GHGSat Secures CAD$47M to Expand Greenhouse Gas Monitoring
GHGSat, a Canadian company specialising in satellite-based greenhouse gas monitoring, has secured CAD$47 million (USD$34 million) in funding. This will support the expansion of its greenhouse gas monitoring constellation and analytic services. The funding comes amidst growing global demand for emissions monitoring, as noted by GHGSat CEO Stephane Germain.
The equity portion of the funding round saw participation from Yaletown Partners, Fonds de solidarite FTQ, and BDC Capital. GHGSat currently monitors methane and carbon dioxide using 13 satellites, having started with methane in 2011. Recently, the company partnered with ExxonMobil Corp. to monitor and mitigate methane emissions for onshore operations in North America and Asia. GHGSat has raised a total of CAD$173 million in equity and debt financing to date. The National Bank of Canada and Export Development Canada provided debt financing for this expansion.
GHGSat's latest funding round will enable the company to expand its greenhouse gas monitoring capabilities. With growing global demand for emissions monitoring, this investment will support GHGSat's mission to provide accurate and timely data on greenhouse gas emissions.
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