Raven SR (RAVEN) was awarded a €1,441,862.95 grant from Ministry for Ecological Transition and Demographic Challenge (MITECO). The funding is managed by the Institute for the Diversification and Saving of Energy (IDAE) under the Strategic Projects for Economic Recovery and Transformation Program.

The funding will support the development of an organic waste-to-renewable H₂ production facility in Zaragoza, Spain, using Raven's non-combustion Steam/CO₂ Reforming technology. The project is the first in Europe to be established on an industrial scale. Raven Iberia was previously awarded in 2022, €1.7 MM by the European Commission being part of the European Consortium, Hy2Market.

"This grant award reinforces the attractiveness of the Steam/CO₂ Reforming technology and the critical role it can play in Spain and the European Union when producing renewable H₂," said Matt Murdock, Founder and CEO of Raven SR. "We are honored the Ministry recognizes the benefits of our non-combustion technology and the opportunity to reduce organic waste by converting it into renewable H₂. Spain is at the forefront of H₂ production in the EU and we look forward to developing this project in the coming year to advance renewable fuel options in the region."

The Ministry of Ecological Transition and Demographic Challenge is responsible for developing government policy on addressing climate change, prevention of pollution, and protecting the natural heritage, biodiversity, forests, sea, water and energy for a more ecological and productive social model. It is also responsible for the elaboration and development of government policy against the country's demographic challenges.

The Ministry is supporting with this specific call for projects, innovative developments and advanced technologies to produce renewable H₂ in Spain that can be replicable and scalable. The publication of the final award resolution was made by the Ministry last week after approval by the Board of Directors of the Institute for Energy Diversification and Saving (IDAE), a public entity dependent on MITECO and responsible for managing these funding programs for innovative technologies.

By developing and deploying advanced technologies, Raven is contributing to Spain's national strategy of reducing carbon emissions and promoting renewable energy sources. Raven is also exploring other production opportunities across the European Union in France, Portugal and Greece.