GHGSat raises 39.5M CAD in Series B funding
GHGSat raises 39.5M CAD in Series B funding

Montreal-based cleantech startup GHGSat has raised 39.5M CAD in a Series B funding round held in September 2020, led by Investissement Québec along with participation from OGCI Climate Investments, Business Development Bank of Canada, Fonds de solidarité des travailleurs du Québec, Space Angels, and Schlumberger.

The fresh funds will be used to build and launch three new satellites. It will also enable the startup to open a global intelligence center in the United Kingdom, which will investigate man-made greenhouse emissions in regions around the globe, except North America. The startup is also planning to expand its analytics competence in Canada.

GHGSat was founded in 2011 by Stephane Germain. It offers monitoring services for industrial services in oil and gas, power generation, mining, waste management and agriculture divisions, using satellites and aircraft sensors to measure and reduce greenhouse gas emissions. Its first satellite named Claire was launched in 2016 and has measured tons of such emissions over areas with the help of algorithms that use both its own as well as external data. The areas measured span across a million square kilometers of the Earth’s surface and have acknowledged methane leaks, which machinists were then able to look into.

Very recently, prior to the funding round, the startup has launched another satellite named Iris. The funds will also help GHGSat to advance the disposition of the rest of its constellation.

The startup claims its satellites can sense methane emissions from sources 100 times smaller than any other system. The resolution is also 100 times higher than those systems. Lately in 2020, the company also launched a facility for visualizing greenhouse gas emissions.

Stephane Germain was quoted to say, “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.”

The latest capital boost has brought the startup’s total funding to a total of $72.4M CAD which it has obtained in over 5 funding rounds from investors such as BDC Venture Capital, Sustainable Development Technology Canada, Business Development Bank of Canada, Investissement Quebec, Dylan Taylor, Space Angels, OGCI Climate Investments, Space Capital.

We try our best to fact check and bring the best, well-researched and non-plagiarized content to you. Please let us know

-if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback and thank you for stopping by!

Previous articleSeattle based Remote Patient Monitoring Firm Optimize.health Raises US$ 15.6M 
Next articleKim An bags Series A funding  
Aishwarya writes about the startup ecosystem on VCBay. She is a third-year Computer Science engineering student who looks forward to exploring the world of startups and finance.

LEAVE A REPLY

Please enter your comment!
Please enter your name here