Biofuels firm Raven SR raises funds to finalise California plant

US waste-to-hydrogen firm Raven SR Inc said on Tuesday that it has raised USD 15 million (ER 13.9m) in a financing round that will help it finalise the production setup of its ongoing project in Richmond, California.

Raven SR utilises proprietary Steam/CO2 Reforming technology that converts various waste streams into renewable transportation fuels like hydrogen and sustainable aviation fuel (SAF) through a non-combustion and catalyst-free process.

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The Richmond project is designed as an organic waste-to-hydrogen facility. The project is being realised in partnership with Chevron Corp and Hyzon Motors Inc. It is expected to produce 1,600 metric tonnes of green hydrogen per year from around 75 tonnes of organic solid waste per day, according to an earlier statement.

The fundraising round was led by venture capital investor Ascent Funds and supported by existing backers including Chevron New Energies, ITOCHU Corp and Stellar J Corp, with the latter being Raven SR’s engineering, procurement and construction (EPC) contractor for the Richmond facility. This transaction follows an investment attracted from US energy transition-focused investor RockCreek in July 2023.

(USD 1 = EUR 0.930)