CarbonQuest and Glenwood Management Announce Deployment of Building Carbon Capture Tech in NYC Buildings
CarbonQuest, a carbon capture technology provider supporting onsite building decarbonization across the real estate sector, announced on 5 Jan that the company’s revolutionary technology will be installed in five multifamily properties owned by Glenwood Management (‘Glenwood’) in the first three months of 2023. With CarbonQuest serving as the only modular building carbon capture solution on the market, this marks the first large-scale installation of its type in an urban setting in which carbon is captured from buildings to prevent it from being emitted into the atmosphere.
Through CarbonQuest’s proprietary emission-reduction process, CO2 is captured from building flue exhaust before it ever has the chance to escape as a greenhouse gas. Subsequent to this initial capture, the CO2 undergoes a multi-stage process that separates and captures CO2, producing an end product of liquid CO2 stored securely in a bulk tank. CarbonQuest then sells its “Sustainable CO2” to other companies focused on carbon utilization and sequestration, including those that mineralize carbon in concrete and concrete aggregates manufacturing.
A large portion of the Sustainable CO2 generated at the Glenwood buildings will be sold to NYC-based masonry firm and block producer Glenwood Mason Supply (unaffiliated with Glenwood Management), where the CO2 will be sequestered permanently in concrete blocks. CarbonQuest is also in the process of forming partnerships with other CO2 offtakers, who would utilize the recycled Sustainable CO2™ in their own carbon-intensive processes.
“Studies have shown that the building sector is a significant contributor to climate change, and federal and city legislation are both incentivizing technology that can drive emissions reduction at a building level,” said Josh London, Senior Vice President at Glenwood Management. “With the success of our first CarbonQuest system at 1930 Broadway, we are excited to roll out the technology to more of our portfolio, leveraging carbon capture alongside other technologies to reduce our emissions and gain compliance with local regulations.”
CarbonQuest’s systems will help Glenwood prevent thousands of tons of building CO2 emissions each year. The technology is particularly timely considering New York City’s Local Law 97, which will begin to penalize buildings based on their CO2 emissions in 2024. Based on their current carbon usage, Glenwood's properties would incur roughly $7 million in penalties between 2024 and 2029, followed by $15 million in penalties in the years ranging from 2030 to 2034; CarbonQuest's systems are expected to eliminate those fines entirely.
CarbonQuest’s modular Building Carbon Capture System offers several sizes to support a variety of building types and applications, with some large building applications reducing tens of thousands of tons per year. Application of building carbon capture in NYC has the potential to quickly and cost effectively reduce hundreds of thousands of tons of emissions in NYC alone.
“CarbonQuest is the only cost-effective, nondisruptive solution offering an immediate pathway to meaningful building decarbonization, and we view this expanded partnership with Glenwood Management as a testament to the instant value realized through our pilot project,” said Brian Asparro, Chief Operating Officer at CarbonQuest. “With New York City’s building emission penalties set to go into effect next year, property owners are looking for innovative ways to decarbonize. And while improving energy efficiency is part of the equation, capturing carbon before it is emitted is also a critical part of the path to decarbonization.”
Added Asparro: “A growing number of property owners are evaluating our building carbon capture technology, and we are excited to continue partnering with forward-thinking real estate operators to reduce carbon emissions in the built environment.”