US-based onboard carbon capture startup Carbon Ridge has raised $6m in funding from several investors including compatriot shipping and logistics company Crowley and Singapore-based owner Berge Bulk.
The funding round, led by the Grantham Foundation for the Protection of the Environment and which also included Rusheen Capital Management and Plug and Play Ventures, will enable Carbon Ridge to continue the development of its carbon capture and storage technology, targeted 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 decarbonisation in the maritime industry,” said Chase Dwyer, founder and CEO of Carbon Ridge.
The company is developing a system that is said to provide a near-term solution to reducing carbon dioxide and other greenhouse gas emissions from commercial shipping by up to 95%. According to Carbon Ridge, its technology allows for non-disruptive integration into vessel exhaust systems and enables up to a 75% reduction in process equipment size and volume in comparison to conventional CCS technologies.
Backing from Crowley and Berge Bulk follows on from Emanuele Lauro-led Scorpio Tankers, which earlier this year entered into a memorandum of understanding with Carbon Ridge to collaborate on detailed front-end engineering, design, and validation process with a small-scale test unit onboard one of its vessels.
“Investing in and developing cleaner, low-carbon solutions will be critical in reaching the maritime industry’s decarbonisation goals. Carbon Ridge’s novel approach to significantly lessen 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.
Berge Bulk has been exploring several types of carbon reduction technologies for shipping. In addition to being an early adopter of wind-assisted propulsion, Berge Bulk’s commitment includes solar power trials, investments in advanced atomic power solutions for shipping and offering clients an option for carbon neutral cargo delivery via offsets.
“We believe in the potential of onboard carbon capture and 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,” remarked James Marshall, CEO of Berge Bulk.
(Except for the headline, this story has not been edited by PostX News staff and is published from a syndicated feed.)