Carbon Ridge says its onboard carbon seize and storage expertise permits for non-disruptive integration to vessel exhaust programs and allows as much as a 75% discount in course of gear measurement and quantity
Los Angeles primarily based onboard carbon seize start-up Carbon Ridge Inc. has raised $6 million in funding led by the Grantham Foundation for the Protection of the Environment, with further investments from Crowley and Berge Bulk in addition to Rusheen Capital Management and Plug and Play Ventures.
The financing allows Carbon Ridge to proceed growth of the corporate’s onboard OCCS expertise 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,” mentioned 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,” mentioned 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,” mentioned James Marshall, CEO of Berge Bulk.
Carbon Ridge says its OCCS technology gives a low-cost and near-term resolution to cut back carbon dioxide and different greenhouse gases emissions from business delivery by as much as 95%. Carbon Ridge’s expertise permits for non-disruptive integration to vessel exhaust programs, allows as much as a 75% discount in course of gear measurement and quantity compared to typical CCS applied sciences, and is designed for the rigor of business maritime operations. In addition to its onboard OCCS expertise, Carbon Ridge gives end-to-end options together with CO2 transportation, sequestration, and credit score monetization.
