Carbon Ridge, a cleantech startup focused on decarbonizing the maritime industry, raised $9.5 million to further develop its onboard carbon capture and storage (OCCS) technology. This technology aims to reduce the 3% of global greenhouse gas emissions produced by maritime shipping. The approach provides an alternative to transitioning entirely to alternative fuels, making it a cost-effective tool for shipowners.

The funding, led by Crosscut Ventures with participation from several investors, will support the company’s plan to commercially demonstrate its OCCS system. This technology involves separating CO2 from other exhaust gasses, compressing it into liquid form, and then storing it onboard in specialized tanks. The captured CO2 can either be offloaded at ports for sequestration or utilized in other processes. OCCS allows the maritime industry to reduce emissions without fully transitioning to alternative fuels, offering a flexible, scalable solution to meeting emissions reduction targets while using existing ship engines.