Raven SR
Raven SR is a Wyoming-based renewable fuels company that converts municipal solid waste, organic waste, and methane into clean hydrogen and Fischer-Tropsch synthetic fuels via its patented non-combustion Steam/CO2 Reforming technology, serving landfill operators, fleet operators, and airlines.
- Company typePrivate
- Founded2018
- HeadquartersPinedale, United States
- Headcount51–100
- GTM typeB2B
- OfferingHardware or Manufacturing
What Raven SR does
Raven SR is a Wyoming-incorporated renewable fuels company founded in 2018 that commercializes a patented, non-combustion Steam/CO2 Reforming technology to convert waste feedstocks — municipal solid waste, organic waste, plastics, medical waste, methane, and landfill gas — into clean hydrogen and Fischer-Tropsch synthetic fuels. The core platform is a two-stage thermolysis system: the SR1 first-stage rotating kiln separates reactive organics from inert contaminants (glass, metal, minerals), and the SR2 second-stage equilibrium reformer converts the intermediate gas into a hydrogen-rich syngas (~60% H2 in commercial units) at >97% conversion efficiency versus ~75% for traditional Steam Methane Reforming. Outputs include SAE J2719-grade hydrogen, Sustainable Aviation Fuel (Jet A, Jet B, JP-8 milspec), renewable diesel, methanol, butanol, and naphtha. Hardware is modular and skid-mounted, deployable at landfills, stranded gas wells, or near urban demand centers, and the process requires no fresh water and less than half the energy of electrolysis.
The company's revenue model is multi-stream and asset-heavy. Direct hydrogen and synthetic-fuel sales to fueling stations, fleets, and airlines form the primary commercial line. California LCFS credits generated by negative-carbon-intensity fuel output provide a regulatory-revenue layer, and tip fees from waste generators create a countercyclical stream independent of fuel pricing. Longer-term revenue includes EPC/licensing of modular facilities via the Raven S-Series (solid waste) and G-Series (gas-to-hydrogen, producing 4,500 kg H2/day per unit) product lines. Customer concentration sits in four vertical segments: landfill operators and waste management companies (anchored by Republic Services and the Richmond, CA site), commercial fleet operators via Hyzon Motors (up to 100 hubs under joint venture), commercial airlines (ANA and Japan Airlines SAF agreements channeled through ITOCHU), and municipal governments. Distribution is primarily direct enterprise sales supplemented by strategic channel partners including Hyzon, Stellar J, and POWER Engineers for project deployment, with manufacturing internalized through the wholly-owned Benicia Fabrication & Machine subsidiary (acquired December 2021).
Geographically, Raven SR's operations are anchored in Pinedale, Wyoming (headquarters), Benicia, California (manufacturing via BFM), Richmond, California (first commercial facility — Authority to Construct awarded November 2024), and Zaragoza, Spain (flagship European project led by wholly-owned subsidiary Raven Iberia). The company is privately held and venture-backed, having raised approximately $35M in disclosed equity ($20M strategic round in 2021 plus $15M Series A in April 2024) plus €3.1M in European Commission grants, with strategic shareholders including Chevron New Energies, ITOCHU, Samsung Ventures, Stellar J, Ascent Funds, and Hyzon Motors (minority equity). The leadership team is led by founder and CEO Matt Murdock and includes a board reinforced in 2024 with Stuart McFarland (former Fannie Mae CFO) as Chairman, Mark Gordon (Ascent Funds CIO) as Vice Chairman, and operating executives Matt Scanlon (President), Mike Fatigati (CTO), and Carmelo Santiago (VP Manufacturing).
Raven SR firmographics
Firmographics- Name
- Raven SR
- 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 Wyoming-based renewable fuels company that converts municipal solid waste, organic waste, and methane into clean hydrogen and Fischer-Tropsch synthetic fuels via its patented non-combustion Steam/CO2 Reforming technology, serving landfill operators, fleet operators, and airlines.
- Ownership category
- akta.pro rank
Raven SR industry classification
Industry- Product category
- Renewable Hydrogen and Synthetic Fuels
- NAICS
- Industrial Gas Manufacturing (32512), Power Boiler and Heat Exchanger Manufacturing (332410)
- SIC
- Industrial Process Furnaces & Ovens (3567), Cogeneration Services & Small Power Producers (4991)
- akta.pro primary industry
- Hydrogen & Derivative Fuels for Industry (H₂, Ammonia, Methanol) (EUABAJAC)
- akta.pro secondary industries
- Sustainable Aviation Fuel (SAF) Production (HEFA, FT, ATJ) (EUAAAHAE), CO₂‑Derived Synthetic Fuels for Aviation & Marine (SAF e‑fuels, e‑ammonia/e‑methanol bunkering pathways) (EUABAIAH)
Keywords
Where Raven SR is headquartered
LocationHeadquarters
- HQ city
- Pinedale
- HQ country
- United States
- HQ region
- North America
Offices5 records
Markets served
Raven SR business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Operations, Supply Chain, Personnel, Infrastructure
Revenue model
- Hydrogen and Fuel Product Sales: Direct sales of hydrogen, sustainable aviation fuel (Jet A, Jet B, JP-8), renewable diesel, methanol, ammonia, and other synthetic fuels produced from waste conversion to commercial and industrial customers including fueling stations and transportation fleets.
- LCFS Credits: Revenue from California Low Carbon Fuel Standard (LCFS) credits generated by producing hydrogen and fuels with negative carbon intensity scores.
- Tip Fees: Fees charged to waste generators (landfills, municipalities, commercial waste producers) for processing their waste into valuable fuel products, creating a revenue stream independent of fuel product pricing.
- Project Licensing and Deployment: Deployment of modular waste-to-hydrogen facilities with engineering, procurement and construction services, potentially including licensing of proprietary technology.
Go-to-market motion2 records
Distribution channels5 records
Marketing channels7 records
Raven SR product offering
Product offeringCore offering
Raven SR designs, manufactures and operates modular Steam/CO2 Reforming systems that convert municipal solid waste, organic waste, and methane into clean hydrogen and Fischer-Tropsch synthetic fuels. The patented non-combustion, non-catalytic thermolysis platform produces fuel-cell-grade hydrogen (SAE J2719 compliant), sustainable aviation fuel (Jet A, Jet B, JP-8), renewable diesel, methanol, butanol and naphtha. The company sells the equipment, sells the output fuels directly, charges tip fees for waste processing, and captures LCFS credit revenue.
Product overview
Raven SR is a renewable fuels company offering a proprietary, patented Steam/CO2 Reforming technology platform that converts waste — including municipal solid waste, organic waste, agricultural waste, methane, and mixed feedstocks — into clean hydrogen and Fischer-Tropsch synthetic fuels without combustion. The platform consists of two product lines: the Raven S-Series for solid waste processing and the Raven G-Series for gas-to-hydrogen conversion. Both lines are powered by the two-stage SR1 (first-stage rotating kiln reformer) and SR2 (second-stage equilibrium reformer), which together achieve >97% conversion efficiency versus 75% for traditional steam methane reforming. The platform outputs clean, fuel-cell-grade hydrogen (SAE J2719 compliant) and Fischer-Tropsch synthetic liquid fuels including Sustainable Aviation Fuel (Jet A, Jet B, JP-8), renewable diesel, methanol, butanol, and naphtha. Raven SR operates manufacturing through its Benicia Fabrication & Machine subsidiary (acquired 2021) and has established Raven Iberia for European market expansion. The modular, skid-mounted design allows deployment at landfills, stranded gas wells, and near urban centers.
Differentiator
Problem solved
Functional benefit
Brands
- Raven S-Series: Steam/CO2 Reforming system for waste-to-hydrogen conversion
- Raven G-Series
- Raven Iberia
Products and services
- Raven S-Series Waste-to-Hydrogen System Solid waste-to-hydrogen modular system using the Steam/CO2 Reforming process. Designed to process municipal solid waste, organic waste, greenwaste, food waste, medical waste, plastics, and mixed feedstocks simultaneously without separation or drying. Skid-mounted, modular, and scalable for deployment at or near landfills. For waste management companies, municipalities, and landfill operators.
- Raven G-Series Gas-to-Hydrogen System Gas-to-hydrogen system built around the SR2 reformer, producing 4,500 kg of hydrogen per day from renewable or natural gas. Utilizes stranded gas, low-methane, or otherwise unmonetized gas to create hydrogen with greater than 97% conversion efficiency versus 75% for traditional steam methane reforming. Skid-mounted for placement at landfills or stranded natural gas wells. For natural gas operators, landfill gas owners, and stranded gas well operators.
- Clean Hydrogen (Fuel Cell Grade) Transportation-grade hydrogen produced via Steam/CO2 Reforming, compliant with SAE J2719 international specification. When powering fuel cells, hydrogen produces only water as a by-product. The process produces hydrogen with low to negative carbon intensity, qualifying as renewable under California's LCFS. For fueling stations, fuel cell electric vehicle fleet operators, and industrial hydrogen buyers.
- Fischer-Tropsch Synthetic Fuels (SAF and Renewable Diesel) Zero-sulfur synthetic liquid fuels produced from hydrogen and carbon gases via Fischer-Tropsch synthesis, including Sustainable Aviation Fuel (Jet A, Jet B, JP-8 milspec), renewable diesel, methanol, butanol, naphtha, and other additives and solvents. For commercial airlines, aviation fuel buyers, and renewable diesel off-takers.
- Richmond, CA Commercial Waste-to-Hydrogen Facility First commercial-scale organic waste-to-hydrogen facility in California. Processes up to 99.9 tons per day of organic waste from Republic Services' West Contra Costa Sanitary Landfill to produce up to 2,000 metric tonnes of renewable hydrogen per year. Initial capacity 50 wet-tons per day, expandable to 500 tons per day. Awarded Authority to Construct from Bay Area Air District — first CEQA-permitted biomass-to-hydrogen facility in California. For waste management operators and commercial hydrogen offtakers.
Quantifiable outcome
- Converts 50 wet-tons/day of green waste into 4.5 tonnes of renewable hydrogen, powering 100 heavy-duty trucks
- +5 more outcomes
Companies that use Raven SR
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles4 records
Raven SR technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Raven SR partnerships and signals
Strategic signalPartnerships
16 partnerships are on record, tiered strategic and core.
- Cap Clean EnergystrategicStrategic collaboration on Canadian SAF and renewable diesel projects. Announcement marks Raven SR and Cap Clean Energy's strategic commitment to sustainable aviation fuel production in Canada.
- All Nippon Airways (ANA)coreMoU for long-term procurement of sustainable aviation fuel (SAF). Part of ANA's climate transition strategy to replace 10% of aviation fuel with SAF by 2030.
- New Energy CoalitionstrategicAdvancing plans for collaboration in Europe's emerging hydrogen markets. Northern Netherlands officials in discussions with Raven SR for expanding waste-to-hydrogen projects.
- Japan AirlinescoreAgreement to supply sustainable aviation fuel. ITOCHU involved in SAF procurement discussions with JAL.
- Chart IndustriesstrategicMemorandum of Understanding for collaboration on cryogenic carbon capture, hydrogen liquefaction, and storage of carbon dioxide from Raven's production facilities.
- Emerging Fuels Technology (EFT)coreMOU and Master License Agreement to integrate EFT's Fischer-Tropsch synthesis and Maxx Jet/Maxx Diesel upgrading technology with Raven's Steam/CO2 Reforming for SAF and renewable diesel production.
- HowdenstrategicHydrogen compressor supplier for Richmond waste-to-hydrogen plant. MoU to optimize delivery of compression systems for waste-to-fuels process.
- INNIOstrategicJenbacher Ready-for-H2 engines to power Raven SR's first waste-to-hydrogen plant in Richmond, CA.
- Gevolve SolutionsstrategicMoU with First Nations majority-owned Australian company for hydrogen and synthetic fuels development, expanding global hydrogen footprint into Australia.
- Samsung C&TstrategicStrategic partnership with Samsung C&T, one of Korea's largest construction firms. Fifth strategic partner investment for Raven SR. Supports Korean market development.
- Raven IberiacoreWholly owned subsidiary established in Spain to develop renewable fuel projects in Spain and additional EU markets. First European hydrogen production project.
- Benicia Fabrication & Machine (BFM)coreAcquisition of Benicia Fabrication & Machine, now wholly-owned subsidiary. Provides integrated manufacturing capabilities for hydrogen production equipment in northern California.
- Republic ServicescorePartnership to process organic waste (up to 99.9 tons per day) at West Contra Costa Sanitary Landfill in Richmond, CA to produce green hydrogen. Republic provides feedstock and site lease; Raven operates hydrogen production facility.
- POWER EngineerscoreEngineering firm selected for final engineering and design of first commercial renewable fuels facilities.
- Hyzon MotorscoreJoint venture to build up to 100 hydrogen hubs across the US and globally. Hyzon acquiring minority interest in Raven SR. First hubs to be built in San Francisco Bay Area. Raven supplies renewable hydrogen for Hyzon's zero-emission commercial vehicle fleets.
- Zanker RecyclingstrategicLetter of intent for renewable fuel production site and feedstock supply at Zanker Recycling's Zero Waste Energy Development Company in San Jose, CA. First 25 dry-ton commercial renewable hydrogen production facility.
Scale indicators11 records
Recent moves8 records
Expansion highlights6 records
Raven SR competitors and assessment
Company assessmentBroad incumbents
- Topsoe: Topsoe licenses hydroprocessing and Fischer-Tropsch catalysts used in SAF production at scale and also produces low-carbon hydrogen via SOEC electrolysis. Comparable as a technology provider whose catalysts could either complement or compete with Raven's FT pathway.
- Air Products and Chemicals: Air Products is a global industrial gas leader with large-scale hydrogen production (including blue and green projects) and active SAF/captive-CO2 initiatives. Comparable as a broad incumbent in low-carbon hydrogen and gasification/steam reforming infrastructure competing for the same offtake customers.
- Linde plc: Linde is a global industrial gas major producing merchant hydrogen (gray, blue, green) and is a large-scale builder of hydrogen production and liquefaction infrastructure. Comparable on the hydrogen product side, with the scale and balance sheet to set competitive pricing in any region Raven enters.
Direct peers
- Velocys: Velocys supplies Fischer-Tropsch micro-channel reactor technology for waste-to-SAF projects. Comparable to Raven SR's FT-fuel output stage; both target LCFS and CORSIA-eligible SAF volumes from waste and biomass feedstocks.
- Fulcrum BioEnergy: Fulcrum operates a waste-to-SAF pathway using Fischer-Tropsch synthesis from municipal solid waste — the closest direct analog to Raven SR's S-Series + FT integration, with both companies chasing LCFS-eligible SAF offtake and landfill-sited facilities.
- Aemetis: Aemetis produces renewable diesel and SAF from waste oils and biomass at scale in California. Direct competitor in California LCFS-eligible low-carbon fuels, with established refinery infrastructure that competes with Raven's planned FT output.
- Sierra Energy: Sierra Energy's FastOx gasification converts MSW into syngas for hydrogen and synthetic fuels at landfill scale. Both companies deploy modular, landfill-sited systems turning mixed waste into hydrogen/SAF, competing for the same municipal and waste-management customers.
Others
- Hyzon Motors: Hyzon is both a Raven SR joint-venture partner and minority shareholder, with a strategic plan for up to 100 hydrogen hubs fed by Raven's production. Comparable as a fuel-cell vehicle OEM and key offtake/distribution counterparty rather than a technology competitor.
- Chart Industries: Chart Industries is an existing Raven SR partner supplying cryogenic CO2 capture, hydrogen liquefaction, and storage equipment. Comparable as an enabling equipment supplier and ecosystem participant in the hydrogen value chain, not a direct competitor.
Emerging players
- SunFire GmbH: SunFire produces e-fuels (e-SAF, e-methanol, e-kerosene) via high-temperature electrolysis and reverse water-gas shift. Comparable on synthetic-fuel output and EU grant capture, with an overlapping waste-to-fuel roadmap and similar modular, skid-mounted plant philosophy.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Raven SR social profiles
Digital presenceRaven SR financial estimates
Financial estimateRevenue estimate
Valuation estimate
Raven SR leadership team
Management profileNumber of profiles
Profiles8 records
Raven SR subsidiaries and ownership
Company hierarchySubsidiaries2 records
Raven SR funding detail
Funding detailFunding overview
Funding rounds7 records
Investors8 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Raven SR M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Raven SR
What does Raven SR do?
Raven SR designs, manufactures and operates modular Steam/CO2 Reforming systems that convert municipal solid waste, organic waste, and methane into clean hydrogen and Fischer-Tropsch synthetic fuels. The patented non-combustion, non-catalytic thermolysis platform produces fuel-cell-grade hydrogen (SAE J2719 compliant), sustainable aviation fuel (Jet A, Jet B, JP-8), renewable diesel, methanol, butanol and naphtha. The company sells the equipment, sells the output fuels directly, charges tip fees for waste processing, and captures LCFS credit revenue.
Is Raven SR a public or private company?
Raven SR is a private company. It is classified as venture growth investor backed and is currently operating.
When was Raven SR founded?
Raven SR was founded in 2018. It employs 51 to 100 people.
Where is Raven SR based?
Raven SR is headquartered in Pinedale, United States, in the North America region.
How does Raven SR make money?
Four revenue lines are on record. Hydrogen and Fuel Product Sales are the primary driver. The others are LCFS Credits, tip Fees and project Licensing and Deployment.
Who are Raven SR's main competitors?
Broad incumbents on record are Topsoe, Air Products and Chemicals and Linde plc. Direct peers are Velocys, Fulcrum BioEnergy, Aemetis and Sierra Energy. Others are Hyzon Motors and Chart Industries. SunFire GmbH is listed as an emerging player.
Does Raven SR have an API?
No public API is recorded for Raven SR.
What industry is Raven SR in?
Raven SR's product category is Renewable Hydrogen and Synthetic Fuels. Its primary akta.pro industry code is EUABAJAC, Hydrogen & Derivative Fuels for Industry (H₂, Ammonia, Methanol), with a secondary code of EUAAAHAE, Sustainable Aviation Fuel (SAF) Production (HEFA, FT, ATJ). Its NAICS code is 32512 and its SIC code is 3567.