/or be independent of the grid. Its modular design provides a scalable means to locally produce renewable hydrogen and synthetic liquid fuels from local waste.

The Richmond facility is owned by Raven SR S1 LLC (Raven SR S1). Raven SR will operate the facility. Chevron New Energies, a division of Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX), and Hyzon Motors Inc. (NASDAQ: HYZN), are collaborating with Raven SR to commercialize operations. Chevron and Hyzon were among Raven SR’s initial strategic investors, along with ITOCHU, Ascent Hydrogen Fund and Samsung Ventures.

About Raven SR

Raven SR, headquartered in Wyoming, transforms biomass, mixed municipal solid waste, bio-solids, sewage, medical waste, and natural or biogas into renewable fuels. Using its proprietary, non-combustion, non-catalytic “Steam/CO2 Reformation” technology, Raven SR dependably produces a hydrogen-rich syngas regardless of feedstock utilized. Raven SR, led by co-founders Matt Murdock and Matt Scanlon, is committed to adding value to local resources and communities while responsibly reducing greenhouse gases and achieving a low carbon economy. By using modular systems and producing low air emissions, their systems can be located closer to customers and feedstock, creating local fuel from local waste for local mobility. Visit https://ravensr.com.

Media Contact:

Raven SR
Katharine Fraser
Hill + Knowlton Strategies
+1 281-409-9351
katharine.fraser@hkstrategies.com

PINEDALE, Wyo. – April 25, 2023 – Raven SR Inc. (Raven SR), a renewable fuels company, and Cap Clean Energy Corp. (Cap Clean), a clean energy development company headquartered in Calgary, Alberta, today announced they have signed a memorandum of understanding (MOU) to co-develop biofuels facilities in Canada to produce sustainable aviation fuel (SAF) and renewable diesel (RD) for the heavy duty transport sector.

The MOU provides a roadmap for a co-development partnership for deploying Raven SR’s patented Steam/CO2 Reforming process in Cap Clean’s portfolio of biofuel facilities across Canada. This partnership will allow Cap Clean to produce high-quality renewable fuels from various biomass and bio-wastes feedstocks for the difficult-to-abate transportation sector using modular systems capable of rapid production scale-up.

“This MOU with Cap Clean Energy provides a pathway to explore development opportunities in Canada, and in addition to expanding our SAF production footprint, will lay the groundwork for our first renewable diesel project,” said Matt Murdock, CEO of Raven SR.

“Our agreement with Cap Clean will enable the production of SAF and RD with zero to negative carbon intensities in strategic North American markets utilizing local waste feedstocks that do not compete with food production. By reducing waste and emissions, we can have a meaningful impact on mitigating climate change while meeting the growing demand for sustainable and renewable fuels.”

By converting various types of wastes, such as biomass waste, municipal solid waste, organic waste, and methane from municipal solid waste into clean fuels, Raven SR offers a sustainable solution for the reliable and long-term production of SAF and renewable fuels.

“Our purpose at Cap Clean is to develop a portfolio of clean energy assets to power society with more sustainable energy,” said Steve Polvi, CEO of Cap Clean.

“Cap Clean is committed to becoming an industry leader in sustainable biofuels production. The announcement between Cap Clean and Raven SR will support our goals of helping to rapidly decarbonize aviation. We look forward to collaboratively working together on biofuels production scale-up, which is imperative to supporting the aviation industry to achieve its net-zero goals.”

The North American jet fuel market consumes ~25 billion gallons per year, of which less than 1% is currently produced from renewable sources. The demand for SAF over the next 10 years is forecast to grow at a compound annual growth rate of 10 – 15%.

The Raven SR technology is a non-combustion thermal, chemical reductive process that converts organic waste and landfill gas to hydrogen and Fischer-Tropsch synthetic fuels. Unlike other hydrogen production technologies, its Steam/CO2 Reformation does not require fresh water as a feedstock. The process is more efficient than conventional hydrogen production and can deliver fuel with low to negative carbon intensity.

Additionally, Raven SR’s goal is to generate as much of its own power onsite as possible to reduce reliance on the power grid and be independent of the grid. Its modular design provides a scalable means to locally produce renewable hydrogen and synthetic liquid fuels from local waste.

About Raven SR

Raven SR, headquartered in Wyoming, transforms biomass, mixed municipal solid waste, bio-solids, sewage, medical waste, and natural or biogas into renewable fuels. Using its proprietary, non-combustion, non-catalytic “Steam/CO2 Reformation” technology, Raven SR dependably produces a hydrogen-rich syngas regardless of feedstock utilized. Raven SR, led by co-founders Matt Murdock and Matt Scanlon, is committed to adding value to local resources and communities while responsibly reducing greenhouse gases and achieving a low carbon economy. By using modular systems and producing low air emissions, their systems can be located closer to customers and feedstock, creating local fuel from local waste for local mobility. Visit the Raven website here.

About Cap Clean Energy

Cap Clean Energy, headquartered in Calgary, AB, Canada, develops biofuel facilities that upcycle biomass, mixed municipal solid wastes, bio-solids, sewage, and biogas into value-added drop-in renewable liquid fuels for the heavy-duty transport sector. By integrating proven technologies and other critical components across the sustainable fuels value chain, Cap Clean deploys novel development concepts that allow for the commercial scale production of non-food sourced cellulosic biofuels to meet the growing demand for sustainable fuels in North America while managing carbon emissions through carbon capture, utilisation & storage (CCUS). Our biofuels reduce the carbon impact of aviation and heavy-duty transport by more than 90% (or greater than 100% with CCUS) when compared to traditional fossil fuels. Visit the Cap Clean Energy website here.

Media Contacts:

Raven SR
Katharine Fraser
Hill + Knowlton Strategies
+1 281-409-9351
katharine.fraser@hkstrategies.com

Cap Clean Energy
+1 403 861-7403
info@capclean.com