CarbonQuest, which has developed distributed carbon capture technology, has closed on $20 million in a funding round led by Houston, Texas-based Riverbend Energy Group, with participation from New York-based Aligned Climate Capital and Chicago’s Energy Capital Ventures.
The company, with offices in New York, Washington, D.C., and Spokane, Wash., said it would use the funds to deploy its Distributed Carbon Capture technology to a broader range of customers across North America and to expand its team. CarbonQuest said the funding would also help it achieve the lowest ratio of cost to tons of carbon captured and improve system efficiency, as it draws on its experience with six commercial deployments.
“We are thrilled to close out the funding round with two more investors,” said CarbonQuest CEO Shane Johnson, previously the founder of Demand Energy Networks. “This investment will accelerate our scaling efforts, allow us to hire more talent, and support the development of a diverse base of projects. We also value the expertise of our investors in the key sectors where we enable decarbonization.”
Converting CO2 to Liquid
CarbonQuest’s technology traps carbon dioxide generated by industrial and other processes, and diverts it into a system in which it is converted into liquid and prevented from entering the atmosphere. Its technology makes it easier for owners and operators of facilities and onsite distributed power systems to reduce their Scope 1 emissions, lowering their carbon footprint while complying with GHG Protocol and Science Based Targets (SBTi). Its system has the capability to trap 100% of carbon dioxide but actual customer deployments vary in efficiency on account of several factors. CarbonQuest says its solid-sorbent-based, modular carbon capture, utilization, and storage (CCUS) is the future for many industries on account of its versatility and smaller physical footprint.
“Commercial and industrial facilities across the country urgently need cost-effective carbon capture solutions,” said Peter Davidson, CEO of Aligned Climate Capital. “CarbonQuest’s proven technology is already serving these customers, and our investment will help the company scale further, faster.”
Commercial Real Estate
MacKenzie Companies
Advertising / Media / Communications / Public Relations
Nevins & Associates
Financial Services / Investment Firms
Chesapeake Corporate Advisors
Commercial Real Estate
Monday Properties
Venture Capital
Blue Delta Capital Partners
Internet / Technology
Foxtrot Media
Aligned Climate Capital is an asset manager investing exclusively in the companies and projects that are driving the clean energy transition. The New York fund manages nearly $2 billion in assets.
Green Molecules Innovation
“As a venture capital fund focused on the resilience, sustainability, and digital transformation of the natural gas industry, we are extremely excited to add CarbonQuest to our portfolio,” said Vic Pascucci, managing general partner and co-founder of Energy Capital Ventures. “CarbonQuest brings a stellar team and a critical decarbonization solution to a wide range of industries, including utilities, manufacturing, data centers, and facilities with onsite power. They are a game-changer in green molecules innovation.”
CarbonQuest has partnership with CO2 mineral storage operator Carbfix to identify sites prime for carbon capture and mineralization, and is in final stages of talks for several other projects and partnerships in North America.
