- Clean energy company, Xebec Adsorption (XBC) has signed an exclusive partnership agreement with decarbonisation company, CarbonQuest
- Through the agreement, the companies will collaborate to reduce carbon emissions from buildings in New York City
- Xebec’s CO2 separation technology will be integrated into CarbonQuest’s Building Carbon Capture system
- The first unit will be installed at a Manhattan property, where it will separate and liquify CO2 from natural gas
- Xebec Adsorption (XBC) is down 0.20 per cent and is currently trading at C$4.94 per share
Clean energy company, Xebec Adsorption (XBC) has signed an exclusive partnership agreement with decarbonisation company, CarbonQuest.
The companies have agreed to collaborate on reducing carbon emissions from buildings in New York City.
In bustling urban metropolises, buildings are easily the largest source of carbon emissions. According to the NYC Mayor’s Office of Sustainability, buildings are responsible for 70 per cent of The Big Apple’s carbon emissions.
As part of the agreement, Xebec’s CO2 separation technology will be integrated into CarbonQuest’s Building Carbon Capture system.
CarbonQuest’s four-step carbon capture process allows CO2 to be separated from natural gas and then liquefied. The captured CO2 is then isolated, or used in manufacturing or other industrial activity.
The colloration’s first project will be focused on decarbonising a multi-family property in Manhattan. A Carbon Capture unit will be installed at the property, in hopes of cutting CO2 emissions from natural gas by 60 to 70 per cent.
This endeavour is part of a much larger, city-wide effort to reduce carbon emissions and fight climate change.
In April 2019, New York City’s Council passed the Climate Mobilisation Act, which included a provision limiting greenhouse gas emissions from buildings over 25,000 square feet. The provision currently covers approximately 60,000 New York City buildings.
The goal is to reduce emissions by 40 per cent by 2030, and by 80 per cent by 2050. Buildings which produce emissions about the limits will face penalties which will increase in severity over time.
Xebec’s Chief Operating Officer, Dr Prabhu Rao, said the company is privileged to work with CarbonQuest on this first-of-its-kind project.
“Their carbon capture process opens a significant market opportunity for our compact and reliable equipment for CO2 separation applications.
“The new regulations in NYC present a large-scale opportunity for Xebec to work with CarbonQuest to move forward our mission of decarbonizing the future. The new regulation appropriately incentivizes solutions such as ours and will help drive the implementation of new clean technologies,” he said.
Xebec Adsorption (XBC) is down 0.20 per cent and is trading at C$4.94 per share at 12:12pm EDT.