U.S.-based developer of modular onboard carbon capture and storage solutions Carbon Ridge has raised $9.5 million in funding to advance the commercial demonstration of its onboard carbon capture and storage (OCCS) technology.
Carbon Ridge’s system uses a novel reactor designed for the process intensification of carbon capture. The technology is expected to achieve a 75% reduction in footprint when compared to conventional CO2 capture technologies while limiting additional energy consumption to <5%, according to the company.
In addition to capturing CO2, its OCCS solution could eliminate over 99.9% of particulate, NOx and SOx emissions, the company said. Such performance translates into “a ~5x cost reduction versus alternative fuels such as methanol and ammonia” .
Chase Dwyer , Founder and CEO of Carbon Ridge, stated that the increasing cost and supply constraints of alternative clean fuels for shipping make onboard carbon capture essential for the global maritime industry’s decarbonization efforts. He also highlighted that the existing carbon capture solution was developed to meet current and future decarbonization targets.
Rick Smith , Co-Founder and Managing Director at Crosscut Ventures, added that Carbon Ridge’s solution aims to “significantly reduce emissions from large maritime vessels”, addressing one of the primary sources of man-made carbon emissions.
“At RCM, we continue to believe that the most capital efficient method for CO2 reduction in the maritime industry is via post-combustion capture and storage,” stated Jim McDermott , Co-Founder & Managing Partner at Rusheen Capital Management.
Last year, the U.S. company joined forces with compatriot shipping and energy supply chain company Crowley to work on an onboard carbon capture pilot project.
The project involved the use of the firm’s second-generation carbon capture technology on board Crowley’s containership Storm. It was implemented with the support from the U.S. Maritime Administration (MARAD) Maritime Environmental and Technical Assistance (META) program.