Carbon Ridge – a leading developer of modular onboard carbon capture and storage solutions for decarbonizing the maritime shipping industry – announced it had raised $9.5 million in funding, bringing the company’s total funding to date to $15.5 million. The funding round was led by Crosscut Ventures and Western Technology Investment (WTI), with participation from existing investors The Grantham Foundation, Berge Bulk, Rusheen Capital Management, and Plug and Play Ventures. Katapult Ocean, Incite, Spitzer Industries, and Canopy Generations Fund also participated in the round.
With this funding round, Carbon Ridge will advance the commercial demonstration of its patent-pending onboard carbon capture & storage solution (OCCS). And Carbon Ridge’s system uses a novel reactor designed for process intensification of carbon capture, enabling a 75% reduction in footprint 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. Such performance translates into an approximately a 5x cost reduction versus alternative fuels such as methanol and ammonia.
KEY QUOTES:
“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.”
-Chase Dwyer, Founder & CEO of Carbon Ridge
“Carbon Ridge exemplifies our Climate Tech thesis: find world class management working to solve the most pressing problems contributing to climate change. The 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.”
-Rick Smith, Co-Founder & Managing Director at Crosscut Ventures
“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. Carbon Ridge’s OCCS technology is by far the most manufacturable, easily integrated and therefore cost-effective solution being developed.”
-Jim McDermott, Co-Founder & Managing Partner at Rusheen Capital Management
