PINEDALE, Wyo., Aug. 17, 2021 /PRNewswire/ -- Raven SR Inc.,
a renewable fuels company, announced today the closing of a
$20 million strategic investment from
Chevron U.S.A. Inc. ("Chevron"),
ITOCHU Corporation ("ITOCHU", TSE: 8001), Hyzon Motors Inc.
(NASDAQ: HYZN) and Ascent Hydrogen Fund ("Ascent"). Raven SR plans
to build modular waste-to-green hydrogen production units and
renewable synthetic fuel facilities initially in California and then worldwide.
Raven SR's technology makes it one of the only combustion-free,
waste-to-hydrogen producers in the world. Unlike alternative
approaches to waste disposal, such as incineration or gasification,
Raven SR's Steam/CO2 Reformation process involves
no combustion. Raven SR's process is designed to 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 (diesel, Jet A, mil-spec
JP-8), additives and solvents (such as acetone, butanol, and
naphtha) and electricity via microturbines. Also, Raven SR's
technology can produce sustainable aviation fuel (SAF), an
increasingly important component of the global aviation industry's
decarbonization efforts to align with targets outlined in the 2016
Paris Agreement on climate change.
"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."
Murdock noted the new funding reflects growing business and
consumer demand for clean energy and renewable fuels that will have
a positive impact in addressing climate change.
"Our investment with Raven SR underscores our commitment to help
develop a commercially viable hydrogen value chain that can provide
lower carbon energy solutions to a variety of sectors," said
Alice Flesher, general manager of
Strategy and Planning for Chevron's global Downstream &
Chemicals businesses. "This is an exciting opportunity to develop
green hydrogen technology with partners in the Bay Area that can
complement our existing hydrogen infrastructure at Chevron
Richmond."
"Raven SR's technology is highly efficient, scalable, and
mobile, solving many of the logistics and financial challenges of
green hydrogen production," said Hyzon Motors CEO Craig Knight. "With their partnership, we expect
to reach our vision of 1,000 green hydrogen hubs, which will 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."
The strategic investment comes after Raven and Hyzon Motors
agreed to build up to 250 hydrogen production facilities across
the United States and globally.
Hyzon Motors, with U.S. operations based in Rochester, N.Y., is a leading global supplier
of zero-emission hydrogen fuel cell-powered commercial
vehicles.
Tsuyoshi Matsumoto, general
manager of ITOCHU's Petroleum Trading Department, said: "ITOCHU has
set enhancing our contribution to and engagement with the SDGs
through business activities as one of the Basic Policies in its
medium-term management plan. We expect that Raven's technology
enables us to produce renewable hydrogen and renewable fuels from
municipal solid wastes more efficiently. Through Raven's projects
and products, we would like to create a supply chain with partners,
and will continue to work to introduce renewable fuels in worldwide
markets to solve issues for the realization of a circular economy,
a carbon-free and a sustainable society."
"Ascent's global mandate is to look for champions across
hydrogen's vertical value chain from hydrogen production, hydrogen
logistics to hydrogen applications," stated David Wu, co-founder and president of Ascent
Hydrogen Fund. "What makes Raven even more exciting, is its ability
to be a champion and disruptor in hydrogen production, but also in
waste management and synthetic liquid fuels. They have one of the
only carbon negative processes in the world that can convert waste
to renewable hydrogen and clean fuels without burning the waste.
With their scalable and mobile systems, they will be able to onsite
at any location, making them the ideal partner of choice for many
companies looking to decarbonize their operations."
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. These initial facilities are expected to
process approximately 200 tons of organic waste daily, yielding
green hydrogen and producing on-site energy to be as autonomous as
possible. Raven SR's units are modular and scalable and can easily
be expanded to accommodate sites with higher hydrogen requirements.
In addition to landfills, the production units can also be placed
at wastewater treatment plants and agriculture sites.
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 Chevron
Chevron is one of the world's leading integrated energy
companies. We believe affordable, reliable and ever-cleaner energy
is essential to achieving a more prosperous and sustainable world.
Chevron produces crude oil and natural gas; manufactures
transportation fuels, lubricants, petrochemicals and additives; and
develops technologies that enhance our business and the industry.
To advance a lower-carbon future, we are focused on cost
efficiently lowering our carbon intensity, increasing renewables
and offsets in support of our business, and investing in low-carbon
technologies that enable commercial solutions. More information
about Chevron is available at www.chevron.com.
About ITOCHU Corporation
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 Hyzon Motors
Headquartered in Rochester,
N.Y., with U.S. operations also in Chicago and Detroit, and international operations in
the Netherlands, Singapore, Australia and China, Hyzon is a leader in hydrogen mobility.
Hyzon is a pure-play hydrogen mobility company with an exclusive
focus on hydrogen in the commercial vehicle market. Utilizing its
proven and proprietary hydrogen fuel cell technology, Hyzon aims to
supply zero-emission heavy duty trucks and buses to customers in
North America, Europe and around the world. The company is
contributing to the escalating adoption of hydrogen vehicles
through its demonstrated technology advantage, leading fuel cell
performance and history of rapid innovation.
Visit www.hyzonmotors.com.
About Ascent
Ascent Hydrogen Fund 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.
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