Carbon Ridge Inc., a modular onboard carbon capture and storage (OCCS) solutions developer for decarbonising the maritime shipping industry, has raised $9.5 million in funding, bringing its total funding to $15.5 million. This round was led by Crosscut Ventures and Western Technology Investment (WTI), with participation from existing investors including The Grantham Foundation, Berge Bulk, Rusheen Capital Management, and Plug and Play Ventures. Additional support came from Katapult Ocean, Incite, Spitzer Industries, and Canopy Generations Fund.
The new investment will be used to advance the commercial demonstration of Carbon Ridge’s patent-pending OCCS technology. The system employs a novel reactor for process intensification, achieving a 75% reduction in footprint compared to conventional CO2 capture technologies, while limiting additional energy consumption to less than 5%. Besides capturing CO2, the technology eliminates over 99.9% of particulate, NOx, and SOx emissions, offering a cost reduction of approximately 5x when compared to alternative fuels like 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 decarbonise,” said Chase Dwyer, Founder & CEO of Carbon Ridge.
He added, “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 are appreciative of the continued participation of our existing investors.”
Rick Smith, Co-Founder & Managing Director at Crosscut Ventures said, “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.”
“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.