Sustainable Development Technology Canada (SDTC) Announces $20M Investment in GHGSat to Advance World's Only High-Resolution Satellite-Based Greenhouse Gas Detection System
MONTREAL, November 3, 2021 (Newswire.com) - GHGSat, the world leader in high-resolution remote sensing of greenhouse gas emissions, announced today that it will receive CA$20 million from Sustainable Development Technology Canada (SDTC) to further advance the world's only satellite-based high-resolution greenhouse gas monitoring system.
This funding announcement is directly aligned with the Government of Canada's and SDTC's goal to support Canadian companies that develop technology solutions to help solve issues related to climate change. The Government of Canada, which is a signatory to the Paris Agreement, is committed to supporting the international effort to limit the increase in the average global temperature to 1.5°C. The Government of Canada's commitment to achieving carbon neutrality by 2050 was formally enshrined in the Canadian Net-Zero Emissions Accountability Act.
Leah Lawrence, President and CEO of Sustainable Development Technology Canada (SDTC): "World leaders have recognized the reduction of methane emissions as a top priority in addressing climate. As we head into COP26, better data will be needed to make informed decisions and to take action. Using satellite technology, GHGSat has demonstrated its leadership in identifying methane leaks around the world. With today's funding, SDTC is proud to continue our support of GHGSat as they take their methane monitoring and analytics to the next level."
"This support is the fruit of a long-standing partnership between SDTC and GHGSat," said Stéphane Germain, the latter organization's CEO. "It will enable us to deploy a constellation of more than 10 high-resolution satellites that can be used for methane detection, as well as an additional satellite dedicated to detecting carbon dioxide. Directly monitoring the origin of greenhouse gas emissions from space, which is our core expertise, enables us to better equip governments, financial markets, and companies to meeting their carbon neutrality commitments by leveraging reliable information products. The GHGSat team is proud of this announcement, which confirms its tenacity in this priority area."
GHGSat also plans to establish secure big data infrastructure and thus the capacity to manage its growing constellation of satellites and to process and transform large data volumes into high value information products and analytics.
Using its own microsatellites, GHGSat remains the only entity (government or private sector) in the world capable of detecting methane emissions from sources 100 times smaller than those detected by other satellites with a spatial resolution 100 times higher than other systems. The technology can detect and quantify methane emissions from point sources as small as individual oil and gas wells.
GHGSat in the last 12 months
GHGSat has successfully deployed two commercial satellites into orbit: Iris launched in September 2020 and Hugo launched in January 2021. The data collected by these satellites are now being used routinely by industrial site operators, governments, and regulators to help them better understand their carbon footprint and take the necessary measures to reduce it. As an example, during the third quarter of 2021, GHGSat's constellation of satellites detected 98.3MTCO2e/yr of methane emissions. This is the equivalent of 21.4 million cars driving for one year.
In June, GHGSat unveiled SPECTRA, an emissions data management portal designed to monitor, analyze, and report emissions information. SPECTRA seamlessly incorporates GHGSat's high-resolution data with client information to provide operators with a complete view of emission risks, thus contributing to a better approach to ESG accountability for users. The company has also developed PULSE, a map of global methane concentrations that offers the highest spatial resolution currently available, free of cost. Together, these tools contribute to the ongoing discussions and actions to address these highly problematic emissions, which Canada has committed to reducing 40-45% by 2025.
GHGSat is frequently recognized as one of the most innovative companies in the world, including by the renowned media brand Fast Company magazine, and it was the only Quebec-based company awarded by Fast Company in 2021. In addition, for the second time in its history, GHGSat was proudly featured among the winners of the 41st edition of the Mercuriades awards organized by the Fédération des chambres de commerce du Québec (FCCQ). The company won the Mercury prize as Company of the Year, as well as in the Technological Innovation category of this prestigious business competition.
For more information, interviews or images, please contact Leidy Ojeda by email at leidy.ojeda@franc-parler.ca.
About GHGSat
GHGSat uses its own satellites and aircraft-based sensors to measure greenhouse gas emissions directly from industrial sites, providing actionable insights to businesses, governments, and regulators. With proprietary and patented remote-sensing and analytics technology, GHGSat enables strategic decision-making through its monitoring and analytics services, with better accuracy and increased frequency at a fraction of the cost of other technologies. www.ghgsat.com
About SDTC
SDTC is an independent foundation established by the Government of Canada that supports Canadian entrepreneurs in the development and deployment of innovative clean technology solutions to help solve climate change and other pressing environmental challenges. SDTC portfolio companies have collectively reduced greenhouse gas emissions by an estimated 22.4 megatonnes CO2e annually, equivalent to taking almost 7 million cars off the road every year. www.sdtc.ca/en/
Source: GHGSat
