CarbonQuest raises Series A funding for advanced carbon capture solutions

CarbonQuest, a pioneering company in distributed carbon capture technology, has announced the successful initial closing of its Series A funding round, spearheaded by Riverbend Energy Group. This pivotal investment, amounting to $50 million, will propel CarbonQuest’s mission to scale its Distributed Carbon Capture™ technology, enabling it to capture a broader array of carbon emissions and expand its market presence significantly.

Revolutionising Carbon Capture

Founded in 2019, CarbonQuest has set out to revolutionise carbon capture for small- and medium-scale emitters across various industrial sectors and the built environment. The company’s flagship technology, Distributed Carbon Capture™, features a compact and modular design tailored to deliver cost-effective and scalable solutions for CO2 capture. These systems are particularly valuable in settings where traditional large-scale carbon capture solutions are impractical.

CarbonQuest’s initial commercial systems, which utilise solid sorbents, have demonstrated their efficacy in capturing CO2 emissions from space-constrained environments. Deployed in multiple high-rise buildings across New York City, these systems capture CO2 from building flue exhausts and convert it into Sustainable CO2™, which is then sequestered in concrete blocks. This innovative approach not only mitigates emissions but also contributes to the circular economy by integrating captured CO2 into construction materials. The company plans to explore additional CO2 utilisation channels later this year, potentially including its use in various industrial processes.

Expanding Capabilities and Market Reach

Since its inception, CarbonQuest has scaled its operations and expanded its technology offerings. In 2024, the company broadened its focus to include natural gas emissions from distributed onsite power generation systems, such as fuel cells and combined heat and power (CHP) systems, with a capacity of up to 100 MW. This expansion aligns with the growing demand for low-carbon technologies in the energy sector and further enhances CarbonQuest’s ability to address diverse emission sources.

The Series A funding will enable CarbonQuest to advance its goal of achieving the lowest cost per ton of captured CO2 in the industry. The investment will support the company’s efforts to penetrate new market segments, including biogenic CO2 sources, utility infrastructure, and other hard-to-abate facilities. Additionally, CarbonQuest will enhance its Carbon Management Software™, which provides real-time data and analytics to monitor CO2 capture and delivery. This software is crucial for clients seeking to optimise their carbon management strategies and ensure compliance with environmental regulations.

Strategic Partnerships and Expert Insights

As part of the Series A funding deal, Joe Passanante and Eric Danziger will join CarbonQuest’s Board of Directors. Joe Passanante, Managing Director at Riverbend Energy Group, expressed his enthusiasm for the partnership, stating, “CarbonQuest’s innovative approach addresses a critical need in the decarbonisation sector. With over 1.5 billion tons of CO2 reduction potential in the United States alone, CarbonQuest’s scalable solutions are poised to make a significant impact. We are excited to work with CarbonQuest’s experienced team and believe this partnership will drive meaningful progress in carbon capture technology.”

Shane Johnson, President and CEO of CarbonQuest, noted the significance of the investment for the company’s growth. “This funding will allow us to bring distributed carbon capture technology to a wider market and attract top talent to expand our North American operations. Our goal is to provide affordable and effective carbon capture solutions that support our clients’ ESG and net-zero objectives.”

Dave Curry, Chairman of the CarbonQuest board, highlighted the broader implications of the funding. “The increasing opportunities for distributed carbon capture across various sectors underscore the importance of our partnership with Riverbend. This collaboration enables us to scale rapidly and offer resilient, low-carbon onsite power solutions, furthering our commitment to environmental sustainability.”

Looking Ahead

CarbonQuest’s advancements in modular carbon capture technology underscore the company’s dedication to tackling climate change. By capturing CO2 from buildings and onsite power generation systems before it is emitted into the atmosphere, CarbonQuest provides a turnkey solution that supports a circular economy and helps businesses achieve their environmental goals.

With its expanded capabilities and strengthened market position, CarbonQuest is well-positioned to lead the way in distributed carbon capture, contributing significantly to global climate objectives and fostering a more sustainable future.