CarbonQuest and Carbfix Announce a Memorandum of Understanding to Pursue Distributed Carbon Capture and Mineralization Projects in North America

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SPOKANE, Wash. & REYKJAVIK, Iceland--(BUSINESS WIRE)--Dec 11, 2024--

CarbonQuest, a leading distributed carbon capture technology provider, and Carbfix, the world’s leading CO 2 mineral storage operator, today announced the signing of a Memorandum of Understanding (MOU) to accelerate emissions reductions in North American “hard-to-abate” facilities by deploying distributed carbon capture and storage (DCCS) solutions.

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Through the partnership, the two companies will leverage their respective expertise in point-source carbon capture and point-source mineralization to help a variety of distributed medium-scale emitters in the U.S. and Canada decarbonize their operations. By working collaboratively to target emitters located near mineralization-ready sites, CarbonQuest and Carbfix will dramatically increase access to DCCS. The partnership will look to create onsite CCS projects for industrial and manufacturing facilities with both new and existing applications, reducing costs and improving the efficiency of carbon capture and mineralization projects.

CarbonQuest’s DCCS technology is modular, with a small physical footprint and cutting-edge solid sorbents that allow for CO 2 capture in space-constrained settings. It is suitable for the majority of industrial facilities, utility infrastructure, and campus settings with onsite power generation such as Combined Heat and Power (CHP) and fuel cells.

Carbfix’s transformative technology dissolves CO 2 in water and injects it into porous basaltic rock formations where natural processes cause the CO 2 to form stable carbonate minerals (turning into rock) within two years. Carbfix technology is already commercially proven in Europe. By partnering with CarbonQuest’s flexible technology, Carbfix will be able to target new geographies for CO2 mineralization that were previously unfeasible, expediting the company’s commercial growth in North America.

“Carbfix is excited to partner with CarbonQuest to advance our interest in North America. We see tremendous potential for carbon mineralization in a variety of business scenarios from co-location or mineralization hubs, and this MOU will ensure that, together, we can bring meaningful projects to reality in the U.S. and Canada,” said Edda Aradóttir, CEO of Carbfix.

“Our partnership with Carbfix will accelerate the adoption of carbon capture throughout North America,” said Shane Johnson, CEO of CarbonQuest. “Together we see numerous opportunities in both new and existing applications. Carbfix’s solution is a cost-effective and permanent way to mineralize captured CO 2 even for emitters located far from a mineralization hub. This aligns with our goals to make the end-to-end CO2 capture and mineralization as local as possible.”

About CarbonQuest

CarbonQuest is advancing decarbonization with a modular, accessible solution that captures CO2 from small- and medium-scale emitters before it is emitted into the atmosphere. The captured CO2 is then liquified and transported to a mineralization site or to local businesses that use carbon in their production processes. By introducing its technology and Sustainable CO2™ into the market, CarbonQuest enables its customers to support a circular economy while meeting ESG and net-zero goals with a cost-effective, turnkey solution. Learn more at www.carbonquest.com.

About Carbfix

At Carbfix, we provide a natural and permanent storage solution by turning CO 2 into stone underground in less than two years. Our technology plays a vital part in our mission to significantly contribute to climate recovery through worldwide scaling and further development of safe, underground CO 2 mineral storage. We partner with responsible business partners through technical development, consulting, project development and mineral storage services and operations.

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CONTACT: Shlomo Morgulis

Antenna Group for CarbonQuest

[email protected]Ólafur Elínarson

Carbfix

[email protected]

KEYWORD: WASHINGTON EUROPE UNITED STATES ICELAND NORTH AMERICA

INDUSTRY KEYWORD: ENVIRONMENT CLIMATE CHANGE ENVIRONMENTAL POLICY ENVIRONMENTAL ISSUES CHEMICALS/PLASTICS ENVIRONMENTAL HEALTH MANUFACTURING SUSTAINABILITY GREEN TECHNOLOGY

SOURCE: CarbonQuest

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PUB: 12/11/2024 07:00 AM/DISC: 12/11/2024 07:02 AM

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