Carbon Ridge, Inc., a pioneer in modular onboard carbon capture and storage solutions aimed at decarbonizing the maritime shipping industry, has announced a successful funding round of $9.5 million. This brings the company’s total funding to $15.5 million. The latest round was spearheaded by Crosscut Ventures and Western Technology Investment (WTI), with contributions from existing investors including The Grantham Foundation, Berge Bulk, Rusheen Capital Management, and Plug and Play Ventures. Additional participation came from Katapult Ocean, Incite, Spitzer Industries, and Canopy Generations Fund.
With this funding, Carbon Ridge plans to advance the commercial demonstration of its innovative onboard carbon capture and storage solution (OCCS). The system features a groundbreaking reactor designed for enhanced carbon capture efficiency, achieving a 75% reduction in physical footprint compared to traditional CO2 capture technologies, while keeping additional energy consumption below 5%. Beyond capturing CO2, Carbon Ridge’s OCCS technology also eliminates over 99.9% of particulate matter, NOx, and SOx emissions. This performance results in approximately five times the cost reduction compared to alternative fuels like methanol and ammonia.
Chase Dwyer, Founder and CEO of Carbon Ridge, emphasized the urgent need for onboard carbon capture in the maritime sector, stating, “With the increasing cost and supply challenges of alternative clean fuels for shipping, onboard carbon capture is essential for the global maritime industry to achieve decarbonization. Carbon Ridge has created the most modular, cost-effective, and operationally efficient carbon capture solution available to meet current and future decarbonization goals. We are excited to welcome Crosscut Ventures, WTI, and our other new investors, and we are grateful for the continued support of our existing investors.”
Rick Smith, Co-Founder and Managing Director at Crosscut Ventures, highlighted Carbon Ridge’s potential, saying, “Carbon Ridge exemplifies our Climate Tech thesis: we seek out world-class management tackling pressing issues contributing to climate change. The company’s innovative approach to nearly eliminating emissions from large maritime vessels directly addresses one of the primary sources of human-caused carbon emissions in a cost-effective way.”
Jim McDermott, Co-Founder and Managing Partner at Rusheen Capital Management, added, “At RCM, we firmly believe that the most capital-efficient strategy for CO2 reduction in the maritime industry lies in post-combustion capture and storage. Carbon Ridge’s OCCS technology stands out as the most manufacturable and easily integrated solution, making it the most cost-effective option in development.