Xebec Adsorption Inc. (TSXV: XBC) (“Xebec”), a
global provider of clean energy solutions is pleased to announce it
has signed an exclusive partnership agreement with CarbonQuest to
reduce carbon emissions in New York City buildings. Xebec’s CO2
separation technology, specifically designed for this application,
will be integrated into CarbonQuest’s Building Carbon CaptureTM
system. CarbonQuest has developed a patent pending “4-Step Carbon
Capture Process” which enables the separation and liquefaction of
CO2 from natural gas. The captured Sustainable CO2TM will be
sequestered or used in manufacturing or other industry. This
partnership will bring a timely and cost-effective solution for
property owners looking to meet their sustainability goals and
reduce their exposure to the new Local Law 97 regulation. As a
result, the partnership opens significant market opportunities for
Xebec’s advanced CO2 capture technologies through CarbonQuest’s
process.
In April 2019, the New York City Council passed
the Climate Mobilization Act, which included a provision (Intro
1253) that limits greenhouse gas emissions from buildings over
25,000 square feet. Intro 1253 became Local Law 97 in May 2019, and
now covers approximately 60,000 NYC buildings. Emissions reduction
goals are 40% by 2030 and 80% by 2050, benchmarked against 2005
levels. The limits have been set in three phases for 2024-2029
(Phase 1), 2030-2034 (Phase 2) and 2035-2050 (Phase 3) and are
measured in kilograms of CO2 equivalent per square foot. Any
emissions above the limits will result in penalties which are set
to progress in severity over time.
CarbonQuest’s initial project with Xebec
is focused on the decarbonization of a multi-family property in New
York City
The first Carbon Capture unit will be installed
at a multifamily property in Manhattan with a well-respected
property owner. The project is expected to cut 60-70% of CO2
emissions from natural gas usage. The estimated reduction in
overall annual CO2 emissions will be 25% and is based on the
combined carbon intensity of the building’s annual natural gas and
electricity usage. The carbon capture process is expected to reduce
the building’s carbon emissions such that the building is expected
to be below the annual emissions limit.
“We’re excited to be collaborating with Xebec on
our quest to decarbonize buildings. In urban cities, buildings are
by far the number one source of carbon emissions. Our mission is
simple: to enable these urban building owners to decarbonize now;
thereby directly addressing the biggest source of emissions and
decreasing environmental impact.
In New York City, buildings are responsible for
over 70% of the city’s carbon emissions (NYC Mayor’s Office of
Sustainability). New York City’s adoption of Local Law 97 is a
leading example of how cities can address carbon emissions and meet
their sustainability goals. Approximately 60,000 buildings will
respond, resulting in what Urban Green Council estimates to be a
$20 billion retrofit market for decarbonization solutions. The
majority of these buildings consume natural gas and our “Building
Carbon Capture” systems help building owners reduce up to 70% of
their natural gas emissions before they are emitted into the
atmosphere. Our initial system will remove an estimated 700 tons of
C02 emissions annually and enable an overall 25% reduction in
carbon emissions. This groundbreaking project will enable our first
forward-thinking customer to meet the city’s sustainability goals
and avoid millions of dollars of penalties over the lifecycle of
the project.
We believe that Distributed Carbon Capture and
UtilizationTM (DCCUTM) is a critical segment of the overall Carbon
Capture and Storage ecosystem and that Building Carbon Capture is
one of the most important Distributed Carbon Capture and
Utilization technologies to immediately address climate change and
advance urban building decarbonization. Applied at scale, we have a
real opportunity to make a measurable impact in the battle against
climate change,” says Shane Johnson, President and Chief Executive
Officer, CarbonQuest.
“It’s a privilege for Xebec to work with
CarbonQuest, a pioneer in the field, on this first of a 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.
Due to the unique nature of our products, we
have been able to design a modular and compact unit which can be
installed in the basements of these buildings. Building owners will
hopefully recognize the benefits and cost savings of this novel
carbon capture solution as they look to reduce their emissions
instead of paying a pollution penalty,” says Dr. Prabhu Rao, Chief
Operating Officer, Xebec Adsorption Inc.
Related
links:https://www.xebecinc.comhttps://www.carbonquest.com
https://www1.nyc.gov/site/sustainability/codes/energy-benchmarking.page
https://www.urbangreencouncil.org/content/projects/all-about-nycs-historic-building-emissions-law
https://www.urbangreencouncil.org/sites/default/files/19.04.18_new_building_emissions_law_-_urban_green_council.pdf
https://www.urbangreencouncil.org/sites/default/files/urban_green_retrofit_market_analysis.pdf
For more information:Xebec
Adsorption Inc. Brandon Chow, Investor Relations Manager
bchow@xebecinc.com +1 450.979.8700 ext 5762
About CarbonQuestCarbonQuest is
leading the QUEST for decarbonization by providing urban building
owners advanced technologies and solutions that ENABLE acceleration
of global carbon reduction NOW. CarbonQuest is comprised of a team
of seasoned environmental technology entrepreneurs focused on
solving large problems. Prior to CarbonQuest, the team has
collectively built several technology firms in the renewable
energy, telecommunications and financial technology industries.
CarbonQuest is a big believer in building strong and lasting
partnerships with all stakeholders - customers, companies,
employees, and cities.
About Xebec Adsorption
Inc.Xebec is a global provider of gas generation,
purification and filtration solutions for the industrial, energy
and renewables marketplace. Well-positioned in the energy
transition space with proprietary technologies that transform raw
gases into clean sources of renewable energy, Xebec’s 1500+
customers range from small to multi-national corporations,
governments and municipalities looking to reduce their carbon
footprints. Headquartered in Montréal, Quebec, Canada, Xebec has
several Sales and Support offices in North America and Europe, as
well as two manufacturing facilities in Montréal and Shanghai.
Xebec trades on the TSX Venture Exchange under the symbol XBC. For
more information, www.xebecinc.com.
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assumptions and risks factors set out in Xebec's public documents,
including in the most recent annual management discussion and
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These risks, uncertainties and other factors include, among others,
the uncertain and unpredictable condition of global economy,
notably as a consequence of the Covid-19 pandemic, Xebec’s capacity
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and credit alternatives and access to capital, Xebec’s capacity to
meet all its other commitments and business plans, Xebec’s limited
number of customers, the potential loss of key employees, changes
in the use of proceeds relating to the loan, share price
volatility, and other factors. Although Xebec believes that the
assumptions and factors used in preparing the forward-looking
statements are reasonable, undue reliance should not be placed on
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release, and no assurance can be given that such events will occur
in the disclosed times frames or at all. Except where required by
applicable law, Xebec disclaims any intention or obligation to
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
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