Carbon Ridge, a Los Angeles, CA- and Houston, TX-based developer of modular onboard carbon capture and storage solutions for decarbonizing the maritime shipping industry, raised $9.5M in funding.
The round, which brought the total amount to $15.5M, was led by Crosscut Ventures and Western Technology Investment (WTI), with participation from existing investors The Grantham Foundation, Berge Bulk, Rusheen Capital Management, Plug and Play Ventures, Katapult Ocean, Incite, Spitzer Industries and Canopy Generations Fund.
The company intends to use the funds to advance the commercial demonstration of its patent-pending onboard carbon capture and storage solution (OCCS).
Led by CEO Chase Dwyer, Carbon Ridge is a developer of onboard carbon capture and storage solutions (OCCS) providing a low-cost, near-term solution to reduce carbon dioxide and other greenhouse gas emissions from commercial maritime shipping. Its technology allows for integration to vessel exhaust systems, enables up to a 75.0% reduction in process equipment size and volume in comparison to conventional CCS technologies, and is designed for the rigor of commercial maritime operations. In addition to its onboard OCCS technology, Carbon Ridge also provides an end-to-end decarbonization solution for its shipping customers, including CO2 transportation, sequestration and credit monetization.
FinSMEs
23/10/2024