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The assembly and production line at CarbonQuest’s Spokane facility. (CarbonQuest Photo)
CarbonQuest has closed a $20 million investment round led by Riverbend Energy Group.
GeekWire previously reported on the funding in August. The company on Wednesday revealed the total amount raised on Wednesday and shared that Energy Capital Ventures and Aligned Climate Capital also joined the Series A round.
CarbonQuest sells a carbon capture technology that pairs with buildings and smaller natural gas operations such as gas boilers, fuel cells and industrial activities. It developed a filter that the startup says can pull out approximately 90% of the carbon dioxide from an emission source’s flue — trapping the plant-warming pollutant before it reaches the atmosphere.
Carbon capture devices are more commonly used by larger power plants, but CarbonQuest is going after the smaller emitters, which includes 800,000 distributed emission sources in North America alone.
The startup in December announced a partnership with Iceland’s Carbfix, a company with technology that can take captured CO2, dissolve it in water and then inject it into basaltic rock formations where it naturally mineralizes within two years.
The technology is already being used in Europe, including a site in Iceland that has Microsoft as one of its customers and investors.
CarbonQuest had largely been self-funded since launching in 2019 until the recent investment.
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