Distributed carbon capture solutions are focused on capturing CO2 emissions from wide range of “hard-to-abate” settings

August 08, 2024 09:00 AM Eastern Daylight Time

SPOKANE, Wash.--(BUSINESS WIRE)--CarbonQuest, a leading distributed carbon capture technology provider, announced the initial closing on its Series A funding from Riverbend Energy Group (“Riverbend”). The funding will enable CarbonQuest to offer its Distributed Carbon Capture™ technology to a broader range of carbon emitters and accelerate market penetration of its cost-effective and economically viable solution.

CarbonQuest was founded in 2019 with a vision to solve decarbonization for small- and medium-scale emitters across the industrial market segments and the built environment by creating a compact, modular carbon capture solution that addresses decarbonization needs in a cost-effective manner.

The company’s first commercial systems demonstrated the technical and economic viability of small-scale, modular systems using solid sorbents in space-constrained applications. Deployed in several New York City buildings, the systems capture CO2 from building flue exhaust before it escapes to the atmosphere; the liquified CO2 — Sustainable CO2™ — is currently sequestered permanently in concrete blocks, with other utilization channels to come later this year. Since rolling out its first project over two years ago, CarbonQuest has scaled up and expanded its product offering to support industrial boiler applications. In 2024, CarbonQuest added a focus on natural gas emissions from distributed onsite power generation of up to 100 MW, including fuel cells and combined heat and power (CHP) systems.

This new capital from the Series A will enable CarbonQuest to achieve its goal to deliver the lowest $/ton in the industry and address new market segments including biogenic sources of CO2, utility infrastructure, and other “hard-to-abate” facilities. The company will expand its relationships in the CO2 utilization and sequestration space to provide end-to-end emissions mitigation solutions. CarbonQuest will also advance development of its Carbon Management Software™, which provides real-time data and analytics to track the capture of the CO2 and its delivery to customers. As part of the transaction, Joe Passanante and Eric Danziger will join CarbonQuest’s Board of Directors.

“We are one of the few carbon capture companies with commercial products on the market today, and this investment will enable us to continue bringing distributed carbon capture to a wider swath of the market,” said Shane Johnson, President and CEO of CarbonQuest. “We are also excited to attract new talent and expand our North American operations.”

“We see more and more opportunities for distributed capture every day, ranging from traditional hard-to-abate sectors to new and existing onsite distributed power that we can now couple with distributed carbon capture to offer low carbon and resilient onsite power,” said Dave Curry, chairman of the CarbonQuest board. “A partnership with Riverbend, an expert in the energy transition space, enables us to scale faster and take on more clients.”

“We are thrilled to partner with CarbonQuest, a company at the forefront of distributed carbon capture technology,” said Joe Passanante, Managing Director at Riverbend. “This investment reflects our commitment to advancing solutions that play a critical role in decarbonization. There is at least 1.5GT of opportunity in the United States alone. CarbonQuest’s innovative approach not only addresses that need, but also offers scalable, economically viable solutions that can be deployed across a wide range of markets. We are excited to collaborate with CarbonQuest's experienced and talented team and believe this partnership will be a game changer in multiple markets, helping to unlock the full potential of distributed carbon capture and significantly contribute to global climate goals.”

About CarbonQuest
CarbonQuest is advancing decarbonization with a modular, accessible solution that captures CO2 from buildings and onsite power generation systems before it is emitted to the atmosphere. The captured CO2 is then liquified and transported to local businesses that need carbon for their production processes. By introducing its technology and Sustainable CO2™ into the market, CarbonQuest enables its customers to support a circular economy while meeting ESG and net-zero goals with a cost-effective, turnkey solution. Learn more at www.carbonquest.com.

About Riverbend Energy Group
Riverbend Energy Group, based in Houston, Texas, is a multi-faceted investment firm, utilizing risk-weighted deal evaluation processes to deploy capital into a variety of investments in the North American energy sector. Riverbend's portfolios include investments in traditional energy, energy transition and integrated power. Since 2003, Riverbend has successfully acquired, developed, and managed over $5 billion of total enterprise value across eleven asset portfolios. The Riverbend Energy Transition platform was established in 2021 and is led by Eric Danziger and Joe Passanante who have extensive experience across multiple energy sectors. To learn more, visit www.riverbendenergygroup.com.

Contacts

Media
Shlomo Morgulis
Antenna Group for CarbonQuest
CarbonQuest@antennagroup.com

David Gehring for Riverbend Energy Group
dgehring@riverbendeg.com