Carbon Ridge secures $6M investment for OCCS onboard pilot
10 October 2022
Carbon Ridge, Inc., a developer of modular onboard carbon capture and storage solutions (OCCS) for the maritime industry, announced it has raised $6 million in funding that will enable it to continue development of its OCCS technology for an onboard pilot in 2023.
According to Chase Dwyer, founder and CEO of Carbon Ridge, OCCS will be “the lowest cost and most efficient pathway to achieve near-term decarbonization in the maritime industry.” His company’s technology allows for non-disruptive integration to vessel exhaust systems, enables up to a 75% reduction in process equipment size and volume in comparison to conventional CCS technologies and is designed for the rigor of commercial maritime operations, the company asserted.
The funding was led by the Grantham Foundation for the Protection of the Environment. In announcement of the investment, Kevin Tidwell, managing director at Grantham Foundation, noted, “Shipping will be one of the most difficult industries to decarbonize. We believe that Carbon Ridge’s maritime carbon capture systems will be cost effective, ubiquitous and ultimately bend down the curve of shipping emissions.”
Additional investment came from shipping and logistics company Crowley, global dry bulk owners Berg Bulk, and Rusheen Capital Management and Plug and Play Ventures.
“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 lessen the impact of maritime emissions aligns with our target sustainability goals and we are pleased to support the scale-up of their technology,” said Tom Crowley, chairman and CEO of Crowley.
“We believe in the potential of onboard carbon capture & 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,” added James Marshall, CEO of Berge Bulk.