Scorpio Tankers Collaborates with Carbon Ridge for Onboard CCS

By Scorpio Tankers Inc. | March 29, 2022

Scorpio Tankers Inc. (NYSE:STNG) (“Scorpio Tankers,” or the “Company”) announces that the Company has entered into a Memorandum of Understanding (“the Agreement”) with Carbon Ridge LLC (“Carbon Ridge”) to collaborate on the development of onboard carbon capture for maritime vessels. Carbon Ridge is a US-based startup working to commercialize existing gas separation technology without the need for large structural modifications. The Agreement addresses the collaboration for detailed front-end engineering, design, and validation process with a small-scale test unit onboard one of the Company’s vessels.

Emanuele A. Lauro, Chairman and Chief Executive Officer of Scorpio Tankers, commented, “We are pleased to partner with Carbon Ridge and assist in their efforts to reduce the carbon footprint of maritime transportation. In light of the myriad questions regarding alternative fuels, we feel that onboard carbon capture presents a viable path to decarbonization for large segments of our industry.”

Chase Dwyer, Chief Executive Officer of Carbon Ridge, added, “With a recent push towards well-to-wake accounting for emissions, truly low-carbon alternative fuels will be in limited supply for the foreseeable future. We believe carbon capture will provide the most cost-effective solution to meet IMO decarbonization targets for the benefit of all stakeholders. We value Scorpio Tankers as our anchor customer and look to their decades-long operational and technical experience to strengthen our product offerings.”

About Scorpio Tankers Inc.

Scorpio Tankers Inc. is a provider of marine transportation of petroleum products worldwide. Scorpio Tankers Inc. currently owns, lease finances, or bareboat charters-in 124 product tankers (42 LR2 tankers, six LR1 tankers, 62 MR tankers and 14 Handymax tankers) with an average age of 6.2 years. The Company has recently entered into agreements to sell 11 of these vessels (six LR1s, three MRs, and two LR2s), which are expected to close before the end of the third quarter of 2022. Additional information about the Company is available at the Company’s website , which is not a part of this press release.

About Carbon Ridge LLC

Carbon Ridge is a developer of modular carbon capture and storage technology for the maritime industry. Carbon Ridge is based in the United States and is a portfolio company of Rusheen Capital Management, LLC, a private equity firm focused on carbon capture and utilization, low-carbon energy, and water sustainability. Further information on Carbon Ridge may be found at Forward-Looking Statements .