Stax Engineering, a Long Beach, CA-based maritime emissions capture and control company, raised $40M in funding.
The round was led by Upper90.
The company intends to use the funds to accelerate its growth over the next six months to meet increasing demand across container and auto carrier classes as well as broaden coverage to include tankers.
Led by CEO Mike Walker, Stax offers land- and barge-based, mobile emissions capture and control technology to shipping terminal and fleet operators without retrofits. It is a provider authorized to service both container vessels and auto carriers in California. Since its official launch in Q1 2024, Stax has experienced exponential growth among port authorities and international shippers. The company secured exclusive service agreements in several California ports, including three of the nation’s largest and busiest: the Ports of Los Angeles, Long Beach, and Oakland. Additionally, Stax has signed exclusive service deals with some of the world’s largest and most reputable international shippers, including NYK Line and Hyundai GLOVIS.
The company is progressing towards achieving a CARB executive order for the tanker vessel class. This executive order will precede the tanker-specific CARB regulation that will come into effect in January 2025.
FinSMEs
17/07/2024