![]() ![]() “With New York City’s building emission penalties set to go into effect next year, property owners are looking for innovative ways to decarbonize. “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. 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. Based on their current carbon usage, Glenwood's properties would incur roughly $7 million in penalties between 20, followed by $15 million in penalties in the years ranging from 2030 to 2034 CarbonQuest's systems are expected to eliminate those fines entirely.ĬarbonQuest’s modular Building Carbon Capture System TM 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. 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. “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.”ĬarbonQuest’s systems will help Glenwood prevent thousands of tons of building CO2 emissions each year. ![]() “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. 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. CarbonQuest then sells its “Sustainable CO 2”™ to other companies focused on carbon utilization and sequestration, including those that mineralize carbon in concrete and concrete aggregates manufacturing.Ī large portion of the Sustainable CO 2™ 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 CO 2 will be sequestered permanently in concrete blocks. Subsequent to this initial capture, the CO 2 undergoes a multi-stage process that separates and captures CO 2, producing an end product of liquid CO 2 stored securely in a bulk tank. Through CarbonQuest’s proprietary emission-reduction process, CO 2 is captured from building flue exhaust before it ever has the chance to escape as a greenhouse gas. 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. 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. 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. ![]()
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