In the fight to reduce methane emissions, SensorUp has raised $12 million CAD in a Series B round. Climate Investment (CI) led the round, while notable BC-based cleantech investment fund Evok Innovations also participated.
CI is a specialist investor founded by OGCI, an organization of energy and oil and gas CEOs. It is focused on reducing carbon dioxide in heavy-emitting sectors.
Methane emissions reduction is essential as oil and gas companies transition to net-zero operations.
SensorUp claims its software solution allows swift detection and mitigation of methane emissions by providing contextualized, integrated, and auditable data for its customers.
The round closed in July.
The startup said the new funds will accelerate the development and sales of SensorUp’s gas emissions management solution.
Methane emissions reduction is essential as oil and gas companies transition to net-zero operations. Methane is a powerful greenhouse gas, second only to carbon dioxide in its overall contribution to climate change. Agriculture is the biggest human-caused emitter of methane globally, followed by fossil fuels burned for energy.
Methane is responsible for about a third of current climate warming, according to the International Energy Agency.
Calgary–based SensorUp, founded in 2012, developed a data-integration platform for methane leak detection and repair, measurement reconciliation, reporting, and verification of methane emissions.
SensorUp claims its platform enables oil and gas companies to be compliant with international standards, and that this results in transparent, accurate, and factual emissions data for the customers of those companies.
Steve Liang, SensorUp founder, told BetaKit that since developing its solution, SensorUp has changed its existing Geospatial Internet of Things (IoT) platform and enhanced it to include methane detection, reconciliation, asset management, and more. The focus is on oil and gas industry requirements to manage methane measurement, reporting, verification, and repair.
RELATED: Evok Innovations targets cleantech investments with first close of $300-million USD fund
Evok Innovations is a Vancouver-based investment fund focused on industrial solutions. In partnership with Cenovus, Suncor, and the BC Cleantech CEO Alliance, Evok invests in companies across the world that address the economic and environmental challenges of the oil and gas industry.
The fund targets early-stage investments across North America. Evok invests in decarbonization verticals, including carbon-capture use and storage, low-carbon fuels, clean energy and grid innovations, and advanced materials.
SensorUp previously raised $6 million in a Series A financing round led by Evok Innovations.
With its industry-leading portfolio of methane-detection companies, CI said it recognizes SensorUp platform’s value. Mike Bishop, CI Investment Director, will join SensorUp’s board, with Daniel Palmer, CI Commercialization Director, joining as an observer.
“OGCI’s Climate Investment group saw the significant benefits in the SensorUp product direction and determined it fit their investment criteria,” Liang said.