CarbonQuest, a provider of carbon capture technology, has closed its $20 million funding round led by Riverbend Energy Group, Energy Capital Ventures and Aligned Climate Capital, according to a Feb. 26 press release.

CarbonQuest will allocate the funds toward deploying its distributed carbon capture technology to North American customers, the company said.

This new funding, which builds on Riverbend’s 2024 investment, is aimed at helping CarbonQuest achieve the lowest cost per ton in the carbon capture industry and improve system efficiency, the release stated.

CarbonQuest said it sees the future of carbon capture, utilization and storage (CCUS) as solid-sorbent-based and modular.

“The versatility and smaller physical footprint, combined with an increasing customer demand for onsite power, mean opportunity for dramatic acceleration of the technology in several markets at once,” CarbonQuest said.

Since the initial funding from Riverbend, the company is finalizing several projects and partnerships that aim to accelerate immediate emissions reductions in “hard-to-abate” facilities across North America.

In December 2024, CarbonQuest signed a memorandum of understanding with CO2 mineral storage operator Carbfix to identify sites for carbon capture and mineralization. 

“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. We are excited to welcome CarbonQuest into our portfolio and contribute our infrastructure and finance experience.”

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