Raven SR, a Pinedale, WY-based renewable fuels company, raised $15M in funding.
The round was led by Ascent Funds, with participation from existing investors Chevron New Energies, ITOCHU Corp. and Stellar J Corp.
The company intends to use the funds to further growth and innovation in the clean energy sector.
Led by Matt Murdock, Founder and CEO, 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 produces hydrogen-rich syngas regardless of the feedstock utilized.
Raven SR’s 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.
In addition to the funding milestone, the company 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. They 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 CFO, has been promoted to president and interim CFO.
FinSMEs
03/04/2024