Raven
Raven SR is a renewable fuels company that uses proprietary non-combustion Steam/CO2 Reforming technology to convert organic waste and methane into clean hydrogen and Fischer-Tropsch synthetic fuels (including SAF) for airlines, fleet operators, and waste management partners.
- Company typePrivate
- Founded2018
- HeadquartersPinedale, United States
- Headcount51–100
- GTM typeB2B
- OfferingHardware or Manufacturing
What Raven does
Raven SR is a Wyoming-headquartered, Delaware-incorporated renewable fuels company founded in 2018 that converts organic waste, municipal solid waste, landfill gas, and methane into hydrogen and Fischer-Tropsch synthetic fuels using a proprietary non-combustion Steam/CO2 Reforming process. Its technology is built around two patented reactor stages — the SR1 first-stage reformer and the SR2 second-stage equilibrium reformer — protected by 15+ US patents (with additional Canadian and European filings) and verified by the California EPA as non-combustion. Field trials have demonstrated >97% methane-to-hydrogen conversion efficiency versus 75-80% for traditional steam methane reforming (SMR). Outputs include clean hydrogen, sustainable aviation fuel (Jet A, Jet B, JP-8), renewable diesel, and chemical precursors.
The commercial product portfolio consists of the Raven S-Series (solid waste-to-fuels) and the Raven G-Series (gas-to-gas, producing 4,500 kg of hydrogen per day from renewable or stranded natural gas), both delivered as modular, skid-mounted units that can process mixed waste streams without pre-separation. Raven SR monetizes through long-term SAF offtake agreements with ANA and Japan Airlines, direct hydrogen sales and a 100-hub joint venture with Hyzon Motors, site-deployed production at partner landfills (Republic Services at West Contra Costa, Zanker Recycling in San Jose), tipping fees from waste generators, and Low Carbon Fuel Standard (LCFS) credits in California. The first commercial facility at Richmond, California targets up to 2,000 metric tons of hydrogen per year, and the company has stated an ambition to reach 200,000 tonnes of SAF annually by 2034.
Raven SR operates as a venture-backed private company with 51-100 employees across Pinedale, Wyoming (headquarters), Benicia, California (manufacturing via the 2021 acquisition of Benicia Fabrication & Machine), Richmond, California (operations), and Zaragoza, Spain (European hub via the 2022 establishment of Raven Iberia). Cumulative disclosed funding is approximately $38 million from investors including Ascent Funds, Chevron New Energies, ITOCHU Corporation, Samsung Ventures, RockCreek, Stellar J Corp., and Hyzon Motors. The leadership team is led by founder and CEO Matt Murdock, with former Fannie Mae CFO Stuart McFarland as board chairman and Matt Scanlon as president.
Raven firmographics
Firmographics- Name
- Raven
- Legal name
- Raven SR, Inc.
- Website
- https://ravensr.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Raven SR is a renewable fuels company that uses proprietary non-combustion Steam/CO2 Reforming technology to convert organic waste and methane into clean hydrogen and Fischer-Tropsch synthetic fuels (including SAF) for airlines, fleet operators, and waste management partners.
- Ownership category
- akta.pro rank
Raven industry classification
Industry- Product category
- Renewable Fuels
- NAICS
- Petroleum Refineries (32411), Petrochemical Manufacturing (32511), Basic Chemical Manufacturing (3251)
- SIC
- Petroleum Refining (2911), Refuse Systems (4953), Industrial Organic Chemicals (2860)
- akta.pro primary industry
- Sustainable Aviation Fuel (SAF) Production (HEFA, FT, ATJ) (EUAAAHAE)
- akta.pro secondary industries
- Sustainable Aviation Fuel (SAF) & Alternative Fuels (e-fuels, biofuels, hydrogen) (THABANAA), CO₂‑Derived Synthetic Fuels for Aviation & Marine (SAF e‑fuels, e‑ammonia/e‑methanol bunkering pathways) (EUABAIAH), Waste Gasification (MSW/RDF/biomass-to-syngas) (EUAAAKAE)
Keywords
Where Raven is headquartered
LocationHeadquarters
- HQ city
- Pinedale
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
Raven business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Operations, Personnel, Infrastructure, Marketing or Sales
Revenue model
- Hydrogen Sales: Raven SR produces and sells hydrogen to commercial fueling stations and fleet operators including Hyzon Motors. Revenue generated from hydrogen sales with additional benefit from LCFS credits in California.
- Sustainable Aviation Fuel (SAF) Sales: Production and sale of SAF (Jet A, Jet B) and renewable diesel to airline customers including ANA and Japan Airlines under long-term procurement agreements.
- LCFS Credits: Revenue from Low Carbon Fuel Standard credits in California due to negative carbon intensity fuel production. Projects achieve negative carbon intensity under state LCFS program.
- Tipping Fees: Future revenue potential from charging waste generators (landfills, municipalities) tipping fees to process their waste into fuel.
- Synthetic Fuels and Chemicals: Production of methanol, butanol, naphtha and other chemical products from syngas outputs.
Go-to-market motion2 records
Distribution channels4 records
Marketing channels6 records
Raven product offering
Product offeringCore offering
Raven SR converts municipal solid waste, organic waste, and methane into clean hydrogen and Fischer-Tropsch synthetic fuels (sustainable aviation fuel, renewable diesel) using its proprietary non-combustion Steam/CO2 Reforming technology. The company offers modular S-Series (solid waste-to-fuels) and G-Series (gas-to-hydrogen) systems and produces fuels that qualify for California LCFS credits due to negative carbon intensity.
Product overview
Raven SR is a renewable fuels company offering a modular, scalable waste-to-energy platform based on its proprietary non-combustion Steam/CO2 Reforming technology. The core system converts municipal solid waste, organic waste, and methane into hydrogen and Fischer-Tropsch synthetic fuels. The product portfolio includes two main systems: the Raven S-Series for solid waste processing and the Raven G-Series for gas-to-hydrogen conversion. Both systems utilize the patented two-stage reformer technology (SR1 and SR2) to produce outputs including clean hydrogen, sustainable aviation fuel (Jet A, Jet B, JP-8), and renewable diesel. The modular, skid-mounted design allows local fuel production from local waste streams.
Differentiator
Problem solved
Functional benefit
Products and services
- Raven S-Series
Quantifiable outcome
- 97%+ conversion efficiency vs 75-80% for traditional SMR
- +5 more outcomes
Companies that use Raven
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles4 records
Raven technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Raven partnerships and signals
Strategic signalPartnerships
16 partnerships are on record, tiered strategic, core, supporting and flagship.
- Cap Clean EnergystrategicStrategic commitment to sustainable aviation fuel (SAF) and renewable diesel projects in Canada.
- Stellar J CorporationcoreEngineering, procurement and construction company managing construction of Raven SR's hydrogen project in Richmond, California. Strategic investor supporting commercialization of waste-to-hydrogen and sustainable aviation fuel operations.
- New Energy CoalitionstrategicAdvancing plans for collaboration in Europe's emerging hydrogen markets with Northern Netherlands officials.
- All Nippon Airways (ANA)coreLong-term procurement agreement for sustainable aviation fuel (SAF) from Raven SR. ANA aims to replace 10% of aviation fuel with SAF by 2030.
- Japan AirlinescoreSAF supply agreement for future aviation fuel needs as part of sustainable fuel strategy.
- Chart IndustriescoreMOU for collaboration on hydrogen and carbon capture storage including cryogenic carbon capture, hydrogen liquefaction, and storage of carbon dioxide.
- WatlowsupportingProvided thermal system design and Industry 4.0 control systems for Raven SR's Steam/CO2 Reforming process, including zoned heating elements, sensors, and connected architecture.
- Emerging Fuels Technology (EFT)coreMaster License Agreement to integrate EFT's Fischer-Tropsch synthesis and Maxx Jet/Maxx Diesel upgrading technology with Raven SR's Steam/CO2 Reforming for SAF and renewable diesel production.
- HowdencoreHydrogen compressor contract for Richmond, CA waste-to-hydrogen plant. MoU to optimize delivery of compression systems for waste-to-fuels process.
- INNIOsupportingJenbacher Ready-for-H2 engines will power Raven SR's inaugural waste-to-hydrogen plant in Richmond, CA.
- Gevolve SolutionsstrategicMOU to expand global hydrogen footprint into Australia with First Nations majority-owned company for hydrogen and synthetic fuels development.
- Republic ServicescoreRaven SR processes up to 99.9 tons of organic waste per day at West Contra Costa Sanitary Landfill in Richmond, CA, producing up to 2,000 metric tons per year of green hydrogen. Republic provides waste feedstock and site access.
- Hyzon MotorsflagshipJoint venture to build up to 100 hydrogen hubs across US and globally. Hyzon acquired minority interest in Raven SR. Raven supplies renewable hydrogen for Hyzon's zero-emission hydrogen fuel cell commercial vehicles. First hubs built in San Francisco Bay Area.
- Zanker RecyclingcoreLetter of intent for renewable fuel production site and feedstock supply. Zanker provides site and processes 2,600+ tons of mixed debris daily for Raven's first 25 dry-ton commercial facility.
- Fluor CorporationsupportingContracted for final design engineering for production facilities in San Jose and additional facilities across US and Caribbean.
- POWER EngineerscoreSelected to complete final engineering and design for Raven SR's first commercial renewable fuels facilities.
Scale indicators9 records
Recent moves7 records
Expansion highlights8 records
Raven competitors and assessment
Company assessmentEmerging players
- Sunfire: Sunfire produces green hydrogen via high-temperature electrolysis (SOEC) and e-fuels including e-SAF via Power-to-Liquids. Comparable to Raven SR on the green hydrogen and synthetic SAF product portfolio and competing in the same renewable hydrogen offtake markets.
- Infinium: Infinium produces e-fuels (e-SAF, e-diesel) from green hydrogen and captured CO2 using proprietary FT technology. Comparable to Raven SR on synthetic SAF and renewable diesel output, competing in the same low-carbon aviation and trucking fuel offtake markets.
- HIF Global: HIF Global produces e-fuels (e-methanol, e-gasoline, e-SAF) from green hydrogen and captured CO2 in Chile, Texas, and other regions. Comparable to Raven SR's Fischer-Tropsch synthetic fuel portfolio and competing in the same synthetic SAF end-market.
- Air Company: Air Company converts captured CO2 and green hydrogen into synthetic SAF and other alcohols using a proprietary catalyst-based process. Comparable to Raven SR's renewable synthetic fuel output, competing for similar aviation and LCFS-credit-driven offtake agreements.
Direct peers
- Velocys: Velocys developed microchannel Fischer-Tropsch reactors licensed for biomass- and gas-to-liquids applications including SAF. Comparable to Raven SR's FT-based SAF production approach and competing in the same waste/biomass-to-SAF project development space.
- Aemetis: Aemetis is a public renewable fuels company producing renewable diesel and SAF from low-carbon feedstocks at scale in California. Comparable to Raven SR on the SAF/renewable diesel product side, LCFS credit monetization in California, and competing for similar airline offtake agreements.
- Fulcrum BioEnergy: Fulcrum BioEnergy developed municipal solid waste-to-syngas Fischer-Tropsch facilities targeting SAF and renewable diesel — directly comparable to Raven SR's S-Series waste-to-FT pathway. Both companies pursued California-based MSW-to-SAF projects and competed for similar feedstock partnerships and LCFS-credit-driven economics.
- WasteFuel: WasteFuel converts municipal and agricultural waste into biofuels (bio-methanol, renewable natural gas, SAF). Directly comparable to Raven SR's waste-to-fuels value proposition, targeting the same waste generators, municipalities, and LCFS-credit-driven California market.
- LanzaTech: LanzaTech uses gas fermentation to convert carbon-rich off-gases (including landfill gas and biomass syngas) into ethanol and synthetic fuels. Comparable to Raven SR's G-Series in targeting stranded/low-methane gas for fuel production and competing for similar waste-gas feedstock and renewable fuel offtake agreements.
Broad incumbents
- Topsoe: Topsoe is a global process technology licensor with proprietary catalysts, hydroprocessing, and gasification technologies for SAF, renewable diesel, and hydrogen production. Comparable to Raven SR as a supplier of underlying technology in the renewable fuels value chain and as a competitor in licensing Fischer-Tropsch and hydrogen production routes.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Raven social profiles
Digital presenceRaven compliance and trust
Trust signalCompliance2 records
Raven financial estimates
Financial estimateRevenue estimate
Valuation estimate
Raven leadership team
Management profileNumber of profiles
Profiles6 records
Raven subsidiaries and ownership
Company hierarchySubsidiaries2 records
Raven funding detail
Funding detailFunding overview
Funding rounds7 records
Investors8 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Raven M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Raven
What does Raven do?
Raven SR converts municipal solid waste, organic waste, and methane into clean hydrogen and Fischer-Tropsch synthetic fuels (sustainable aviation fuel, renewable diesel) using its proprietary non-combustion Steam/CO2 Reforming technology. The company offers modular S-Series (solid waste-to-fuels) and G-Series (gas-to-hydrogen) systems and produces fuels that qualify for California LCFS credits due to negative carbon intensity.
Is Raven a public or private company?
Raven is a private company. It is classified as venture growth investor backed and is currently operating.
When was Raven founded?
Raven was founded in 2018. It employs 51 to 100 people.
Where is Raven based?
Raven is headquartered in Pinedale, United States, in the North America region.
How does Raven make money?
Five revenue lines are on record. Hydrogen Sales are the primary driver. The others are sustainable Aviation Fuel (SAF) Sales, LCFS Credits, tipping Fees and synthetic Fuels and Chemicals.
Who are Raven's main competitors?
Emerging players on record are Sunfire, Infinium, HIF Global and Air Company. Direct peers are Velocys, Aemetis, Fulcrum BioEnergy, WasteFuel and LanzaTech. Topsoe is listed as a broad incumbent.
Does Raven have an API?
No public API is recorded for Raven.
What industry is Raven in?
Raven's product category is Renewable Fuels. Its primary akta.pro industry code is EUAAAHAE, Sustainable Aviation Fuel (SAF) Production (HEFA, FT, ATJ), with a secondary code of THABANAA, Sustainable Aviation Fuel (SAF) & Alternative Fuels (e-fuels, biofuels, hydrogen). Its NAICS code is 32411 and its SIC code is 2911.