STAX Engineering Secures $40M to Bring the 3 Largest Shipping Vessel Classes into California Air Resources Board Compliance
Summary
LONG BEACH, Calif., July 17, 2024 (GLOBE NEWSWIRE) -- STAX Engineering, a pioneer in maritime emissions capture and control, closed a $40M funding round led by Upper90, a leading provider of hybrid growth capital. Upper90 has provided flexible capital to finance the build out of STAXs fleet of mobile emissions capture and control barges; the expansion will accelerate over the next six months to meet increasing demand across container and auto carrier classes as well as broaden coverage to include tankers. Additionally, STAX has signed industry-leading, exclusive service deals with some of the worlds largest and most reputable international shippers, including NYK Line and Hyundai GLOVIS.The momentum we are seeing from investors, ports and shipping partners reflects the growing and urgent need to achieve and maintain compliance within some of the nations most essential shipping ports, says Mike Walker, Chief Executive Officer, STAX. Our technology helps organizations meet those high standards without upending their business.As a readily available and environmentally friendly option, STAX offers land- and barge-based, mobile emissions capture and control technology to shipping terminal and fleet operators without needing costly, time-consuming retrofits. STAX is rapidly progressing towards achieving a CARB executive order for the tanker vessel class; this executive order will precede the tanker-specific CARB regulation that will come into effect in January 2025.We are excited to partner with STAX who has pioneered climate solutions for the maritime industry, says Billy Libby, CEO and Co-Founder at Upper90.