Upper90 leads funding round to double STAX fleet by year-end, addressing stricter emissions regulations at California ports
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 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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