May 6, 2021; New York, USA: Ascent Hydrogen Fund (“Ascent”), a US-based energy investment
platform, today announced it has signed an agreement to make an investment in Raven SR, LLC
(“Raven SR”), a renewable fuels company based in Wyoming, USA. Raven SR owns propriety
technology that can convert mixed and multiple organic wastes, such as municipal solid waste, medical
waste, paper, plastics, and woodchips, as well as natural gas or biogas, into locally-produced, renewable
green hydrogen and/or renewable synthetic fuels such as jet fuel or diesel fuel.

Raven SR produces more hydrogen per ton of waste than any other process
Ravens SR’s technology enables it to be one of the only combustion-free, waste-to-hydrogen producers
in the world, and the company has developed a strong portfolio of patents around this technology. Unlike
alternative approaches to waste disposal, such as incineration or gasification, Raven SR’s
steam/CO2 reformation process involves no combustion, as confirmed by the State of California EPA’s
Department of Toxic Substances. The removal of oxygen from the process avoids the creation of toxic
pollutants and particulates while still producing more green hydrogen per ton of waste than competing

In addition, the process will divert organic waste from landfills, ameliorating the growing global landfill
problem. Raven SR is expected to generate a carbon emissions profile that is superior to both other
waste-to-hydrogen technologies, as well as to production of hydrogen through electrolysis using wind or
solar-generated electricity.

Raven SR’s renewable green hydrogen is 99.9999% pure and produced at costs that are similar to
hydrogen produced using hydrocarbons – so-called “gray” hydrogen. In California, the hydrogen
produced through Raven SR’s process is expected to benefit from the state’s Low Carbon Fuel Standard
(LCFS), allowing Raven SR to sell hydrogen to third parties at extremely competitive prices.
Raven SR’s process can also convert waste and natural gas into other renewable energy products such
as synthetic liquid fuels (diesel, Jet A, mil-spec JP-8), additives and solvents (acetone, butanol, naphtha,
etc.) and even electricity via microturbines. Raven SR’s renewable synthetic fuels are also cleaner, and
more powerful, capable of delivering higher engine output and greater torque .

Raven and Hyzon agree to build out 100 hydrogen hubs
On April 27, 2021, Hyzon Motors Inc., a leading supplier of zero-emission hydrogen fuel cell-powered
vehicles, announced it had entered into an agreement with Raven SR to build out 100 green hydrogen
hubs across the US and globally. The first Hyzon-Raven hydrogen hub will be built in the San Francisco
Bay Area and is expected to process 50 tons of solid waste per day, producing up to 4.5 tons of
renewable green hydrogen. Future hubs may be able to scale to five times larger to accommodate sites
with higher hydrogen requirements. [For the full announcement, please click HERE].

Looking for future Hydrogen Champions
Mr. Matt Murdock, CEO of Raven SR, said: “We’re excited to now have Ascent onboard – a team of
experienced energy investors and capital market executives who understand Raven’s role in
decarbonization and the energy transition. Ascent also has a proven track record of working closely with
their investee companies, providing both strategic guidance as well as day-to-day support through
Ascent’s global network.”

Mr. David Wu, President of Ascent Hydrogen Fund said, “Ascent’s global mandate is to look for
champions across the hydrogen value chain from hydrogen production, hydrogen logistics to hydrogen
applications. Following our investment in Hyzon Motors, a champion in the hydrogen mobility sector, and
natural hydrogen explorer Helios Aragon in Spain, we are excited to now also be working with Raven
SR, a unique technology that solves both the waste problem as well as the hydrogen production

The deal is expected to close in the third quarter of 2021.


About Ascent Hydrogen Fund
Ascent Hydrogen Fund is a US-based energy platform that seeks champions within the hydrogen
ecosystem. 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
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