STAX Engineering, the maritime emissions capture and control trailblazer, just hit the jackpot with a $70 million funding round led by Firstime Credit and Deutsche Bank Private Credit & Infrastructure. This isn’t just about the money; it’s a vote of confidence in STAX’s mission to clean up the shipping industry’s act. The funds will supercharge STAX’s growth, scaling its emissions capture technology and pushing forward carbon capture initiatives. The goal? Capturing 1% of global greenhouse gas emissions. That’s a tall order, but STAX isn’t backing down.
The funding isn’t the only big news. STAX has also kicked off carbon capture trials with Seabound, another big player in the emissions game. The trials, underway at the Port of Los Angeles, are already showing promising results. Here’s how it works: STAX’s mobile emissions control units filter out the nasties from ship exhaust, which is then directed through Seabound’s capture system. This isolates and stores both carbon and sulfur, leaving clean exhaust gas to enter the atmosphere. It’s a win-win for the environment and the shipping industry.
STAX isn’t just talking the talk; it’s walking the walk. The company has already signed multi-year contracts with ZIM and K-Line, two of the biggest names in shipping. These deals expand STAX’s footprint across the industry and bring it closer to its goal of capturing 1% of global emissions. ZIM and K-Line join an impressive roster of global leaders already working with STAX, including Shell, NYK Line, Hyundai GLOVIS, Toyota, and Olympus. This isn’t just about compliance with environmental regulations; it’s about setting a new standard for sustainability.
The $70 million investment is a mix of debt financing and a Simple Agreement for Future Equity (SAFE). It will drive the commercialization of STAX’s next-generation solutions while supporting ongoing trials. Since launching in Q1 2024, STAX has established itself as the go-to emissions solution for all major vessel classes in California. With California’s new emissions standards in effect, STAX provides a critical path to compliance for operators via exclusive service agreements at major ports.
STAX’s technology is a game-changer. It attaches to all vessel classes without requiring retrofits, capturing exhaust and removing 99% of particulate matter (PM) and 95% of nitrogen oxides (NOx). In just over a year, STAX has treated at-berth vessels for a cumulative 13,000 hours, capturing 100 tons of pollutants and counting. The company is actively pursuing expansion into additional U.S. and international ports to meet rising demand.
The maritime industry has long been one of the toughest sectors to decarbonize, and partnering with STAX to integrate our carbon capture technology is a meaningful step forward. Together, we’re laying the foundation for a future where shipping can achieve zero-emissions operations, setting a new standard for sustainability across the industry.” – Alisha Fredriksson, Co-Founder & CEO of Seabound
This funding round directly reflects our confidence in STAX’s groundbreaking technology, sustainable innovation, and vision. At Firstime Credit, we partner with companies like STAX to fuel their growth with tailored financing solutions that deliver value to both the company and our global financial partners.” – Yoni Ophir, CEO of Firstime Credit
Deutsche Bank Private Credit & Infrastructure is proud to support STAX Engineering in their mission to reduce criteria pollutants and improve air quality with their market-leading technology. This financing underscores our commitment to innovation and partnership with leading management teams.” – Alexander Gorokhovskiy, Head of North America Venture and Corporate Direct Lending at Deutsche Bank Private Credit & Infrastructure
STAX’s initiatives lay the groundwork for continued growth within the maritime industry and entry into new sectors like data centers. The company is actively evaluating several best-in-class carbon capture solutions ahead of the fleet-wide rollout in late 2025. This isn’t just about the here and now; it’s about setting the stage for a clean-air future.
So, what does this mean for the future of the maritime industry? For starters, it’s a clear signal that the industry is serious about sustainability. The partnerships and investments in STAX’s technology show that companies are willing to put their money where their mouth is. This could spur innovation and competition in the emissions capture space, driving down costs and improving technology.
Moreover, the success of STAX’s trials and partnerships could influence policy and regulation. As more companies adopt emissions capture technology, it could become the new normal, pushing the industry towards zero-emissions operations. This could also open up new opportunities for companies like STAX to expand into other sectors, such as data centers, which are also grappling with emissions challenges.
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