Carbon Ridge, a leading developer of onboard carbon capture and storage solutions, has successfully raised $9.5 million in a new funding round. This investment brings the company’s total funding to $15.5 million and will support the commercialization of its innovative technology.
The funding round was led by Crosscut Ventures and Western Technology Investment, with participation from several strategic investors, including the Grantham Foundation, Berge Bulk, Rusheen Capital Management, Plug and Play Ventures, Katapult Ocean, Incite, Spitzer Industries, and Canopy Generation Funds.
With this additional capital, Carbon Ridge will accelerate the deployment of its patent-pending onboard carbon capture technology.
The company is currently collaborating with Crowley and MARAD on a pilot project to test the technology’s effectiveness in reducing emissions from commercial shipping vessels. Carbon Ridge’s technology offers significant advantages over traditional carbon capture methods, including a smaller footprint, lower energy consumption, and the ability to capture multiple pollutants.
The company’s solution can reduce CO2 emissions by up to 75% and eliminate over 99.9% of particulate matter, NOx, and SOx emissions. This performance translates into a substantial cost reduction compared to alternative fuels like methanol and ammonia. Carbon Ridge’s onboard carbon capture technology is designed for easy integration into existing vessel exhaust systems and offers a significant reduction in equipment size and volume.
In addition to the technology itself, the company provides a comprehensive decarbonization solution for shipping customers, including CO2 transportation, sequestration, and credit monetization.
Carbon Ridge founder and CEO Chase Dwyer, stated: “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,” Dwyer said.
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