Backed by Crosscut Ventures and Western Technology Investment, Carbon Ridge will advance the commercialization of onboard carbon capture and storage technology.
LOS ANGELES, Oct. 22, 2024–(BUSINESS WIRE)–CarbonRidge, a leading developer of modular shipboard carbon capture and storage solutions to decarbonize the shipping industry, today announced a $9.5 million announced that it had raised funds. The company’s total funding to date has reached $15.5 million. 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.
This investment will enable Carbon Ridge to advance the commercial demonstration of its patent-pending onboard carbon capture and storage solution (OCCS). Carbon Ridge’s system uses a new reactor designed to enhance the carbon capture process, reducing the footprint compared to traditional CO2 capture technologies while consuming less than 5% additional energy. 75% reduction. Carbon Ridge’s OCCS technology not only captures CO2, but also removes over 99.9% of particulate, NOx, and SOx emissions. Such performance translates into cost savings of up to five times compared to alternative fuels such as methanol and ammonia.
Chase Dwyer, Founder and CEO, Carbon Ridge Onboard carbon capture is essential for carbonization.” “Carbon Ridge has developed the most modular, low-cost and operationally efficient carbon capture solution on the market to address current and future decarbonization goals. We are excited and grateful to welcome WTI and other new investors to our company.” Continued participation from existing investors is required. ”
“Carbon Ridge is an exciting opportunity for our climate tech team to find world-class executives who are working to solve the most pressing problems driving climate change,” said Rick Smith, co-founder and managing director of Crosscut Ventures. It embodies the theme of “. “The company’s ingenious solution, which reduces emissions from large ships to near-zero, tackles head-on one of the main sources of anthropogenic 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 through post-combustion capture and storage. Carbon Ridge’s OCCS technology is the most manufacturable and , is a cost-effective solution that can be easily integrated,” said Jim McDermott, co-founder and managing partner of Racine Capital Management.
story continues
About Carbon Ridge
Based in Los Angeles, California and Houston, Texas, Carbon Ridge is a leading developer of onboard carbon capture and storage solutions (OCCS) for the shipping industry. Carbon Ridge’s OCCS technology provides a low-cost, short-term solution to reducing carbon dioxide and other greenhouse gas emissions from commercial maritime transportation. Carbon Ridge’s technology enables non-disruptive integration into a vessel’s exhaust system and can reduce process equipment size and volume by up to 75.0% compared to traditional CCS technology, reducing the rigors of commercial maritime operations. Designed with you in mind. In addition to onboard OCCS technology, Carbon Ridge provides end-to-end decarbonization solutions to shipping customers, including CO2 transportation, sequestration, and credit monetization. For more information, please visit www.carbonridge.net.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241022485385/en/
contact address
For media inquiries, please contact dlara@carbonridge.net.
