Carbon Ridge, a leading developer of modular onboard carbon capture & storage solutions for decarbonizing the maritime industry, has successfully closed a $9.5 million funding round to advance its technology’s commercialization. The investment round was led by Crosscut Ventures and Western Technology Investment (WTI), with additional support from current backers, including The Grantham Foundation, Berge Bulk, Rusheen Capital Management, and Plug and Play Ventures. New participants also joined, such as Katapult Ocean, Incite, Spitzer Industries, and Canopy Generations Fund. This latest round boosts Carbon Ridge’s total funding to $15.5 million, marking a pivotal step in the company’s mission to provide cost-effective, onboard solutions for reducing maritime emissions.
Revolutionizing Carbon Capture in Shipping
Carbon Ridge’s OCCS technology represents a breakthrough in emissions management for the shipping industry. The company’s modular system integrates seamlessly with vessel exhaust systems, capturing CO2 emissions and reducing greenhouse gases directly onboard. The core of Carbon Ridge’s innovation is a patent-pending reactor that intensifies the carbon capture process, reducing the system’s footprint by 75% compared to conventional CO2 capture technologies. This compact design enables ease of installation and minimizes additional energy requirements, limiting them to less than 5% of vessel energy consumption.
Beyond CO2 capture, the OCCS system also eliminates over 99.9% of particulate matter, nitrogen oxides (NOx), and sulfur oxides (SOx), significantly reducing the environmental footprint of large vessels. By achieving a fivefold cost reduction compared to alternative fuels like methanol and ammonia, Carbon Ridge’s OCCS technology offers shipowners a more affordable path to decarbonization without the supply challenges associated with other clean fuels.
A Vision for Maritime Decarbonization
Chase Dwyer, Founder and CEO of Carbon Ridge, underscored the critical role of onboard carbon capture in the industry’s decarbonization journey: “With the rising costs and supply constraints of alternative clean fuels, onboard carbon capture is essential for global maritime decarbonization. Carbon Ridge has developed a highly modular, low-cost, and operationally efficient solution to meet the industry’s current and future decarbonization targets. We are thrilled to welcome Crosscut Ventures, WTI, and other new investors and are grateful for the continued support from our existing partners.”
Rick Smith, Co-Founder and Managing Director at Crosscut Ventures, highlighted Carbon Ridge’s alignment with Crosscut’s climate tech objectives, noting, “Carbon Ridge exemplifies our Climate Tech thesis by addressing one of the most pressing carbon emission challenges in a cost-effective manner. Their innovative technology is nearly eliminating emissions from large maritime vessels, providing a practical solution to one of the primary sources of anthropogenic emissions.”
Jim McDermott, Co-Founder and Managing Partner at Rusheen Capital Management, also expressed strong support for Carbon Ridge’s approach, stating, “We believe post-combustion capture and storage is the most capital-efficient CO2 reduction method for the maritime industry. Carbon Ridge’s OCCS technology is the most manufacturable, easily integrated, and cost-effective solution in this field.”
As the shipping industry seeks effective ways to curb its emissions, Carbon Ridge’s advancements in OCCS technology mark an important step toward a cleaner, more sustainable future in maritime operations.
About Carbon Ridge
Headquartered in Los Angeles, California, and Houston, Texas, Carbon Ridge specializes in onboard carbon capture and storage technologies tailored for the maritime industry. Designed to meet the rigorous demands of commercial shipping, Carbon Ridge’s OCCS technology significantly reduces the size and complexity of carbon capture equipment, allowing for a 75% reduction in system volume compared to traditional CCS methods. This scalable solution captures CO2 emissions, enabling cleaner operations and helping the shipping sector align with global decarbonization goals. Beyond capturing CO2, Carbon Ridge offers an end-to-end solution that includes transportation, sequestration, and credit monetization, providing comprehensive support for its maritime customers’ decarbonization efforts.
Source Carbon Ridge