GHGsat closes $ 45 million Series B + financing – SatNews
GESSat completed the second tranche of a funding round launched in 2020, closing its total Series B funding at $ 45 million – the company has raised more than $ 70 million since its inception in 2011.
GHGSat is accelerating its growth and this additional funding will allow it to expand its network for detecting GHG emissions to 10 satellites and 3 aircraft sensors by 2023. The second round of the B series has been, once moreover, supported by the Government of Quebec through Investment Quebec, OGCI Climate Investments and Space Capital, reaffirming their confidence in the business model and technological capability of GHGSat.
The Montreal-based company is at the forefront of commercial exploitation of space data using smallsats chose to address the urgent need for greenhouse gas emissions data to help industries and governments to develop appropriate solutions to address environmental challenges.
According to the company, GHGSat is the only organization in the world capable of detecting methane emissions from sources 100 times smaller than those detected by other satellites using a resolution 100 times that of other systems, at the using small satellites. This means that GHGSat can identify and quantify methane emissions from point sources as small as individual oil and gas wells.
Since September 2020, GHGSat has successfully deployed two satellites in orbit, including Hugo, launched in January 2021 with SpaceX Transporter 1 carpooling. The data collected by these satellites is now used by industrial site operators, governments and regulators with whom GHGSat partners to help them better understand their carbon footprint and take the necessary measures to reduce it.
In June 2021, GHGSat also launched SPECTRAS, an emissions data management portal designed to monitor, analyze and report emissions information. The tool seamlessly integrates high-resolution data from GHGSat with customer information to provide operators with a comprehensive view of emission risks, thus contributing to a better approach to ESG responsibility for users.
The company has also developed IMPULSE, a map of global methane concentrations that offers the highest resolution currently available, free of charge. Together, these tools contribute to the ongoing debate around these highly problematic emissions, which Canada has committed to reducing by 40 to 45% by 2025.
GHGSat has recently been recognized several times as one of the most innovative companies in the world, including by a renowned media brand Fast business magazine and was the only Quebec company rewarded by Fast Company in 2021. In addition, for the second time in its history, GHGSat was proudly among the winners of the 41st edition of the Mercuriades prizes organized by the Federation of Quebec Chambers of Commerce (FCCQ). The company won the Mercury award as company of the year, as well as in the Technological Innovation category of this prestigious business competition.
“Our success over the past few years is based on the combined talents of our team, which has grown from 30 to 100 in the past 12 months. This team has worked tirelessly – despite the pandemic – to provide global emissions detection solutions. It is extremely gratifying to see our efforts recognized and supported by our investors,” mentionned Stephane Germain, CEO of GHGSat.
“The GHGSat project is a fine example of technological innovation that helps propel the Quebec space sector and Quebec engineering at the forefront of the fight against climate change. Our government is proud to support this type of initiative to build a greener and more prosperous province,” mentionned Eric Girard, Minister of Finance and Minister of Economy and Innovation.