New technology financier Samsung Ventures has joined an industrial cadre of international investors including oil giant Chevron that is backing renewable fuels start-up Raven SR, a pioneer in modular waste-to-green hydrogen technology, as it begins building what would be the US’ flagship plant.
The buy-in by Samsung Ventures, which adds to that of the US supermajor, Japanese trading house Itochu, hydrogen car-maker Hyzon Motors and Ascent H2 Fund, comes as Raven prepares to break ground on a landfill site in northern California for a waste-powered hydrogen production facility.
Through the deal, Samsung Ventures sister company Samsung C&T, one of the world’s largest engineering and construction contractors, will also “advance the scalability of Raven SR in Asian markets and beyond” as a strategic business partner.
“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.”
Raven SR’s non-combustion steam/CO2reforming technology produces green hydrogen and high-specification Fischer-Tropsch synthetic fuels – which can be used as a substitute for conventional jet fuel – using a range of feedstocks, including municipal solid waste, methane and biomass.
Last year, Raven SR pulled in funding totalling $20m from its first tranche of investors.
Samsung Ventures' investment is designed to expand Raven’s reach into the market in South Korea, an early mover in the hydrogen economy which recently announced plans to build H2 production plant capacity to levels by 2050 where it would become the country's leading energy source.
