Samsung Ventures makes ‘strategic investment’ in Raven
14 March 2022
Raven SR Inc., a renewable fuels company based in Wyoming, plans to expand its reach into the global hydrogen market following an investment from Samsung Ventures, the companies announced. The amount and details of the investment were not revealed.
Samsung Ventures’ strategic investment illustrates a clear demand for scalable renewable fuel production to respond to climate change concerns. In 2021, Raven SR attracted funds totaling $20 million from global oil and gas major Chevron, Japanese trading house ITOCHU, hydrogen mobility leader and innovator Hyzon Motors, and Ascent Hydrogen Fund.
Raven SR, which will soon break ground in its first commercial waste-to-hydrogen production facility in the U.S., can produce green hydrogen and high-quality Fischer-Tropsch synthetic fuels, such as sustainable aviation fuel, from a wide range of feedstocks, including municipal solid waste, methane and biomass. Raven SR’s non-combustion Steam/CO2Reforming process is itself emissions-free and requires minimal waste sorting before processing.
Samsung Ventures’ investment will expand Raven SR’s global reach to South Korea, a driving force in the hydrogen economy. The South Korean government recently announced plans to provide 27.9 million metric tons of clean hydrogen per year by 2050, replacing oil as the country’s predominate energy source and decreasing dependency on fossil fuels.
“Our readily deployable breakthrough technology is attracting strong backing from around the globe by major companies that are intent on making a difference in the energy transition today,” said Matt Murdock, CEO of Raven SR. “Samsung’s appreciation for our renewable fuels process will step up our ability to deliver to new markets and provide an excellent addition for worldwide renewable energy projects.”
Samsung C&T, one of the world’s leading engineering, procurement and construction (EPC) companies, will enhance the scalability of Raven SR in Asian markets and beyond as Raven’s strategic business partner.
Raven SR’s technology is designed to 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), electricity via microturbines, and sustainable aviation fuel.
Raven SR transforms biomass, mixed municipal solid waste, bio-solids, sewage, medical waste, and natural or biogas into renewable fuels. Samsung Venture Investment Corporation was established to promote promising small and medium-sized companies engaging in the development of new technologies.