Onboard carbon capture and storage company Carbon Ridge has raised $9.5 million in a new funding round. The funding will be used to accelerate commercialization and deployment of its technology.
Carbon Ridge’s technology is mounted next to the exhaust funnel on a vessel. Exhaust gas is routed into a process skid where CO2 and exhaust gas are separated. The exhaust is released in the exhaust funnel and CO2 is sent into a second container where it is compressed, liquefied and put into a storage tank. The CO2 is then offloaded at port to be permanently stored in geological formations or used in products. Carbon Ridge offers carbon credits for capture and storage of CO2.
The company is currently collaborating with Crowley and MARAD on a pilot project to test the technology’s effectiveness in reducing emissions from commercial shipping vessels. It said its technology can reduce CO2 emissions by up to 75% and eliminate over 99.9% of particulate matter, NOx, and SOx emissions.
The funding round was led by Crosscut Ventures and Western Technology Investment, with participation from several strategic investors, including the Grantham Foundation, Berge Bulk, Rusheen Capital Management, Plug and Play Ventures, Katapult Ocean, Incite, Spitzer Industries, and Canopy Generation Funds.
