GHGSat, a Canada-based developer of greenhouse emissions tracking technology, has secured $30m from investors including oilfield services provider Schlumberger for the first close of its series B round.
The state-owned Investissement Québec led the first close of the round, which also featured OGCI Climate Investments, Business Development Bank of Canada, Space Angels and Fonds de solidarité des travailleurs du Québec.
Founded in 2011, GHGSat operates a greenhouse gas monitoring system that uses its own satellites to track emissions from space. It said the first close of the series B round increased its total funding to $55m.
The company will channel the funding into construction of three high-resolution satellites in addition to tailoring its sensors for use in aircraft and opening an intelligence centre in the UK as it upgrades its analytics capabilities in its home country.
OGCI Climate Investments led a $10m series A2 round for GHGSat in September 2018 that included Schlumberger, Space Angels and Business Development Bank of Canada, taking its overall funding past the $20m mark.
The company revealed at the time that its earlier financing had been supplied by the Canadian federal government as well as that of the province of Alberta.
GHGSat’s chief executive, Stephane Germain, said: “The success of this round is built upon ongoing partnerships and we thank our investors for their enthusiasm and trust in GHGSat.
“Despite this year’s global pandemic and related economic setbacks, we continue to see growing demand from our target markets. Our team is fully engaged worldwide and focused on delivering global emission monitoring solutions for our customers.”
