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Raven SR
Raven SR is a renewable fuels company founded by Matt Murdock using patented Steam/CO2 Reforming to convert waste to clean hydrogen and synthetic fuel.
Raven SR
Raven SR was founded in 2021 when Matt W. Murdock's group Sublette GTL acquired the assets of Intellergy, a company founded by the late Dr. Terry Galloway. Galloway, a former Apollo 13 astronomer, had invented a Steam/CO2 Reforming process that avoids combustion and catalysts. The technology traces its lineage back to Daniel Best, who invented the steam tractor in 1885. The company's core technology is a non-combustion, non-catalytic thermolysis process that can process multiple feedstocks simultaneously — municipal solid waste, organic waste, methane, and plastics — into a hydrogen-rich synthetic gas. Outputs include clean hydrogen, sustainable aviation fuel, renewable diesel, and Fischer-Tropsch synthetic fuels. Raven SR targets modular, skid-mounted facilities that can be scaled and deployed at landfills, stranded gas wells, or waste sites. In 2025, the Bay Area Air District awarded Raven SR an Air Permit and Authority to Construct its first organic waste-to-hydrogen facility in Richmond, California. The company also secured a €1.4M grant from the Spanish government for a waste-to-hydrogen hub in Zaragoza, Spain. Raven SR's board includes representatives from ITOCHU Corporation, The RockCreek Group, Ascent Funds, and Chevron New Energies. In 2025, Stuart McFarland — former EVP and CFO of Fannie Mae and CEO of GE Capital Asset Management — joined the board as a Managing Partner of Federal City Capital Advisors. The company's leadership team also includes President and Interim CFO Matthew H. Scanlon and Chief Technical Officer Michael Fatigati. Raven SR maintains a manufacturing partnership with Benicia Fabrication and Machine via VP of Manufacturing Carmelo Santiago. Raven SR is structured as a technology company rather than a family office or asset manager, with no disclosed AUM or institutional fund vehicles. Its differentiator is a patented reforming process that claims >97% conversion efficiency on gas feedstocks versus 75% for traditional steam methane reforming, while accepting mixed waste streams without sorting. The firm is privately held and its funding sources are undisclosed.
General information
Firm type
other
Year founded
2021
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Rochester
Corporate office
San Ramon, CA, United States
Additional offices
27 N. Maybell Ave. PO Box 1360 Pinedale, WY 82941
Principals
Matt W. Murdock
CEO & Founder
Matthew H. Scanlon
President & Interim CFO
Michael Fatigati
Chief Technical Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Raven SR?
Investment decisions are led by CEO and founder Matt W. Murdock, with support from President and Interim CFO Matthew H. Scanlon. The board includes executives from ITOCHU, RockCreek, Ascent Funds, and Chevron New Energies, who may influence capital allocation.
Is Raven SR structured as a family office or an operating company?
Raven SR is an operating company — a renewable fuels technology firm — not a family office or asset manager. It holds patents, builds facilities, and seeks project financing. Its funding sources are undisclosed, and no AUM or investment vehicle is published.
How does Raven SR's technology differ from traditional waste-to-energy processes?
Raven SR's Steam/CO2 Reforming process is non-combustion and non-catalytic, meaning no free oxygen enters the reaction. The company claims this reduces emissions, eliminates catalyst costs, and allows simultaneous processing of multiple feedstocks — including biogenics, plastics, and methane — into hydrogen or synthetic fuels.
What investment stages does Raven SR typically target?
Raven SR is not an investor — it is a project developer seeking capital for facility construction. It has secured government grants (€1.4M from Spain) and permits (California). External funding partners may include corporate strategic investors and financial sponsors, though specific backers are not publicly listed.
Does Raven SR maintain philanthropic structures?
No separate philanthropic structure is disclosed. Matt Murdock has personal involvement with Service Humanitaire de Developpement in West Africa for famine relief and economic development, but this is not a Raven SR entity.
What is Raven SR's known posture on co-investments alongside external GPs?
Raven SR does not operate as a co-investment fund. It seeks project-level equity and debt partners for facility construction, as evidenced by the Spanish grant and California permit. No co-investment vehicle or partnership with external fund managers is publicly known.
Where does the underlying wealth come from?
Raven SR is not a family office, and its ownership structure is not publicly disclosed. The company was founded by Matt Murdock, whose background includes entrepreneurship and civic leadership in Wyoming. No single wealthy family has been identified as the source of capital.
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