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US carbon firm C-Quest Capital gets cash injection

Point Carbon

C-Quest Capital has been bought out by management, pumping new funds into the US-based carbon finance firm, it said in a statement late on Friday.

New investment also came from energy investor Charles Cherington, co-founder of $280-million private equity fund Intervale Capital.

Details surrounding the refinancing, including the amount, were not disclosed.

Cherington will join the firm’s board of directors while ex-Goldman Sachs commodities director Ken Newcombe will remain CEO and C-Quest co-founder Matthew Mendis will stay on as managing director.

Washington DC-headquartered C-Quest Capital invests in emissions reduction projects globally, which includes a focus on programmatic initiatives under the clean development mechanism.

The firm last month linked up with a charity part-funded by oil major Royal Dutch Shell to distribute 2 million efficient cookstoves throughout Nigeria, an effort it said could deliver at least 2 million carbon credits by 2012.

By Michael Szabo – michael.szabo@pointcarbon.com