Canada-based Environmental Consultancy platform, GHGSat, closed the second share of funding round instated in 2020 and has raised US$45 million in a Series B funding round on July 15 2021, with the Government of Québec through Investissement Québec, UK-based OGCI Climate Investments and Space Capital headquartered in NY. The startup has raised more than US$70 million since its inauguration in 2011.
Company’s Profile
Founded by Stephane Germain in 2011, GHGSat is a leader in high-resolution greenhouse gas monitoring from space, providing actionable emission data to corporate institutions, governments, and regulators globally. With restrictive remote-sensing capabilities and limited technology, it can monitor individual facilities, providing more inclusive data accuracy, and facilitating timely strategic decision-making insights. GHGSat is the only organization globally capable of detecting methane emissions from sources 100 times smaller than those detected by other satellites.
The Canada-based startup can distinguish and quantify methane emissions from point sources that can be as small as individual oil and gas wells by using a resolution 100 times greater than other systems with the use of small satellites.
Purpose of Investment
The latest endowment of funds would power GHGSat to focus on its growth and expand its GHG emission detection array to 10 satellites and 3 aircraft sensors by 2023.
The Government of Québec once again supported the second tranche of the startup’s Series B funding through Investissement Québec, OGCI Climate Investments and Space Capital, reaffirming their trust in GHGSat’s enterprise design and technological capability.
The Montréal-based company is at the cutting edge of the commercial exploitation of data from space using small satellites, also pronounced as “New Space”. The company intends to help industries and governments develop relevant solutions to undertake environmental challenges by addressing the grave need for data on greenhouse gas emissions and working on their missions SPECTRA and PULSE, which aim to reduce problematic emissions by 40-45% by 2025.
What the CEO has to say
Germain, GHGSat CEO, remarked, “Our progress over the past few years is constructed on the combined talents of our team, which has expanded from 30 to 100 people within the past year. This team has worked tirelessly – notwithstanding the pandemic – to address global emissions detection solutions. It is very gratifying to see our efforts recognized and supported by our investors.”
What the Investors has to say
Minister of Finance and Minister of Economy and Innovation, Eric Girard said, “The GHGSat project is an excellent example of technological innovation that is accommodating to propel the Quebec space division and Quebec engineering to the forefront of the fight against climate change. Our government is pleased to support this type of initiative to develop a greener, more prosperous province.”
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