Cleantech startup GHGSat raises $39.5 million CAD in Series B financing
Summary
Proceeds from the financing will be used to support the build and launch of three new satellites, and will allow the startup to open a global intelligence centre in the United Kingdom. “Despite this year’s global pandemic and related economic setbacks, we continue to see growing demand from our target markets.” Montréal-based GHGSat uses satellites and aircraft sensors to offer monitoring services for industrial facilities in oil and gas, power generation, mining, waste management, and agriculture sectors, to measure and reduce greenhouse gas emissions. The area measured covers over a million square kilometres of the Earth’s surface and has identified methane leaks, which operators were then able to address. The investment follows the launch of the GHGSat’s second satellite, Iris, last week and means the company can now fast-track the deployment of the rest of its constellation. In addition to supporting the new satellites, the Series B financing will also allow GHGSat to expand its analytics capability in Canada.