Shipping companies Crowley and Berge Bulk have emerged as participants in the latest funding round of Los Angeles-based Carbon Ridge, a leading developer of modular on-board carbon capture and storage (OCCS) solutions for industry maritime.
US-based Crowley and Berge Bulk, one of the world’s largest dry bulk owners, were among a handful of investors in the $6 million funding round led by the Grantham Foundation for Environmental Protection. Rusheen Capital Management and Plug and Play Ventures also participated.
The funding will help Carbon Ridge further develop the company’s OCCS technology for an on-board pilot in 2023.
“We believe that onboard carbon capture and storage will be the cheapest and most efficient route to achieving near-term decarbonization in the maritime industry. We are very pleased to partner 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 and CEO. of Carbon Ridge.
Kevin Tidwell, Chief Executive of the Grantham Foundation, said: “Shipping will be one of the toughest industries to decarbonise. We believe that Carbon Ridge’s marine carbon capture systems will be cost-effective, ubiquitous, and ultimately bring the shipping emissions curve down.
For Crowley, the investment is the latest as it seeks to decarbonise its maritime and commercial operations. Earlier this month, Crowley also became an investor in the Series A funding round of hydrogen technology company Zero Emission Industries (ZEI). The company specializes in the design, development and deployment of marine-specific hydrogen fuel cell power and storage systems.
“Crowley’s ambition is to become the most sustainable and innovative shipping and logistics company in the Americas. Investing in and developing cleaner, low-carbon solutions will be key to achieving the maritime industry’s decarbonization goals. Carbon Ridge’s new approach to dramatically reducing the impact of marine emissions aligns with our sustainability goals and we are excited to support the scaling of their technology,” said Tom Crowley, President and CEO. of Crowley.
For its part, Singapore-based Berge Bulk has also invested in decarbonization technology in the maritime sector. In June, the company revealed it would install WindWings rotor sail technology aboard its 2018-built Berge Olympus, a NewcastleMax bulk carrier.
“We believe in the potential of onboard carbon capture and storage as one of the effective solutions to enable Berge Bulk’s commitment to zero emissions. Our partnership with Carbon Ridge is a big step forward in achieving these goals and is in line with our broader sustainability mission,” said James Marshall, CEO of Berge Bulk.