Raven SR Announces Strategic Investment from Stellar J

• Stellar J investment is the sixth by a Raven SR strategic partner, following investments by Chevron, ITOCHU, Hyzon Motors, Ascent Hydrogen Fund and Samsung Ventures
• Investment builds on existing engineering and construction support from Stellar J for Raven SR's modular renewable fuel production facilities
• Partnership reinforces Stellar J's role in bringing patented Steam/CO₂ Reforming process to market

PINEDALE, Wyo., Feb. 28, 2023 /PRNewswire/ -- Raven SR Inc. (Raven SR), a renewable fuels company, announced today the closing of a strategic investment from Stellar J Corporation (Stellar J), its primary U.S.-based engineering, procurement and construction partner, to support the commercialization of Raven SR's non-combustion waste-to-fuel process.

Raven SR plans to commence commercial operations for waste-to-hydrogen production in early 2024 and commercial operations for sustainable aviation fuel (SAF) in 2025.

Stellar J is the sixth strategic investor in Raven SR since the company was founded. The current complement of strategic investors also includes global oil and gas major Chevron, Japanese trading house ITOCHU, hydrogen mobility leader and innovator Hyzon Motors, Ascent Hydrogen Fund, and Samsung Ventures.

Stellar J has fabricated Raven SR units for full-scale hydrogen production reformers. A successful trial of the units in August 2022 demonstrated that Raven SR's ground-breaking and proprietary technology for waste-to-hydrogen and gas-to-hydrogen processes is commercially ready and effective

"As we expand our global reach, Raven SR values this expression of deep support and confidence by Stellar J as we move together from sharing a vision to making a transformative impact in the transportation fuel sector," said Matt Murdock, CEO of Raven SR. "Stellar J's knowledgeable and experienced team of engineers have proven to be valuable partners who are passionate about bringing Raven SR's technology to market to advance the energy transition worldwide."

Stellar J has a long-standing track record of work with public and private companies, including public and private projects, engineering, procurement, and construction (EPC), and design, bid, and build structures, including bio-gas energy projects, digesters, landfill construction, and wastewater treatment plants.

"Our investment and partnership with Raven SR recognize the unique value proposition they provide as an answer to waste disposal challenges. Combined with efficient supply of cleaner transportation fuels, that creates even greater environmental and economic benefits," said Bob Kinghorn, CEO of Stellar J Corporation. "We see tremendous opportunity to not only serve as a contractor for Raven SR but also an aligned strategic partner."

Raven SR's patented Steam/CO₂ Reforming process, originally created by the late Dr. Terry Galloway, transforms municipal solid waste, organic waste, and methane into transportation-grade hydrogen for trucks and passenger vehicles and sustainable aviation fuels (SAFs). Stellar J's continued work with and investment in Raven SR will help turn Dr. Galloway's vision into reality by bringing the technology to market.

The Raven SR technology is a non-combustion thermal, chemical reductive process that converts organic waste and landfill gas to hydrogen and Fischer-Tropsch synthetic fuels. Unlike other hydrogen production technologies, its Steam/CO₂ Reformation does not require fresh water as a feedstock. The process is more efficient than conventional hydrogen production and can deliver fuel with low to negative carbon intensity. Additionally, Raven SR's goal is to generate as much of its own power onsite as possible to reduce reliance on the power grid and be independent of the grid. Its modular design provides a scalable means to locally produce renewable hydrogen and synthetic liquid fuels from local waste.

About Raven SR

Raven SR, headquartered in Wyoming, transforms biomass, mixed municipal solid waste, bio-solids, sewage, medical waste, and natural or biogas into renewable fuels. Using its proprietary, non-combustion, non-catalytic "Steam/CO₂ Reformation" technology, Raven SR dependably produces a hydrogen-rich syngas regardless of feedstock utilized. Raven SR, led by co-founders Matt Murdock and Matt Scanlon, is committed to adding value to local resources and communities while responsibly reducing greenhouse gases and achieving a low carbon economy. By using modular systems and producing low air emissions, their systems can be located closer to customers and feedstock, creating local fuel from local waste for local mobility. Visit ravensr.com.

About Stellar J

Stellar J is a merit-based, employee-owned company founded on hard work, principled business practices and the relentless pursuit of excellence. Since 1968, these core principals have allowed Stellar J Corporation to grow into a company offering general contracting and EPC contracting services nationally. Visit www.stellarj.com.

SOURCE Raven SR Inc.