Renewable fuels company Raven SR bolsters leadership team, secures $15M investment – Raven™
Summary
The process outperforms all known alternatives in efficiency, producing more hydrogen and SAF per ton of waste.In addition to the funding milestone, Raven SR 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.Named as new board members: 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.Ascent Funds, a venture capital fund dedicated to advancing the energy transition, led the latest $15 million investment, with contributions from existing investors Chevron New Energies, ITOCHU Corp. and Stellar J Corp., the engineering, procurement and construction company managing construction of Raven SRs hydrogen project in Richmond, California.Raven SR is pleased to have the continued and enhanced support of our investors as we move toward construction of our organic waste-to-hydrogen facility, said Matt Murdock, founder and CEO of Raven SR. McFarland also acknowledged the support from shareholders and the dedicated project team, emphasizing their importance in Raven SRs journey.With this solid foundation, 2024 is shaping up to be a landmark year for Raven SR as it commercializes its Steam/CO2 Reforming technology to bring clean and sustainable fuel to the world, said McFarland.Raven SRs unique process is non-combustion and catalyst-free as verified by the California EPA. Ascent is led by Mark Gordon, veteran Wall Street energy investor with senior positions at Goldman Sachs, Soros Fund Management, Paulson & Co and Janus Henderson; and capital markets executive David Wu, a former Rothschild banker and Chairman of Capital Markets for Fosun International, one of the largest investment conglomerates in the world managing over US$100bn in total assets. Visit www.ascent-funds.com.The history of ITOCHU Corporation dates back to 1858 when the Companys founder Chubei Itoh commenced linen trading operations. Visit https://www.itochu.co.jp/en/index.html.Stellar J is a merit-based, employee-owned company founded on hard work, principled business practices and the relentless pursuit of excellence.