Shipping companies Crowley and Berge Bulk have emerged as participants in the latest funding round for Los Angeles-based Carbon Ridge, a leading developer of modular onboard carbon capture and storage solutions (OCCS) for the maritime industry.
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 the Protection of the Environment. Rusheen Capital Management and Plug and Play Ventures also participated.
The financing will help Carbon Ridge continue development of the company’s OCCS technology for an onboard pilot in 2023.
“We believe onboard carbon capture and 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 and 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.”
For Crowley, the investment is the latest as it seeks to decarbonize its maritime and business operations. Earlier this month, Crowley also emerged as an investor in hydrogen tech company Zero Emission Industries’ (ZEI) Series A funding round. 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 maritime and 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.
For its part, Singapore-based Berge Bulk has also been investing in decarbonization technology within maritime. In June, the company revealed that it would install WindWings rotor sail technology on board its 2018-built Berge Olympus, a Newcastlemax bulk carrier.
“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.