STAX Engineering Secures $40M to Bring the 3 Largest Shipping Vessel Classes into California Air Resources Board Compliance
17 Julio 2024 - 11:00AM
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 STAX’s 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. As California Air Resources Board regulations expand to
include tankers beginning in January 2025, this concerted push from
STAX will best position the organization to service the newly
regulated class.
Since its official launch in Q1 2024, STAX has experienced
exponential growth among port authorities and international
shippers. The company quickly secured exclusive service agreements
in several California ports, including three of the nation's
largest and busiest: the Ports of Los Angeles, Long Beach, and
Oakland. Additionally, STAX has signed industry-leading, exclusive
service deals with some of the world's 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 nation’s most essential
shipping ports,” says Mike Walker, Chief Executive Officer, STAX.
“The California Air Resources Board (CARB) has created an ecosystem
of regulations that protect air quality surrounding CA ports–and as
with other CARB regulations, other states will likely follow suit
in short order. 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 the only provider
authorized to service both container vessels and auto carriers in
California; service for auto carriers began in early April 2024 and
is available everywhere STAX has a presence. 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. “Its proprietary barge technology enables
shippers to reduce emissions at ports and with our capital facility
the company will be able to service more enterprise customers.”
STAX's patented, flexible exhaust capture system is designed to
fit all ships without modification, even in the most congested
ports. Once the exhaust is captured and funneled into the STAX
system, it is filtered. STAX removes 99% of particulate matter (PM)
and 95% of oxides of nitrogen (NOx) before being released as
purified gas. To date, STAX has treated 83 at-berth vessels for a
cumulative of 4,000 hours and controlled 31 tons of pollutants—and
counting.
Learn more at www.staxengineering.com
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