GHGSat Secures CAD$47M to Expand Greenhouse Gas Monitoring Constellation
GHGSat, a leader in greenhouse gas monitoring, has secured CAD$47 million (USD$34 million) in funding. The company, which started monitoring methane in 2011, now operates 13 satellites tracking both methane and carbon dioxide. This latest round of funding will support the expansion of its constellation and analytic services.
GHGSat's CEO, Stephane Germain, credits the funding to the growing global demand for emissions monitoring. The company has raised a total of CAD$173 million in equity and financial aid to date. In the latest round, Yaletown Partners, Fonds de solidarité FTQ, and BDC Capital participated in the equity portion.
GHGSat's recent partnership with ExxonMobil Corp. demonstrates its commitment to mitigating methane emissions. The collaboration focuses on onshore operations in North America and Asia. Additionally, the National Bank of Canada and Export Development Canada have provided loan for the expansion. The September 2021 financing round also included co-investors such as the Canadian Climate Fund for Private Sector (CFPS) and Inovia Capital.
With CAD$47 million in new funding, GHGSat is set to expand its greenhouse gas monitoring capabilities. The company's successful partnerships and growing demand for emissions monitoring indicate a promising future for GHGSat's services.
