Carbon Ridge, Inc., a leading developer of modular onboard carbon capture and storage (OCCS) solutions aimed at decarbonising the maritime shipping industry, has successfully raised $9.5 million in its latest funding round. This investment brings the company’s total funding to $15.5 million to date. The funding round was spearheaded by Crosscut Ventures and Western Technology Investment (WTI), with contributions from existing investors including The Grantham Foundation, Berge Bulk, Rusheen Capital Management, and Plug and Play Ventures. Additional participation came from Katapult Ocean, Incite, Spitzer Industries, and Canopy Generation Funds.
The newly acquired capital will be directed towards advancing the commercial demonstration of Carbon Ridge’s patent-pending onboard carbon capture and storage solution. The company’s innovative system features a novel reactor designed to intensify the carbon capture process, achieving a remarkable 75% reduction in footprint compared to traditional CO2 capture technologies. Furthermore, it limits additional energy consumption to less than 5%. Not only does Carbon Ridge’s OCCS technology effectively capture CO2, but it also eliminates over 99.9% of particulate matter, nitrogen oxides (NOx), and sulfur oxides (SOx) emissions. This level of performance is said to result in approximately five times the cost reduction compared to alternative fuels such as methanol and ammonia.
Chase Dwyer, Founder and CEO of Carbon Ridge, commented on the significance of the investment, stating, “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 decarbonise. Carbon Ridge has developed the most modular, low-cost, and operationally efficient carbon capture solution in the market to address current and future decarbonisation targets. We are thrilled to welcome Crosscut Ventures, WTI, and the other new investors to the company, and we appreciate the continued support of our existing investors.”
Rick Smith, Co-Founder and Managing Director at Crosscut Ventures, highlighted the importance of Carbon Ridge’s mission, noting, “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.”
Jim McDermott, Co-Founder and Managing Partner at Rusheen Capital Management, added, “At RCM, we continue to believe that the most capital-efficient method for CO2 reduction in the maritime industry is through 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.”
With this latest funding, Carbon Ridge is poised to enhance its innovative technology, contributing to the urgent goal of decarbonising the maritime sector, which remains one of the significant contributors to global carbon emissions. As the shipping industry faces increasing pressure to reduce its environmental impact, Carbon Ridge’s advancements could play a pivotal role in shaping a more sustainable future for maritime operations.
