Carbon capture technology provider CarbonQuest has closed a $20m funding round for the wider North American deployment of its Distributed Carbon Capture™ (DCCS) technology.
CarbonQuest’s DCCS technology allows carbon dioxide (CO2) capture in space-constrained settings. It is suitable for most industrial facilities, utility infrastructure, and campus settings with onsite power generation.
The funding came from Energy Capital Ventures (ECV) and Aligned Climate Capital, two new institutional investors. The new capital will be added to the funds raised earlier with Riverbend Energy Group.
Shane Johnson, CEO of CarbonQuest, said he is thrilled to close 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 decarbonisation.”
CarbonQuest started piloting its technology in 2021 and has since installed additional systems at four sites. The company is currently in the process of manufacturing a larger system that can handle 60% more CO2 than its initial design.
In December 2024, the company also announced a Memorandum of Understanding (MoU) with CO2 mineral storage operator Carbfix to identify sites that are prime for carbon capture and mineralization.
Read more: CarbonQuest and Carbfix form CCS alliance in North America
CarbonQuest is also currently working with site operators using fuel cells and combined heat and power systems to bring clean distributed power to the Northeast US. CarbonQuest’s immediate pipeline with fuel cell technologies is close to 80,000 tonnes of CO2 annually.
Peter Davidson, CEO of Aligned Climate Capital, recognises that commercial and industrial facilities across the US 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.”
