CarbonQuest Secures $20M To Expand Carbon Capture Technology

CarbonQuest, the premier developer of distributed carbon capture technology, closed a $20 million funding round to drive faster deployment of its proprietary Distributed Carbon Capture™ technology throughout North America. The funding round was anchored by Riverbend Energy Group, with support from Energy Capital Ventures (ECV) and Aligned Climate Capital. This investment is anticipated to support the company's initiatives in expanding its technology, improving efficiency, and increasing its talent base to fuel the next growth phase.

CarbonQuest has positioned itself as a leader in the carbon capture, utilization, and storage (CCUS) sector by concentrating on distributed solutions. As compared to massive-scale carbon capture plants that need enormous infrastructure and investment, CarbonQuest's module-based solution is customized for power-dependent or direct-use industries for captured CO2. The firm has already proven the superiority of its technology through six successful industrial deployments, and this latest cash infusion will allow it to further streamline its cost basis while widening its market presence.

Shane Johnson, CarbonQuest CEO, said the investment was a transformative move, adding, "This financing will help our scaling efforts go faster, enable us to recruit more talent and enable the establishment of a broad base of diverse projects." Its goal is the lowest cost per ton of captured CO2 in the industry, a key step toward making carbon capture more broadly available and affordable across sectors.

CarbonQuest's market approach targets a range of industries such as utilities, manufacturing, and data centers. These industries are increasingly in need of decarbonization solutions that do not compromise current operations but remain efficient. The firm's modular systems based on solid sorbents are flexible and have a smaller footprint, and therefore, an ideal solution for companies to incorporate carbon capture without drastic infrastructure revamps.

The strategic support from Riverbend Energy Group, Energy Capital Ventures, and Aligned Climate Capital reflects the increased significance of distributed carbon capture within the larger CCUS ecosystem. Historically, investment in carbon capture has gone into large-scale industrial applications with limited funding available for decentralized options. Investors today, however, see the potential of CarbonQuest's strategy to deliver cost-competitive and scalable decarbonization solutions.

Vic Pascucci, Energy Capital Ventures' Managing General Partner, emphasized the value of this investment, commenting, "CarbonQuest delivers a world-class team and a vital decarbonization solution to a broad spectrum of industries." This was seconded by Aligned Climate Capital's CEO, Peter Davidson, who added that CarbonQuest's existing technology is already deployed in several industries, and the new capital will enable the company to scale further and faster.

Through this investment, CarbonQuest is also looking into other collaborations to further its position in the carbon capture industry. One of these collaborations is a Memorandum of Understanding (MoU) with Carbfix, a carbon mineralization company. This collaboration will look into new prospects for the storage of captured CO2, which can possibly lead to more permanent and sustainable options for emissions reductions.

Joe Passanante, Riverbend Managing Director, was optimistic about the future of CarbonQuest, saying, "We see an amazing future for CarbonQuest and its ability to accelerate growth." The scalability and efficiency of the company's decarbonization path are creating new standards in the industry, making it a major player in the global fight against climate change.

With increasing demand for clean energy solutions, CarbonQuest's emphasis on innovation and cost-effectiveness positions it well to be at the forefront of the next generation of carbon capture innovations. With investor support, an expanding customer base, and a dedication to ongoing improvement, CarbonQuest is well-positioned to make a meaningful impact in the CCUS industry, enabling industries to lower their carbon footprint without compromising operational efficiency.