Raven

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.

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

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

• Waste-to-hydrogen
• Synthetic fuels
• Sustainable aviation fuel
• Renewable diesel
• Green hydrogen production

Headquarters

HQ city

Pinedale

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Operations, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. 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.
2. 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.
3. 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.
4. Tipping Fees: Future revenue potential from charging waste generators (landfills, municipalities) tipping fees to process their waste into fuel.
5. 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

Core 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

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

16 partnerships are on record, tiered strategic, core, supporting and flagship.

• Cap Clean EnergystrategicStrategic or Co-development Partner · 25 April 2023Strategic commitment to sustainable aviation fuel (SAF) and renewable diesel projects in Canada.
• Stellar J CorporationcoreImplementation/ SI/ Consulting Partner · 28 February 2023Engineering, 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 CoalitionstrategicStrategic or Co-development Partner · 22 February 2023Advancing plans for collaboration in Europe's emerging hydrogen markets with Northern Netherlands officials.
• All Nippon Airways (ANA)coreChannel Partner/ Reseller/ Distributor · 17 January 2023Long-term procurement agreement for sustainable aviation fuel (SAF) from Raven SR. ANA aims to replace 10% of aviation fuel with SAF by 2030.
• Japan AirlinescoreChannel Partner/ Reseller/ Distributor · 17 January 2023SAF supply agreement for future aviation fuel needs as part of sustainable fuel strategy.
• Chart IndustriescoreTechnology or Integration · 22 December 2022MOU for collaboration on hydrogen and carbon capture storage including cryogenic carbon capture, hydrogen liquefaction, and storage of carbon dioxide.
• WatlowsupportingTechnology or Integration · 31 October 2022Provided 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)coreTechnology or Integration · 29 September 2022Master 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.
• HowdencoreTechnology or Integration · 17 August 2022Hydrogen compressor contract for Richmond, CA waste-to-hydrogen plant. MoU to optimize delivery of compression systems for waste-to-fuels process.
• INNIOsupportingTechnology or Integration · 11 August 2022Jenbacher Ready-for-H2 engines will power Raven SR's inaugural waste-to-hydrogen plant in Richmond, CA.
• Gevolve SolutionsstrategicStrategic or Co-development Partner · 16 May 2022MOU to expand global hydrogen footprint into Australia with First Nations majority-owned company for hydrogen and synthetic fuels development.
• Republic ServicescoreStrategic or Co-development Partner · 24 August 2021Raven 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 MotorsflagshipStrategic or Co-development Partner · 27 April 2021Joint 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 RecyclingcoreStrategic or Co-development Partner · 12 November 2019Letter 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 CorporationsupportingImplementation/ SI/ Consulting PartnerContracted for final design engineering for production facilities in San Jose and additional facilities across US and Caribbean.
• POWER EngineerscoreImplementation/ SI/ Consulting PartnerSelected to complete final engineering and design for Raven SR's first commercial renewable fuels facilities.

Scale indicators9 records

Recent moves7 records

Expansion highlights8 records

Emerging 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

• Xx.com/ravenfuel
• Facebookfacebook.com/ravensrenergy
• LinkedInlinkedin.com/company/ravenfuel

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds7 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Raven