Carbon Ridge has announced that it has raised $9.5 million in funding for is modular onboard carbon capture and storage (OCCS) solutions.
This most recent round of funding was led by Crosscut Ventures and Western Technology Investment (WTI) and brings the Carbon Ridge’s total funding to date to $15.5 million.
Existing investors in the Los-Angeles based start-up include The Grantham Foundation, Berge Bulk, Rusheen Capital Management and Plug and Play Venture – all of which participated in the funding round, as did Katapult Ocean, Incite, Spitzer Industries and Canopy Generation Funds.
This round of funding follows Carbon Ridge’s advanced pilot project, in partnership with Crowley Maritime, to reduce emissions produced by the Crowley containership Storm. The project received backing from MARAD’s Maritime Environmental and Technical Assistance (META) programme.
Carbon Ridge’s system uses a novel reactor designed for process intensification of carbon capture, enabling a 75% reduction in footprint when compared to conventional CO2 capture technologies while limiting additional energy consumption to <5%. In addition to capturing CO2, Carbon Ridge’s OCCS technology eliminates over 99.9% of particulate, NOx and SOx emissions. It says that this performance translates into an ~5x cost reduction versus alternative fuels such as methanol and ammonia.
Carbon Ridge notes that technology allows for non-disruptive integration to vessel exhaust systems, enables up to a 75.0% 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 an end-to-end decarbonization solution for its shipping customers, including CO2 transportation, sequestration and credit monetization.
Chase Dwyer, Carbon Ridge Founder and CEO, said of this latest round of investment: “With ever more apparent cost and supply limitations of alternative clean fuels for shipping, onboard carbon capture is critical for the global maritime industry to decarbonize. Carbon Ridge has developed the most modular, low cost and operationally efficient carbon capture solution in the market to address current and future decarbonization targets. We are thrilled to welcome Crosscut Ventures, WTI and the other new investors to the company, and are appreciative of the continued participation of our existing investors.”
Rick Smith, Co-Founder and Managing Director, Crosscut Ventures, said: “Carbon Ridge exemplifies our climate tech thesis: find world class management working to solve the most pressing problems contributing to climate change. he company’s ingenious solution to nearly eliminate emissions from large maritime vessels is tackling head-on one of the main sources of man-made carbon emissions in a cost-effective manner.”
Source: Carbon Ridge