Emissions Pioneer GHGSat Secures US$30 Million in Series B Funding
GHGSat, the global leader in high-resolution greenhouse gas monitoring from space, announced it has successfully completed the first tranche of Series B funding, raising US$30m and more than doubling the total amount raised since GHGSat was founded to over US$55m. This latest funding has secured the growth trajectory of the company, enabling it to accelerate construction of its unique fleet of emissions detecting satellites and deployment of analytics to key markets.
Led by the Government of Québec’s Investissement Québec, the participants in the investment tranche also include OGCI Climate Investments, Business Development Bank of Canada, Fonds de solidarité des travailleurs du Québec (FSTQ), Space Angels, and Schlumberger.
The additional funding will support the build and launch of three high-resolution satellites plus a sensor based on the company’s space technology but tailored for use in aircraft. It will also enable GHGSat to expand its analytics capability in Canada and open a new global intelligence centre in the UK; this will investigate man-made greenhouse emissions in territories around the world, excluding North America.
GHGSat is the only emissions monitoring company with its own satellites. Utilising patented technology, GHGSat’s satellites can detect methane emissions from sources 100 times smaller than any other system, and with a resolution 100 times higher than those systems. That means GHGSat can image and identify methane emissions from point sources as small as oil & gas wells. No other commercial operator or state-funded space organisation can do this.
Demand for accurate, cost-effective monitoring is growing as awareness of the impacts of methane increase. It has a global warming potential c. 84 times greater than that of carbon dioxide over 20 years and is responsible for c.25% of man-made global warming. However, it is also a potentially valuable resource that can be harnessed to provide energy. GHGSat’s space-based data and analytics enables regulators and sectors such as oil and gas, waste management, mining, energy and agriculture to properly assess and track emissions and take prompt action to address emissions.
Pierre Fitzgibbon, Minister of the Economy and Development explains:
“Québec can count on its growing spatial industry, including a dynamic aerospace sector, where innovative new companies like GHGSat are making their mark globally. This investment represents the Government of Québec’s commitment to the export of our engineering expertise and contribution to a transition towards a greener economy. GHGSat provides an innovative high-precision solution that enables the detection of greenhouse gas emissions worldwide. The Government supports forward-thinking projects like GHGSat’s as these opportunities are beneficial to both the economy and the environment.”
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“Internationally recognised, Québec’s aerospace industry presents unique expertise. To maintain our position as global leaders, Investissement Québec endorses promising new projects such as GHGSat. This engagement is a perfect reflection of Investissement Québec’s mission: to help maintain a strong aerospace industry, promote investment opportunities in Quebec and favor the development of a low-carbon economy,” said Guy LeBlanc, President and Managing Director of Investissement Québec.
The investment precedes the successful launch of the company’s second satellite, “Iris”, on 2nd September 2020 and means GHGSat can now fast-track the deployment of the rest of its constellation. A third satellite, “Hugo”, is currently in final testing and is due to launch by the end of the year, to be followed by further launches in the next two years.
Stephane Germain, CEO, GHGSat said:
“The success of this round is built upon ongoing partnerships and we thank our investors for their enthusiasm and trust in GHGSat. Despite this year’s global pandemic and related economic setbacks, we continue to see growing demand from our target markets. Our team is fully engaged worldwide and focused on delivering global emission monitoring solutions for our customers.”