Carbon Ridge secures funds for onboard carbon capture tech development
Carbon Ridge, a Californian developer of modular onboard carbon capture & storage solutions (OCCS) for decarbonising the maritime industry, has raised $6 million in funding to continue the development of its OCCS technology for an onboard pilot in 2023.
Investors include Grantham Foundation for the Protection of the Environment, shipping and logistics company Crowley, dry bulk shipowner Berge Bulk, as well as private equity firm Rusheen Capital Management and technology accelerator and venture fund Plug and Play Ventures.
“We believe onboard carbon capture & storage will be the lowest cost and most efficient pathway to achieve near-term decarbonization in the maritime industry. We are very excited about partnering with The Grantham Foundation, Crowley and Berge Bulk …, each with strong commitments to long-term climate stabilization,” Chase Dwyer, Founder & CEO of Carbon Ridge, commented.
“Shipping will be one of the most difficult industries to decarbonize. We believe that Carbon Ridge’s maritime carbon capture systems will be cost-effective, ubiquitous and ultimately bend down the curve of shipping emissions,” Kevin Tidwell, managing director at Grantham Foundation, said.
“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 lessen the impact of maritime emissions aligns with our target sustainability goals and we are pleased to support the scale-up of their technology,” Tom Crowley, chairman and CEO of Crowley, pointed out.
“We believe in the potential of onboard carbon capture & 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,” James Marshall, CEO of Berge Bulk, noted.
Carbon Ridge’s OCCS technology provides a solution to reduce carbon dioxide and other greenhouse gases emissions from commercial shipping by up to 95%. The technology allows for non-disruptive integration to vessel exhaust systems, and enables up to a 75% reduction in process equipment size and volume in comparison to conventional CCS technologies, according to the company.
Earlier this year, Carbon Ridge entered into a memorandum of understanding with Monaco-based tanker operator Scorpio Tankers to collaborate on the development of onboard carbon capture for maritime vessels. The agreement addresses the collaboration for detailed front-end engineering, design, and validation process with a small-scale test unit onboard one of Scorpio Tankers’ 124 product tankers.