Raven acquires BFM; Worthington Industries buys Tempel Steel
Raven SR will also start construction on a waste-to-hydrogen facility in California next year.
Raven SR Inc. (a waste-to-renewable fuels company) has acquired Benicia Fabrication & Machine Inc. (BFM) in the US.
The acquisition will help Raven construct key components for its Steam/CO2 Reformer system for green hydrogen and renewable synthetic fuels business.
BFM has extensive experience producing pressure vessels, heat exchangers, and other crucial operational equipment for upstream and downstream oil and gas. The acquisition will extend the engineering and equipment fabrication capabilities of BFM into the renewable fuels sector. BFM will retain its name, and its CEO Carmelo Santiago will become VP at Raven and president of BFM.
Besides other projects, BFM will fabricate the proprietary reactors of the Raven SR systems to be installed in 2022 for waste-to-energy projects in California.
Matt Murdock, CEO of Raven SR, said, “By acquiring an American firm with a record of success in the energy sector, we will reliably deliver our renewable fuels production units to a growing market.”
Raven SR has recently partnered with Republic Services for a waste-to-hydrogen production facility at the West Contra Costa Sanitary Landfill in Richmond, California. Raven SR will convert organic waste with its patented non-combustion process to produce green hydrogen for the transportation sector.
Meanwhile, Worthington Industries, Inc. has completed its acquisition of Tempel Steel Company for around $255 million. The acquisition will expand Worthington’s sustainable mobility offerings beyond lightweight and hydrogen to more widely serve the global market for hybrids, EVs, and the electricity infrastructure needed to support them. The transaction, funded primarily with existing cash, includes Tempel’s headquarters and manufacturing operations in Chicago with additional manufacturing facilities in Burlington (Canada), Changzhou (China), Chennai (India), and Monterrey (Mexico).