Carbon Ridge Company Profile

Background

Company Overview

Carbon Ridge is a U.S.-based developer specializing in onboard carbon capture and storage (OCCS) solutions for the maritime industry. Founded in 2021 and headquartered in Santa Monica, California, the company focuses on providing low-cost, near-term solutions to significantly reduce carbon dioxide (CO₂) and other greenhouse gas emissions from large maritime vessels.

Mission and Vision

Carbon Ridge's mission is to decarbonize the maritime sector by offering innovative, fuel-agnostic technologies that integrate seamlessly with existing vessel systems. The company's vision is to lead the transition towards sustainable shipping practices, contributing to global efforts in mitigating climate change.

Primary Area of Focus

The company's primary focus is on developing and deploying OCCS technologies that capture and store CO₂ emissions directly from ship exhaust systems, thereby reducing the environmental impact of maritime operations.

Industry Significance

As the maritime industry is a significant contributor to global greenhouse gas emissions, Carbon Ridge's solutions are pivotal in advancing the sector's decarbonization efforts. By providing practical and scalable technologies, the company plays a crucial role in enabling the shipping industry to meet international environmental standards and sustainability goals.

Key Strategic Focus

Core Objectives

• Decarbonization of Maritime Shipping: Develop and implement technologies that effectively reduce CO₂ emissions from ships.

• Scalability and Integration: Ensure that OCCS systems are adaptable to various vessel types and sizes, facilitating widespread adoption.

• Operational Efficiency: Design solutions that minimize operational disruptions and are cost-effective for shipowners and operators.

Specific Areas of Specialization

• Onboard Carbon Capture and Storage (OCCS): Specializing in technologies that capture CO₂ emissions directly from ship exhausts and store them safely.

• Modular System Design: Creating compact and modular systems that can be retrofitted to existing vessels without significant modifications.

Key Technologies Utilized

• Centrifugal Carbon Capture Systems: Employing centrifugal technology to efficiently separate CO₂ from exhaust gases.

• Integrated Storage Solutions: Developing onboard storage systems that safely contain captured CO₂ until it can be offloaded for sequestration.

Primary Markets or Conditions Targeted

• Commercial Shipping Fleets: Targeting large-scale shipping companies seeking to reduce their carbon footprint.

• Regulatory Compliance: Addressing the need for shipping companies to comply with international emissions regulations.

• Environmental Sustainability: Contributing to global efforts in reducing maritime greenhouse gas emissions.

Financials and Funding

Total Funds Raised

As of October 2024, Carbon Ridge has secured a total of $15.5 million in funding.

Recent Funding Rounds

• October 2024: Raised $9.5 million in a funding round led by Crosscut Ventures and Western Technology Investment, with participation from the Grantham Foundation, Berge Bulk, Rusheen Capital Management, Plug and Play Ventures, Katapult Ocean, Incite, Spitzer Industries, and Canopy Generation Funds.

• September 2022: Secured $6 million in funding led by the Grantham Foundation for the Protection of the Environment, with additional investment from Crowley, Berge Bulk, Rusheen Capital Management, and Plug and Play Ventures.

Notable Investors

• Grantham Foundation for the Protection of the Environment: A leading climate-focused investment firm.

• Crowley: A U.S.-based shipping and logistics company.

• Berge Bulk: One of the world's largest dry bulk owners.

• Crosscut Ventures: A venture capital firm specializing in early-stage investments.

• Western Technology Investment: A venture debt firm supporting technology companies.

Intended Utilization of Capital

The raised capital is intended to accelerate the development and deployment of Carbon Ridge's OCCS technology, including conducting onboard pilot installations and scaling production capabilities to meet market demand.

Pipeline Development

Key Pipeline Candidates

• STI Spiga Installation: Successfully deployed the first centrifugal OCCS system aboard the STI Spiga, a vessel operated by Scorpio Tankers Inc., marking a significant milestone in commercial shipping decarbonization.

Stages of Product Development

• Technology Development: Ongoing refinement of OCCS technology to enhance efficiency and integration capabilities.

• Pilot Deployments: Conducting real-world installations on commercial vessels to validate system performance.

Target Conditions

• Maritime CO₂ Emissions: Aiming to reduce carbon dioxide emissions from large maritime vessels.

Relevant Timelines for Anticipated Milestones

• 2023: Planned onboard pilot installations to demonstrate OCCS technology effectiveness.

• 2024: Expansion of deployment to additional vessels and scaling of production capabilities.

Technological Platform and Innovation

Proprietary Technologies

• Centrifugal Carbon Capture Systems: Innovative systems that efficiently separate CO₂ from exhaust gases using centrifugal force.

• Modular Storage Solutions: Compact and scalable storage units designed for onboard CO₂ containment.

Significant Scientific Methods

• Advanced Gas Separation Techniques: Utilizing cutting-edge methods to enhance CO₂ capture efficiency.

• System Integration Strategies: Developing seamless integration processes for retrofitting existing vessels.

Leadership Team

Chase Dwyer – Founder & CEO

Chase Dwyer is the founder and CEO of Carbon Ridge. He has a background in the maritime industry and is committed to advancing sustainable shipping practices.