Grantham Foundation, Crowley and Berge Bulk support development of novel onboard carbon capture technology to decarbonize shipping
LOS ANGELES–(BUSINESS WIRE)–Carbon Ridge, Inc., a leading developer of modular onboard carbon capture & storage solutions (OCCS) for decarbonizing the maritime industry, today announced the Company has raised $6M in funding led by the Grantham Foundation for the Protection of the Environment, with additional investment from Crowley, a leading U.S.-based shipping and logistics company, and Berge Bulk, one of the world’s largest dry bulk owners, as well as Rusheen Capital Management and Plug and Play Ventures. The financing enables Carbon Ridge to continue development of the Company’s OCCS technology for an onboard pilot in 2023.
“We believe onboard carbon capture & storage will be the lowest cost and most efficient pathway to achieve near-term decarbonization in the maritime industry. We are very excited about partnering with The Grantham Foundation, Crowley and Berge Bulk, as leaders in their respective sectors, each with strong commitments to long-term climate stabilization,” said Chase Dwyer, Founder & CEO of Carbon Ridge.
Kevin Tidwell, managing director at Grantham Foundation, said, “Shipping will be one of the most difficult industries to decarbonize. We believe that Carbon Ridge’s maritime carbon capture systems will be cost-effective, ubiquitous and ultimately bend down the curve of shipping emissions.”
“Crowley’s ambition is to become the most sustainable and innovative maritime, logistics company in the Americas. Investing in and developing cleaner, low-carbon solutions will be critical in reaching the maritime industry’s decarbonization 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.
“We believe in the potential of onboard carbon capture & 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,” said James Marshall, CEO of Berge Bulk.
About Carbon Ridge
Based in Los Angeles, California, Carbon Ridge is a leading developer of carbon capture & storage solutions for the maritime industry. Carbon Ridge’s OCCS technology provides a low-cost and near-term solution to reduce carbon dioxide and other greenhouse gases emissions from commercial shipping by up to 95%. Carbon Ridge’s technology allows for non-disruptive integration to vessel exhaust systems, enables up to a 75% 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 provides end-to-end solutions including CO2 transportation, sequestration, and credit monetization. For more information, visit www.carbonridge.net
About The Grantham Foundation for the Protection of the Environment
Grantham Foundation invests to redesign energy systems, improve soil health, spare the ocean from acidification, and directly recapture carbon from the atmosphere. The Grantham Foundation for the Protection of the Environment, and its affiliate, Grantham Environmental Trust, believe that innovation and technology are the best hope for an enduring future. The Grantham Trust and Foundation have, for over 15 years, focused almost exclusively on climate change mitigation and support over ninety grantees and fifty companies around the world. For more information, visit www.granthamfoundation.org.
Crowley is a privately held, U.S.-owned and operated maritime, energy and logistics solutions company serving commercial and government sectors with nearly $2.9 billion in annual revenues, over 170 vessels mostly in the Jones Act fleet and approximately 7,000 employees around the world – employing more U.S. mariners than any other company. The Crowley enterprise has invested more than $3 billion in maritime transport, which is the backbone of global trade and the global economy. As a global ship owner-operator and services provider with more than 130 years of innovation and a commitment to sustainability, the company serves customers in 36 nations and island territories through five business units: Crowley Logistics, Crowley Shipping, Crowley Solutions, Crowley Wind Services and Crowley Fuels. Additional information about Crowley, its business units and subsidiaries can be found at www.crowley.com.
About Berge Bulk
Berge Bulk is one of the world’s leading dry bulk owners with an outstanding reputation for the safe, efficient, and sustainable delivery of commodities around the world. Berge Bulk has committed to be carbon neutral by 2025 at the latest. Berge Bulk owns and manages a fleet of over 80 vessels, equating to more than 14 million DWT. The fleet ranges from handy-size to cape-size to some of the largest vessels ever built, serving the world’s major miners, steel mills and charterers. In 2021, Berge Bulk transported nearly 70 million tonnes of cargo around the world. For more information, visit www.bergebulk.com.
About Rusheen Capital Management
Jim McDermott and Jeff Green, the principals of Rusheen Capital Management, have a long and successful track record in investment, commercialization and project development for sustainable technologies. Their goal is to invest in and create sustainable companies in support of a low-carbon future. With involvement and investments in carbon capture, utilization and storage (CCUS), renewable energy, biofuels and water sustainability, Rusheen is focused on decarbonization, resource efficiency and leveraging waste streams as new resources. For more information, visit www.rusheen.com.