Crowley Participates in Carbon Ridge Funding Round to Support Decarbonization Solutions
Summary
Carbon Ridge secures $6 million investment from leading climate investors and maritime industry leaders Grantham Foundation, Crowley and Berge Bulk to support development of novel onboard carbon capture technology to decarbonize shippingCarbon Ridge, Inc., a leading developer of modular onboard carbon capture and storage solutions (OCCS) for decarbonizing the maritime industry, today announced the company 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 worlds largest dry bulk owners, as well as Rusheen Capital Management and Plug and Play Ventures. 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. Investing in and developing cleaner, low-carbon solutions will be critical in reaching the maritime industrys decarbonization goals. Carbon Ridges novel approach to significantly reduce 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 Bulks 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.