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Renewable fuels company Raven SR bolsters leadership team, secures $15M investment
Raven SR Inc., a renewable fuels company, announced key board additions and an executive promotion, coupled with securing $15 million in new investments, positioning the company for further growth and innovation in the clean energy sector.
The company said the latest fundraising underscores the confidence in Raven SR’s proprietary Steam/CO2 Reforming technology that converts various waste streams into renewable transportation fuels like hydrogen and sustainable aviation fuel (SAF). The process outperforms all known alternatives in efficiency, producing more hydrogen and SAF per ton of waste.
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 SR’s hydrogen project in Richmond, California.
Emerald investment to boost Sea Machines’ autonomous shipping solutions
Cleantech venture capital pioneer Emerald Technology Ventures has invested into Sea Machines, a developer of autonomous shipping solutions, control systems and advanced perception technology for maritime vessels. This USD 12 million funding round, which was joined by Nabtesco Technology Ventures (NTV), Chevron Technology Ventures, RKKVC, Level 2 Ventures, and IMC Ventures, will help Sea Machines hone its technological edge and grow its market presence.
Boston-based Sea Machines Robotics is a global leader in autonomous piloting systems. These systems are meant to help sea vessels navigate and operate with greater efficiency, productivity, and capability. Its proprietary technology allows onboard computers to maintain precise control of vessel position, steering, and speed during a voyage. It can also reroute as needed to avoid traffic and obstacles, and use streaming data to improve operations. The startup also develops solutions for computer vision, remote command and control, and advanced data collection along shipping routes, among other applications.
Fluor’s Econamine FG PlusSM Carbon Capture Technology Selected to Reduce CO2 Emissions at Chevron Facility
Fluor Corporation (NYSE: FLR) announced today that Chevron New Energies has signed a license agreement with Fluor to use its proprietary Econamine FG PlusSM carbon capture technology to reduce carbon dioxide (CO2) emissions at Chevron’s Eastridge Cogeneration facility in Kern County, California.
When installed, Fluor’s carbon capture solution is expected to reduce the Eastridge facility’s carbon emissions by approximately 95%. As part of the licensing agreement, Fluor will develop a process design package, supply proprietary equipment and provide technical support services throughout various stages of the project.
Ionomr Innovations closes USD$20M Series A-4 Financing with broad industry participation
Ionomr Innovations Inc., developer and manufacturer of breakthrough, foundational polymer and membrane technologies for next-generation hydrogen applications, has closed a US$20 million Series A-4 funding round with returning lead investors NGIF Cleantech Ventures and Pallasite Ventures supported by Shell Ventures, Chevron Technology Ventures and Finindus, and joined by N.V. Bekaert, Asahi Kasei, Samsung Ventures and SAIC Capital.
The funding will allow Ionomr to further scale its ion-exchange membranes and polymers, Aemion® and Pemion®, that are fundamental to accelerating the hydrogen economy – from production of H2 gas and chemicals through electrolysis to efficient use of hydrogen in fuel cells. Ionomr’s superior materials can make more efficient, cost-competitive solutions possible, including eliminating expensive precious metal requirements from hydrogen production, CO2 electrolysis and supporting higher-temperature fuel cell solutions.
Sapphire Technologies Secures $10 Million Series B Funding to Accelerate Clean Energy Solutions
Sapphire Technologies, developer and manufacturer of energy recovery systems for hydrogen and natural gas applications, announced that it closed its Series B funding round. The $10 million investment — led by Energy Capital Ventures and joined by Marathon Petroleum, Chevron Technology Ventures, Equinor Ventures and Cooper and Company — will go toward accelerating the commercialization of Sapphire Technologies’ FreeSpin® In-line Turboexpander. Powered by this funding, targeted projections show the turboexpander increasing production by 400% by the end of the year. Moreover, the $10 million will bolster resources and expertise to support Sapphire Technologies’ mission to significantly reduce global carbon emissions.
Optimus Technologies Closes $17.8M Series A Led by Mitsui & Co. to Decarbonize the Transportation Industry
Optimus Technologies, a technology company that decarbonizes the largest and most challenging sectors of the transportation industry, announced today a $17.8 million Series A funding round led by Mitsui & Co. out of Tokyo, Japan. The round included participation from one of North America’s largest commercial fleets, Chevron Renewable Energy Group, and Pittsburgh regional investors including Idea Foundry, Inc., Innovation Works, Richard King Mellon Foundation, and Urban Redevelopment Authority of Pittsburgh.
The capital raise will fund the further development and deployment of Optimus’ Vector System, an advanced fuel system technology which enables heavy-duty diesel engines to operate on 100% biodiesel, a biogenic near-zero carbon fuel. Heavy-duty transportation sectors are extremely challenging and costly to deploy electric or hydrogen solutions which require total replacement of existing assets, buildout of completely new infrastructure and a fundamental shift in global energy production to renewables. Conversely, Optimus Technologies’ Vector System seamlessly integrates into existing engines currently in operation or can be built into new engines as they are manufactured, leveraging the foundational diesel engine for the transition to a low-carbon future.
raven SR, chevron and hyzon motors collaborate to produce hydrogen from green waste in northern california
Raven SR Inc. (Raven SR), a renewable fuels company, Chevron New Energies, a division of Chevron U.S.A. Inc., and Hyzon Motors Inc. (NASDAQ: HYZN) today announced they are collaborating to commercialize operations of a green waste-to-hydrogen production facility in Richmond intended to supply hydrogen fuel to transportation markets in Northern California.
The facility will be owned by a newly formed company, Raven SR S1 LLC (Raven SR S1). Raven SR will be the operator of the facility, which is targeted to come online in the first quarter of 2024. Chevron holds a 50% equity stake in Raven SR 1. Raven SR holds a 30% stake and Hyzon owns the remaining 20%.
Dutch thermoplastic composite pipe producer Strohm bags €15M
Netherlands-based Strohm, a hydrogen pipeline company, announced on Thursday, December 15, that it has raised €15M in a fresh round of funding. According to a statement from the Dutch company, this is the largest funding round in the company’s 15-year history. Strohm’s €15M investment includes a €10M commitment from ING Corporate Investments (a 100 per cent subsidiary of ING Bank), as well as a further €5M co-investment from existing investors Shell Ventures, Chevron Technology Ventures, Evonik Venture Capital and HydrogenOne Capital Growth Plc (HydrogenOne).
Strohm says it will use the funds in accelerating the growth of its manufacturing operations and increasing capacity to deliver its TCP solutions to offshore green hydrogen and carbon capture and utilisation and storage (CCUS) markets. Besides, the money will also help the company’s clients in achieving their net-zero goals.
Chevron invests in carbon capture and removal technology company, Svante
Chevron New Energies (CNE), a division of Chevron U.S.A. Inc., and Svante announced that Chevron is the lead investor in Svante’s Series E fundraising round, which raised $318 million that will be used to accelerate the manufacturing of Svante’s carbon capture technology.
Since its founding in 2007, Svante has developed carbon capture and removal technology using structured adsorbent beds, known as filters. This funding will support Svante’s commercial-scale filter manufacturing facility in Vancouver, which is anticipated to produce enough filter modules to capture millions of tonnes of carbon dioxide (CO2) per year across hundreds of large-scale carbon capture and storage facilities.
🖨️ Lincoln Electric Works With Chevron to Accelerate Refinery Maintenance Using Lincoln Electric’s 3D Metal Printing Solution
Lincoln Electric Holdings, Inc., (Nasdaq LECO) – Lincoln Electric utilized its proprietary large-scale, metal 3D printing solution to deliver just-in-time parts to Chevron USA, Inc. to help bring a refinery back online according to schedule. During a recent routine maintenance shutdown, extended lead times and supply chain delays on traditionally manufactured parts challenged Chevron’s planned restart schedule. Chevron’s Additive Engineering team worked with Lincoln Electric to get back on schedule using additive manufacturing to print critical replacement parts that would meet production and quality standards.
The two teams worked together, along with industry experts from Stress Engineering Services, Inc., to print eight nickel alloy replacement parts that averaged approximately 3 ft. (0.9 m) in length and over 500 lbs. (226 kg) each in a total of just 30 days.
Worlds announces $21 million Series A1 funding round to scale Industrial Metaverse platform
Worlds Enterprises, Inc., creators of a new 4D infrastructure for building the Industrial Metaverse, announces the successful completion of its $21.2 million Series A1 funding round. The round is led by Moneta Ventures with key participation from existing investors Align Capital, Green Park & Golf Ventures, Chevron Technology Ventures, Piva Capital, PerotJain, and Capital Factory. The funding will be used to continue investing in the Company’s AI platform, expand key go-to-market partnerships, and further expand the adoption of Worlds’ technology by industrial companies.
The Worlds Industrial Metaverse platform brings AI-based automation directly into the ground floor operations of large industrial companies. IoT sensors, people, and processes all come together inside a live digital twin that organizations can use to measure and reimagine their operations in ways that were previously impossible.
Seeq Announces $50 million Series C Funding Round led by Insight Partners
Seeq Corporation, a leader in manufacturing and Industrial Internet of Things (IIoT) advanced analytics software, announced today it has closed a $50 million Series C funding round, led by global venture capital and private equity firm Insight Partners. The round includes participation from existing investors Altira Group, Chevron Technology Ventures, Cisco Investments, Saudi Aramco Energy Ventures, and Second Avenue Partners. This round brings Seeq’s total funding since inception to approximately $115 million.
Seeq’s rapid growth is being fueled in part by its partnerships and commitment to cloud-based computing. Seeq is available in the AWS Marketplace and is an AWS Industrial Competency Partner. On Azure, Seeq has been available in the Azure Marketplace since 2019 and was recently recognized as a 2020 Microsoft Energy Partner of the Year Finalist. In addition to cloud partnerships, Seeq connects to an extensive set of automation vendor data storage platforms for on premise engagements including OSIsoft, Siemens, GE, Honeywell, Emerson Automation Solutions, Inductive Automation, AVEVA, AspenTech, Yokogawa, and others.