CarbonQuest, a leading innovator in distributed carbon capture technology, has announced the successful initial closing of its Series A funding round, led by Riverbend Energy Group. This investment will allow CarbonQuest to expand the reach of its Distributed Carbon Capture™ technology, targeting a wider array of carbon emitters and accelerating the deployment of its cost-effective solutions.
Founded in 2019, CarbonQuest aims to revolutionize decarbonization for small- and medium-scale emitters in industrial sectors and the built environment. The company has developed a compact, modular carbon capture solution designed to meet decarbonization needs economically and effectively.
CarbonQuest’s early commercial systems have proven the technical and financial feasibility of small-scale, modular systems utilizing solid sorbents. These systems, installed in several New York City buildings, capture CO2 from building exhaust before it enters the atmosphere. The captured CO2, branded as Sustainable CO2™, is currently sequestered in concrete blocks, with plans to explore additional utilization options later this year. Over the past two years, CarbonQuest has scaled its operations and broadened its product offerings, now including solutions for industrial boilers and focusing on natural gas emissions from distributed power generation systems up to 100 MW, such as fuel cells and combined heat and power (CHP) systems.
The Series A funding will support CarbonQuest’s mission to achieve the lowest cost per ton in the industry and explore new market segments, including biogenic CO2 sources, utility infrastructure, and other challenging facilities. The company plans to enhance its CO2 utilization and sequestration capabilities and advance its Carbon Management Software™, which offers real-time data and analytics for tracking CO2 capture and delivery. As part of the funding deal, Joe Passanante and Eric Danziger will join CarbonQuest’s Board of Directors.
Shane Johnson, President and CEO of CarbonQuest, commented, “We are among the few carbon capture companies with commercial products available today. This investment will help us extend our distributed carbon capture technology to a broader market. We’re also looking forward to bringing new talent on board and expanding our operations across North America.”
Dave Curry, Chairman of the CarbonQuest Board, added, “The opportunities for distributed capture are growing daily, from traditional hard-to-abate sectors to new onsite distributed power applications. Partnering with Riverbend, a leader in energy transition, will help us scale rapidly and serve more clients.”
Joe Passanante, Managing Director at Riverbend, expressed enthusiasm for the partnership: “We are excited to support CarbonQuest, a pioneer in distributed carbon capture technology. This investment underscores our commitment to advancing crucial decarbonization solutions. With significant opportunities in the U.S. alone, CarbonQuest’s scalable and economically viable approach is poised to make a substantial impact. We look forward to working with CarbonQuest’s talented team and believe this collaboration will be transformative across various markets, significantly advancing global climate goals.
