Led · Equity · Apr 2025

Forge Nano develops Atomic Layer Deposition (ALD) technology via its Atomic Armor platform, a scalable nano-scale coating system intended to improve performance of semiconductor devices and battery materials. The company is positioned to serve AI-era chip manufacturing and defense battery applications and has described its offerings as advanced surface coatings that unlock peak performance. Forge Nano is based in Denver and has entered into a merger agreement with Archimedes Tech SPAC Partners II to pursue a NASDAQ listing. The company recently closed a $97 million Series D and secured $123 million in PIPE commitments (including a recent $23 million tranche), with strategic participation from Samsung SDI and Horizons Ventures. Upon closing the proposed business combination, Forge Nano would have substantial pro forma cash (over $367 million assuming no redemptions) to fund commercialization and domestic manufacturing expansion. The company intends to use the proceeds to accelerate deployment of its ALD semiconductor equipment platform and expand production of advanced lithium-ion battery materials.

Led · Equity · Apr 2024

Raven SR develops a proprietary non-combustion Steam/CO2 Reforming process that converts solid and gaseous waste feedstocks into hydrogen and Fischer-Tropsch synthetic fuels (including SAF and renewable diesel) with low to negative carbon intensity. The process reliably produces hydrogen-rich syngas regardless of feedstock, does not use fresh water, and is described as more efficient than conventional hydrogen production and electrolysis. Raven's technology is modular and scalable, intended to produce emissions-free renewable fuels locally using local waste and reduce greenhouse gas emissions. Financially, Raven was awarded a €1,441,862.95 grant from Spain's Ministry for Ecological Transition and Demographic Challenge (managed by IDAE) and Raven Iberia previously received €1.7M from the European Commission in 2022 as part of the Hy2Market consortium. The current grant will support development of an organic waste-to-renewable hydrogen production facility in Zaragoza, Spain, characterized as the first industrial-scale deployment of the technology in Europe. Raven plans to develop the Zaragoza project in the coming year and is exploring additional production opportunities across the EU in France, Portugal, and Greece. Raven SR develops a proprietary Steam/CO2 reforming process that converts solid and gaseous waste materials into hydrogen and Fischer‑Tropsch synthetic fuels, including sustainable aviation fuel (SAF) and renewable diesel. Its non‑combustion, catalyst‑free process produces hydrogen‑rich syngas regardless of feedstock and has been verified by the California EPA. The company says its Richmond project is the first and only California Environmental Quality Act‑permitted biomass‑to‑hydrogen facility in the state. Raven SR intends to use the recent funding to further growth and innovation in the clean energy sector. The company is led by founder and CEO Matt Murdock and is based in Pinedale, WY. No operating metrics (revenue/users) were reported in the article. Raven SR converts biomass, mixed municipal solid waste, bio-solids, sewage, medical waste, and natural or biogas into renewable hydrogen and sustainable aviation fuels using a proprietary, non-combustion, non-catalytic Steam/CO2 Reformation technology. The process reliably yields a hydrogen-rich syngas regardless of feedstock, and the company emphasizes modular systems with low air emissions that can be sited close to customers and feedstock. Raven SR is led by co-founders Matt Murdock and Matt Scanlon and is based in Pinedale, WY. The company focuses on adding value to local resources and communities while reducing greenhouse gas emissions and supporting a low-carbon economy. Raven SR intends to use recent funding to further advance commercialization of renewable hydrogen and sustainable aviation fuels derived from biomass and waste. Raven SR is a Pinedale, WY-based renewable fuels company that converts biomass, mixed municipal solid waste, bio-solids, sewage, medical waste, and natural or biogas into hydrogen-rich syngas and renewable fuels. Its proprietary, non-combustion, non-catalytic "Steam/CO2Reformation" technology produces hydrogen-rich syngas regardless of feedstock. The company uses modular systems with low air emissions so units can be located closer to customers and feedstock, enabling local fuel from local waste for local mobility. Raven SR plans to commence commercial waste-to-hydrogen operations in early 2024 and commercial sustainable aviation fuel (SAF) operations in 2025. Stellar J fabricated full-scale hydrogen production reformer units and an August 2022 trial demonstrated commercial readiness of Raven SR's waste-to-hydrogen and gas-to-hydrogen processes. Strategic backers include Chevron, ITOCHU, Hyzon Motors, Ascent Hydrogen Fund, and Samsung Ventures. The company is led by CEO Matt Murdock. Raven SR develops renewable fuels including green hydrogen and high-quality Fischer-Tropsch synthetic fuels such as sustainable aviation fuel. The company converts a wide range of feedstocks including municipal solid waste, methane, and biomass. Raven SR will soon break ground on its first commercial waste-to-hydrogen production facility in the U.S. The company announced the closing of a strategic investment from Samsung Ventures. In 2021 Raven SR attracted $20 million from Chevron, ITOCHU, Hyzon Motors, and Ascent Hydrogen Fund. The company is based in Pinedale, Wyoming.

Participated · Series B · Oct 2021

H3 Dynamics is a global advanced air mobility technology company focused on decarbonizing air mobility through hydrogen-powered aircraft and drones. Its offerings include complete hydrogen drones, integrated aerial fuel-cell propulsion and refueling units, and a unified cloud SaaS that automates drone hardware and software to deliver autonomous outcomes as a service. The company sells inspection, performance monitoring, and live incident-response services across sectors and geographies (including the US, Canada, Latin America, France, Singapore, Japan, Australia, and Hong Kong). H3 Dynamics develops larger hydrogen systems and works on hydrogen aircraft integration and test flights in Toulouse, France, while producing and shipping complete hydrogen drones from Austin, Texas. The business intends to expand engineering and sales teams in Austin and Toulouse to scale production and integration work. Financially, the company closed a $26.0M Series B in October 2021 to accelerate its global mission.