Los Angeles based onboard carbon capture start-up Carbon Ridge Inc. has raised $6 million in funding led by the Grantham Foundation for the Protection of the Environment, with additional investments from Crowley and Berge Bulk as well as Rusheen Capital Management and Plug and Play Ventures.
The financing enables Carbon Ridge to continue development of the company’s onboard OCCS technology for an onboard pilot in 2023.
“We believe onboard carbon capture and storage will be the lowest cost and most efficient pathway to achieve near-term decarbonization in the maritime industry,” said Chase Dwyer, founder and CEO of Carbon Ridge. “We are very excited about partnering with the Grantham Foundation, Crowley and Berge Bulk, as leaders in their respective sectors, each with strong commitments to long-term climate stabilization.”
“Crowley’s ambition is to become the most sustainable and innovative maritime and logistics company in the Americas. Investing in and developing cleaner, low-carbon solutions will be critical in reaching the maritime industry’s decarbonization goals. Carbon Ridge’s novel approach to significantly reduce the impact of maritime emissions aligns with our target sustainability goals and we are pleased to support the scale-up of their technology,” said Tom Crowley, chairman and CEO of Crowley.
“We believe in the potential of onboard carbon capture and storage as one of the effective solutions to enable Berge Bulk’s commitment towards zero emissions. Our partnership with Carbon Ridge is a strong step forward in achieving those goals and consistent with our broader sustainability mission,” said James Marshall, CEO of Berge Bulk.
Carbon Ridge says its OCCS technology provides a low-cost and near-term solution to reduce carbon dioxide and other greenhouse gases emissions from commercial shipping by up to 95%. Carbon Ridge’s technology allows for non-disruptive integration to vessel exhaust systems, enables up to a 75% reduction in process equipment size and volume in comparison to conventional CCS technologies, and is designed for the rigor of commercial maritime operations. In addition to its onboard OCCS technology, Carbon Ridge provides end-to-end solutions including CO2 transportation, sequestration, and credit monetization.