Carbon Ridge, a developer of modular onboard carbon capture and storage (OCCS) solutions for the maritime shipping industry, announced a successful $9.5 million funding round, bringing their total funding to $15.5 million.
The funding round was led by Crosscut Ventures and Western Technology Investment (WTI), with additional participation from existing investors such as The Grantham Foundation, Berge Bulk, Rusheen Capital Management, and Plug and Play Ventures.
Other new participants include Katapult Ocean, Incite, Spitzer Industries, and the Canopy Generations Fund.
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With the new funds, Carbon Ridge plans to accelerate the commercial demonstration of its patent-pending OCCS technology.
Chase Dwyer, Founder and CEO of Carbon Ridge, said, “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.”
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 decarbonization targets.”
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The system includes a reactor designed to enhance the carbon capture process, reducing its footprint by 75% reduction compared to conventional CO2 capture technologies while keeping additional energy consumption below 5%.
In addition to capturing CO2, the system eliminates over 99.9% of particulate, NOx, and SOx emissions.
This makes it approximately five times more cost-effective than alternative maritime fuels such as methanol and ammonia.