GHGSat, a Montréal, Canada-based provider of solutions for high resolution greenhouse gas monitoring from space, completed the second tranche of a funding round initiated in 2020, thereby closing its total Series B funding at US$45m.
The second tranche of Series B funding was supported by the Government of Québec through Investissement Québec, OGCI Climate Investments and Space Capital.
The company, which has raised more than US$70m since its inception in 2011, intends to use the funds to expand its GHG emission detection array to 10 satellites and 3 aircraft sensors by 2023, as well as to expand its international commercial presence, particularly in Europe and the US.
Led by Stephane Germain, CEO, GHGSat is a leader in high-resolution greenhouse gas monitoring from space, providing actionable emission data to businesses, governments, and regulators worldwide. With proprietary remote-sensing capabilities and patented technology, the company can monitor individual facilities, offering data accuracy, and facilitating timely strategic decision-making insights.
Since September 2020, GHGSat has deployed two satellites into orbit, including Hugo, launched in January 2021 with SpaceX Transporter 1 rideshare. The data collected by these satellites are now being used by industrial site operators, governments, and regulators with whom GHGSat partners to understand their carbon footprint and take the necessary measures to reduce it. In June, the company also launched SPECTRA, an emissions data management portal designed to monitor, analyze, and report emissions information. The tool incorporates GHGSat’s high-resolution data with client information to provide operators with a complete view of emission risks. The company has also developed PULSE, a map of global methane concentrations.