GHGSat continues to grow with support from Climate Investment
15 June 2021
GHGSat, a member of The OGCI Climate Investment portfolio since 2018, has closed a $45 million series B funding round, including additional investment from Climate Investment.
GHGSat will use the additional funding to triple its GHG emission detection array to 10 satellites and 3 aircraft sensors by 2023. The company also has plans to expand its international commercial presence into Europe and the United States.
The company is at the forefront of “new space” – the exploitation of data from space, – and has chosen to address the pressing need for data on polluting emissions to help industries and governments develop appropriate solutions to tackle environmental challenges.
GHGSat’s technology can detect methane emissions from sources 100 times smaller than those detected by other satellites, down to sources as small as an oil and gas well. Since September 2020, the company has successfully deployed two satellites into orbit, including Hugo, launched in January 2021 with SpaceX Transporter 1 rideshare. The data collected by these satellites is now being 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 a show of confidence for the company Climate Investment was joined in the second tranche of Series B funding by Investissement Québec and Space Capital.