CarbonQuest Raises $20 Million to Capture CO2 from Buildings – ESG Today

Carbon seize expertise agency CarbonQuest introduced that it has raised $20 million in a funding spherical, with proceeds geared toward advancing and increasing its low-cost answer to seize CO2 from buildings and energy era techniques.

Based in 2019, Spokane, Wa-based CarbonQuest has developed a modular point-source system to seize CO2 earlier than it’s emitted from pure gasoline sources in buildings and industrial websites comparable to CHP techniques, gas cells, and boilers. The system converts the captured carbon into liquified CO2, which might then be transported to native companies to make use of in manufacturing processes for merchandise together with constructing supplies, jet gas, or chemical compounds.

CarbonQuest stated it has already deployed its system at six websites, and sees demand rising as its answer is smaller and extra versatile than others. CarbonQuest’s deployments embrace a number of New York Metropolis residential buildings, capturing pure gasoline emissions from boiler techniques, to be used by a neighborhood off-taker for everlasting sequestration in concrete blocks.

The corporate goals for its system to be the least costly to make use of by way of value per ton of carbon eliminated. The corporate stated that the brand new capital will assist it deal with further markets that depend on onsite energy or re-use CO2 onsite.

Shane Johnson, CEO of CarbonQuest, stated:

“This funding will speed up our scaling efforts, permit us to rent extra expertise, and help the event of a various base of initiatives. We additionally worth the experience of our buyers in the important thing sectors the place we allow decarbonization.”

The spherical was led by Riverbend Power Group, which initially invested in August 2024, including funding from two institutional buyers, together with Power Capital Ventures (ECV) and Aligned Local weather Capital. The buyers stated they recognized CarbonQuest as a key enabler of the vitality transition and distributed carbon seize as an under-invested section of the CCUS house.

Peter Davidson, CEO of Aligned Local weather Capital, stated:

“Industrial and industrial amenities throughout the nation urgently want cost-effective carbon seize options. CarbonQuest’s confirmed expertise is already serving these clients, and our funding will assist the corporate scale additional, sooner.”

Joe Passanante, Managing Director at Riverbend, added:

“We’re excited to welcome Aligned Local weather Capital and Power Capital Ventures into the spherical. Collectively, we see a tremendous future for CarbonQuest and its capacity to speed up development.”