Carbon Ridge, Inc., a leading developer of modular onboard carbon capture and storage solutions (OCCS) for decarbonizing the maritime industry, announced the company has raised $6 million in funding led by the Grantham Foundation for the Protection of the Environment, with additional investments from Crowley, a leading U.S.-based shipping and logistics company, and Berge Bulk, one of the world’s largest dry bulk owners, as well as Rusheen Capital Management and Plug and Play Ventures. The financing enables Carbon Ridge to continue development of the company’s OCCS technology for an onboard pilot in 2023.
“We believe onboard carbon capture and storage will be the lowest cost and most efficient pathway to achieve near-term decarbonization in the maritime industry. We are very excited about partnering with the Grantham Foundation, Crowley and Berge Bulk, as leaders in their respective sectors, each with strong commitments to long-term climate stabilization,” said Chase Dwyer, Founder and CEO of Carbon Ridge.
Kevin Tidwell, managing director at Grantham Foundation, said “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.”
“Crowley’s ambition is to become the most sustainable and innovative maritime and logistics company in the Americas. 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 reduce 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,” said James Marshall, CEO of Berge Bulk.