CarbonQuest and Daroga Power Announce the First Carbon Capture-as-a-Service Project
CarbonQuest and Daroga's first financed project is at a beverage-industry plant in Washington state. Under this model, the plant enters into a multi-year agreement with Daroga to finance CarbonQuest's distributed carbon capture system at no upfront cost for the design, installation, and operational maintenance of the carbon capture system. This structure provides lower cost, resilient, and sustainable CO2, ensuring a reliable supply of liquid CO2 for its operations. This agreement also guarantees a minimum amount of captured CO2 for the plant each year. CarbonQuest's Carbon Management Software (CMS) tracks in real-time the amount of CO2 captured, liquified, and sold for utilization to provide assurance and transparency.
This first-of-its-kind financing agreement is a significant milestone for distributed carbon capture, as it provides flexibility to emitters that cannot pay for upfront carbon emission controls, while securing a steady income stream from CO2 utilization. CarbonQuest and Daroga Power are already building on this agreement with a robust pipeline of similarly financed projects.
'Customers in many sectors are under pressure to reduce emissions yet are concerned about paying for hardware-intensive projects with capital budgets,' said Shane Johnson, CEO of CarbonQuest. 'Carbon capture-as-a-service relieves that worry while providing stable and guaranteed emission reductions over a set timeframe. Daroga Power is the right financial partner at the right time. They understand how to evaluate power generation and carbon capture investments and turn them into valuable investments that scale. We are looking forward to many more opportunities together.'
'Daroga Power has developed and financed numerous distributed power projects globally, and carbon capture-as-a-service is a natural extension of our existing capabilities," said Ory Moussaieff, Co-Founder of Daroga Power. 'With the adaptation of CarbonQuest's modular distributed system, we are now able to transform an overlooked resource into a valuable asset, generating financial returns with positive environmental impact.'
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 used onsite and/or transported to businesses that use carbon in their production processes or mineralized for permanent removal. By introducing its technology and Sustainable CO2™ into the market, CarbonQuest enables its customers to support a circular economy or carbon removal, while meeting ESG and net-zero goals with a cost-effective, turnkey product. Learn more at www.carbonquest.com
About Daroga Power
Launched in 2015, Daroga Power is a New York-based clean energy infrastructure firm focused on the development and disciplined management of strategically innovative and socially responsible energy projects throughout North America. Applying the discipline of both a strong financial and fast-track development background, Daroga Power is one of the few companies able to privately structure & finance deals to deploy distributed generation portfolios. With a successful track record and deep background, Daroga Power is rapidly becoming a leader in the shift to distributed generation that is reshaping the relationship between local utilities and their customers. Learn more at www.darogapower.com
About SER Capital Partners
SER Capital Partners is a middle-market private equity firm dedicated to investing in North American sustainable industrial, environmental, and renewable businesses. Its team members have amassed decades of experience in its targeted sectors as private equity investors and senior executives at both private and public businesses. The firm's strategy is to buyout and buildout attractive investments underpinned by critical assets while also authentically measuring and improving key sustainability metrics. More is available at www.sercapitalpartners.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Axios
an hour ago
- Axios
John Deere sales suffer as tariffs, crop prices hit hard
Higher tariffs and lower crop prices are dampening demand for John Deere equipment as the company says many of its customers "remain cautious" about the economy. Why it matters: Deere serves as a reflection of the health of the American agricultural sector and construction industry. By the numbers: The company reported a 9% decline in quarterly revenue to $12 billion and a 26% decline in net income to $1.29 billion. It also projected $600 million in pretax costs from tariffs for the year, largely due to trade with Europe and India, as well as duties on steel and aluminum. Overall, the company lowered the high end of its profit outlook for the year by $250 million. On the demand side, Deere said customers are "waiting and seeing" on a clearer picture of their end markets as tariff rates settle. The persistence of lower commodity prices also continues to crimp customers' margins, investor relations director Josh Beal said on the company's earnings call Thursday. Those uncertainties "have made farmers increasingly cautious in spending decisions and more hesitant to accept higher machinery prices," CFRA Research equity analyst Jonathan Sakraida said in a research note. Between the lines: Deere was not able to make up for the tariffs with price increases. In fact, prices fell. Prices declined in the construction and forestry segment and in the large agricultural segment, CFO Joshua Jepsen said on the call. In the large agricultural segment, the price decreases were "primarily driven by actions taken to address used inventory in North America," Jepsen said. On the construction side, Jepsen cited competitive pressure in the North American earthmoving market for the need to be aggressive on pricing.
Business Wire
2 hours ago
- Business Wire
Chemtrade Logistics Income Fund to Acquire Polytec, a Provider of Turnkey Water Treatment Solutions
TORONTO--(BUSINESS WIRE)--Chemtrade Logistics Income Fund ('Chemtrade' or the 'Fund') (TSX: today announced that it has entered into an agreement to acquire Polytec, Inc. ('Polytec'), a southeastern United States-based provider of turnkey water treatment solutions, for US$150 million. The transaction represents a multiple of approximately 6.5x LTM Adjusted EBITDA. Chemtrade will finance the acquisition by drawing on its credit facility and anticipates it will close during the fourth quarter of 2025, subject to regulatory approvals and customary closing conditions. Following the transaction, Chemtrade expects to maintain ample liquidity and leverage. Polytec was founded over 30 years ago and provides turnkey water treatment solutions to a diverse customer base, primarily in the food-processing industry but also in the municipal market. The purchase of Polytec will add a unique solutions platform to Chemtrade's line of water treatment chemicals products. Chemtrade's North American-wide footprint and internal business systems will be used to leverage Polytec's business, with opportunities for cross-selling in the U.S. and Canada as well as more efficient management of overall business systems. 'This transaction will enable Chemtrade to expand its footprint in water solutions for the food-processing industry and municipal markets while also adding to our range of products,' said Scott Rook, President and CEO of Chemtrade. 'Polytec's founder Jack Harmon has built a company with the reputation of providing the best quality service and products. It is an excellent addition to Chemtrade's capabilities, broad spectrum of customers, logistics network, and technical expertise. Furthermore, the acquisition of Polytec is well-aligned with our strategy of growing the water business and represents an important step towards delivering on the growth pillars of Chemtrade's Vision 2030.' Commenting on the acquisition, Chemtrade's CFO, Rohit Bhardwaj, said 'Our successful leverage reduction strategy has provided Chemtrade with the financial flexibility to pursue compelling growth opportunities such as the acquisition of Polytec while continuing to maintain a conservative balance sheet and leverage within our target range without diluting our unitholders. Our capital deployment decisions remain grounded in financial discipline and are aligned with our goal of driving sustainable earnings growth and attractive total unitholder returns.' Polytec's founder Jack Harmon has committed to staying actively involved in the business in the months following the close of the sale to ensure a smooth transition for employees and customers. 'Polytec was founded over 30 years ago with the commitment to provide customers with high quality service, products, and technology. Over the years, Polytec invested in manufacturing facilities across four Southeastern states with the ability to support customer programs throughout the USA and internationally. The combination of Polytec and Chemtrade will reinforce our manufacturing and service capabilities as we aim to use our knowledge, service, and products to keep our customers compliant with water quality regulations,' said Jack Harmon, founder of Polytec. 'Chemtrade shares a similar vision, and I am confident that the combination of Polytec's unique water treatment solutions and Chemtrade's footprint will further accelerate our growth and the quality service we provide to our customers.' Advisors BMO Capital Markets served as financial advisor and Dorsey & Whitney LLP as legal advisor to Chemtrade. About Chemtrade Chemtrade is a Canadian company, headquartered in Toronto, Ontario, which operates a diversified business providing industrial chemicals and services to customers across North America and around the world. Chemtrade is one of North America's largest suppliers of sulphuric acid, spent acid processing services, inorganic coagulants for water treatment, sodium chlorate, sodium nitrite and sodium hydrosulphite. Chemtrade is also a leading producer of high purity sulphuric acid for the semiconductor industry in North America. Chemtrade is a leading regional supplier of sulphur, chlor-alkali products, and zinc oxide. Additionally, Chemtrade provides industrial services such as processing by-products and waste streams. Caution Regarding Forward-Looking Statements Certain statements contained in this news release constitute forward-looking statements within the meaning of certain securities laws, including the Securities Act (Ontario). Forward-looking statements can be generally identified by the use of words such as 'anticipate', 'continue', 'estimate', 'expect', 'expected', 'intend', 'may', 'will', 'project', 'plan', 'should', 'believe' and similar expressions. Specifically, forward-looking statements in this news release include statements with respect to certain future expectations about: Chemtrade's ability to obtain regulatory approvals, to close the acquisition transaction and the timing thereof; the source of funding for the transaction; Chemtrade's ability to maintain ample liquidity and leverage following the transaction; Chemtrade's ability to leverage Polytec's business across North America and via its internal business systems; its ability to cross sell in the US and Canada and to more efficiently manage overall business systems; Chemtrade's ability to expand its water solutions footprint for the food-processing industry and municipal markets while adding to its range of products; and the length of time Mr. Harmon will remain as a consultant. Forward-looking statements in this news release describe the expectations of the Fund and its subsidiaries as of the date hereof. These statements are based on assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements for a variety of reasons, including without limitation the risks and uncertainties detailed under the 'RISK FACTORS' section of the Fund's latest Annual Information Form and the 'RISKS AND UNCERTAINTIES' section of the Fund's most recent Management's Discussion & Analysis. Although the Fund believes the expectations reflected in these forward-looking statements and the assumptions upon which they are based are reasonable, no assurance can be given that actual results will be consistent with such forward-looking statements, and they should not be unduly relied upon. Except as required by law, the Fund does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. Further information can be found in the disclosure documents filed by Chemtrade Logistics Income Fund with the securities regulatory authorities, available at
Business Wire
4 hours ago
- Business Wire
Axius Water ® Expands Nutrient Removal Capabilities with the Acquisition of S&N Airoflo, Inc.
POCASSET, Mass.--(BUSINESS WIRE)--Axius Water ('Axius'), a leading provider of nutrient management solutions for municipal and industrial wastewater treatment facilities, announced today that it has acquired S&N Airoflo, Inc., a leading supplier of surface aeration systems, based in Greenwood, MS. This acquisition enables Axius to further expand its nutrient removal solutions for water and wastewater, while optimizing efficiency across the ecosystem. S&N Airoflo specializes in oxidation ditches and lagoons for municipal and industrial wastewater treatment. Their proprietary floating brush rotors, continuously refined since 1989, deliver superior oxygen transfer and mixing while reducing power consumption by 30 to 60 percent. The innovative blade design and floating platform architecture maximize treatment efficiency while significantly minimizing energy requirements. 'S&N Airoflo comes to us with a reputation for exceptional customer support combined with simple, reliable solutions that both minimize downtime during installation and also offer long-term cost-efficient operation,' said Chris McIntire, Axius Water CEO. "Their demonstrated expertise establishes them as an optimal strategic alignment for Axius's long-term objectives." Todd Nester, Operations Director of S&N Airoflo, added, 'Founded over 25 years ago, S&N Airoflo delivers high-performance, efficient aeration systems. We take pride in our rapid installation technology and our simple, reliable operations. We are thrilled to begin a new chapter as part of Axius and look forward to collaborating with them to support our shared mission of reducing nutrient pollution.' About Axius Water ® Axius Water was founded in 2019 by KKR's Global Impact Fund, in partnership with XPV Water Partners. Axius' differentiated products and services improve the effectiveness of the water and wastewater treatment process, thereby measurably improving the quality of treated water. Axius is expanding globally as it builds a diverse portfolio of leading solutions that improve the overall wastewater management processes. For additional information, please visit Axius Water Companies: Aero-Mod ® – Operator-approved, end-to-end scalable mechanical plants improving wastewater in North American communities since 1981. ATAC Solutions™ – Leading U.K. wastewater design and process equipment contractor specializing in capital, hire, and turnkey applications. EDI ® (Environmental Dynamics International®) – Global wastewater solutions provider with advanced aeration design, equipment, and aftermarket services since 1975. EOSi ® (Environmental Operating Solutions, Inc.) – Experts in biological nutrient removal solutions, premium non-hazardous carbon sources and advanced process control. Napier-Reid ® – Engineered water and wastewater systems with 3,000+ installations in 40+ countries since 1950.
