NEW YORK--(BUSINESS WIRE)--CarbonQuest, a leading carbon capture technology provider supporting onsite building decarbonization across the real estate sector, today announced 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.
The installations at these buildings — which include The Fairmont (300 East 75th Street), The Bristol (300 East 56th Street), The Paramount Tower (240 East 39th Street), The Barclay (1755 York Avenue) and The Somerset (1365 York Avenue) — come on the heels of the success of Glenwood’s pilot project with CarbonQuest at The Grand Tier (1930 Broadway), which is the first commercially operational building carbon capture project on the market.
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 in light of 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 SystemTM 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.”
While CarbonQuest has the potential to provide significant value to building owners, the modular product also presents a unique approach that can dramatically increase the global capacity of “point-source” carbon capture. Historically, point-source carbon capture systems were used exclusively at power plants and other large industrial facilities that benefitted from an abundance of space, an absence of tenant activity, and often, significant capital to dedicate to energy and carbon reduction. CarbonQuest is elevating the building decarbonization landscape, fostering opportunities for emissions reduction from property owners of any sizable commercial, residential or institutional building, thereby dramatically expanding the potential environmental impact of the technology.
The carbon capture process at each property will also be coupled with the deployment of CarbonQuest’s Carbon Management Software™, providing real-time data and analytics to track the capture of the CO2 and its delivery to the customers in real time. CarbonQuest software will also verify, measure and report CO2 emissions to third party verifiers, auditors, and regulators.
About CarbonQuest
CarbonQuest is advancing building decarbonization with a modular, accessible solution that captures CO2 from buildings before it is emitted to the atmosphere. The captured CO2 is then liquified and transported to local businesses that need carbon for their production processes, such as cement manufacturers. 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 Glenwood Management
Founded in 1962, Glenwood Management is a leading developer, owner and manager of luxury apartment properties. The company offers residents across its portfolio a curated living experience, with high-end finishes, a wide range of property amenities and an unparalleled level of service. For more information, visit https://www.glenwoodnyc.com/.
