ITOCHU Announces its Investment in Raven SR Inc., a Company for Waste-to-Renewable Hydrogen and Renewable Fuels
August 23, 2021
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President & COO; hereinafter "ITOCHU") announced investment in Raven SR Inc. (headquartered in Wyoming, the U.S.A.; Matt W. Murdock, CEO hereinafter "Raven"), a startup seeking to produce renewable hydrogen and renewable fuels from municipal solid waste ("MSW"), along with Chevron U.S.A. Inc.,*1 Hyzon Motors Inc.,*2 and Ascent Hydrogen Fund.*3
Raven developed its original combustion-free technology of gasification to produce synthetic gas of hydrogen and carbon monoxide. Their technology is expected to provide more efficient production of clean and inexpensive renewable hydrogen and renewable fuels from MSW, which is relatively difficult to handle as a raw material.
Raven will start to produce renewable hydrogen for mobility from MSW in California, where the carbon credit scheme is in place, and then expand the business to produce SAF*4 and renewable diesel*5 that can reduce GHG emissions in aviation and land transportation.
ITOCHU has set "Enhancing our contribution to and engagement with the SDGs through business activities" in our medium-term management plan, "Brand-new Deal 2023". As part of this plan, we started establishing a supply chain for SAF and renewable diesel in Japan. We will also contribute to the realization of a circulating low-carbon and sustainable society overseas through collaboration with Raven and its partners.
- *1One of the largest oil majors in the U.S.A. They have proactively invested in alternative energy resources such as fuel cell, photovoltaic power generation facilities, secondary batteries, biofuels, hydrogen fuels, and geothermal power generation.
- *2The hydrogen fuel cell vehicle manufacturer that has unique hydrogen fuel cell technology. Hyzon Motors Inc. went public on US NASDAQ on July 19, 2021.
- *3The US-based fund that mainly invests in businesses related to hydrogen and the environment. One of the key shareholders of Hyzon Motors Inc.
- *4Sustainable Aviation Fuel is expected to be widely introduced as a solution for decarbonization in the aviation industry.
- *5Next-generation biofuel mainly used as a fuel for trucks and busses. It significantly reduces life-cycle-assessment-based GHG emissions, compared with fossil diesel oil.