World News
Crowley, Berge Bulk Among Latest Investors in Onboard Carbon Capture Firm
Shipping companies Crowley and Berge Bulk are among the latest investors in a US firm developing onboard carbon capture and storage systems.
Carbon Ridge Inc has raised $6 million it its latest funding round, it said in an emailed statement on Thursday. The round was led by the Grantham Foundation for the Protection of the Environment, with investments also made by Crowley, Berge Bulk, Rusheen Capital Management and Plug and Play Ventures.
The funds will be used to allow the prepare the firm for an onboard pilot of its technology next year.
"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," Chase Dwyer, CEO of Carbon Ridge, said in the statement.
"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."
Carbon capture is likely to be among the technologies the shipping industry turns to as it seeks to bear down on its GHG emissions in the coming decades. But because of the need to find space to store the captured emissions on board, these systems are likely only to be suitable for vessel types with space to spare.
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| VLSFO | MGO | |||
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