CarbonQuest, a leading distributed carbon capture technology provider, announced that it closed a $20 million funding round led by Riverbend Energy Group, with additional funding from two institutional investors.
The company built on its 2024 fundraising while securing new capital from Energy Capital Ventures (ECV) and Aligned Climate Capital to add to the capital raised with Riverbend Energy Group. And CarbonQuest will utilize this funding to deploy its Distributed Carbon Capture technology to a broader range of customers across North America and hire industry-leading talent.
This new funding round will help CarbonQuest achieve the lowest $/ton in the carbon capture industry and improve system efficiency. Tapping into its experience with six commercial deployments, the company will address additional markets that rely on onsite power or re-use carbon dioxide onsite.
Riverbend Energy Group, Energy Capital Ventures, and Aligned Climate Capital identified CarbonQuest as a major enabler of the energy transition. It distributed carbon capture as an under-invested segment of the carbon capture, utilization, and storage (CCUS) space.
These investments reflect the growing demand by various sectors for economically viable decarbonization solutions and their belief that CarbonQuest is uniquely positioned to address this underserved market and scale rapidly in multiple market segments. The fact that the company has already proved its modular, stackable, solid-sorbent-based process in several commercial settings is an important milestone that the investors are building on.
CarbonQuest sees solid-sorbent-based and modular CCUS solutions as the future of the carbon capture industry in many applications. And the versatility and smaller physical footprint, along with an increasing customer demand for onsite power, mean opportunity for dramatic acceleration of the technology in several markets at once.
KEY QUOTES:
“We are thrilled to close out the funding round with two more investors. 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.”
- Shane Johnson, CEO of CarbonQuest
“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. 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.”
- Vic Pascucci, Managing General Partner and Co-Founder of Energy Capital Ventures
“Commercial and industrial facilities across the country urgently need cost-effective carbon capture solutions. CarbonQuest’s proven technology is already serving these customers, and our investment will help the company scale further, faster. We are excited to welcome CarbonQuest into our portfolio and contribute our infrastructure and finance experience.”
- Peter Davidson, CEO of Aligned Climate Capital
“We are excited to welcome Aligned Climate Capital and Energy Capital Ventures into the round. Together, we see an amazing future for CarbonQuest and its ability to accelerate growth.”
- Joe Passanante, Managing Director at Riverbend
