Carbon Ridge, Inc., a developer of modular onboard carbon capture and storage solutions (OCCS) for decarbonizing the maritime industry, has raised $6 million in funding led by the Grantham Foundation for the Protection of the Environment, with additional investments 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, according to the company's release.
The financing enables Carbon Ridge to continue development of the company’s OCCS technology for an onboard pilot in 2023.