With backing from Crosscut Ventures and Western Technology Investment, Carbon Ridge will advance commercialization of its Onboard Carbon Capture & Storage Technology
LOS ANGELES–(BUSINESS WIRE)–Carbon Ridge, Inc., a leading developer of modular onboard carbon capture & storage solutions for decarbonizing the maritime shipping industry, today announced it has raised $9.5M in funding, bringing the company’s total funding to date to $15.5M. The 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 investment, Carbon Ridge will advance the commercial demonstration of its patent-pending onboard carbon capture & storage solution (OCCS). Carbon Ridge’s system uses a novel reactor designed for process intensification of carbon capture, enabling a 75% reduction in footprint when 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 ~5x cost reduction versus alternative fuels such as methanol and ammonia.
“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,” said Chase Dwyer, Founder & CEO of Carbon Ridge. “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.”
“Carbon Ridge exemplifies our Climate Tech thesis: find world class management working to solve the most pressing problems contributing to climate change,” said Rick Smith, Co-Founder & Managing Director at Crosscut Ventures. “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.”
“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,” said Jim McDermott, Co-Founder & Managing Partner at Rusheen Capital Management.
About Carbon Ridge
Based in Los Angeles, California and Houston, Texas, Carbon Ridge is a leading developer of onboard carbon capture & storage solutions (OCCS) for the maritime shipping industry. Carbon Ridge’s OCCS technology provides a low-cost, near-term solution to reduce carbon dioxide and other greenhouse gas emissions from commercial maritime shipping. Carbon Ridge’s technology allows for non-disruptive integration to vessel exhaust systems, enables up to a 75.0% reduction in process equipment size and volume in comparison to conventional CCS technologies, and is designed for the rigor of commercial maritime operations. In addition to its onboard OCCS technology, Carbon Ridge provides an end-to-end decarbonization solution for its shipping customers, including CO2 transportation, sequestration and credit monetization. For more information, visit www.carbonridge.net
Contacts
For media inquiries, please contact dlara@carbonridge.net