GHGSat adds $15 million to Complete Series B Raise

Did you know there’s an amazing cleantech / space engineering company headquartered right on the Main?

GHGSat has just added another $15 million to its latest raise, bringing the total Series B to 45 million USD. They company had announced the first $30 million about 10 months ago.

The company was founded in 2011 by Stephane Germain, has nor raised more than 70 million USD to date. Their offering is a service which intends to use constellations of small satellites to monitor GHG emissions from space. This useful for those operating oil fields or refineries, as well as for non-renewable power plants and even industrial parks. This additional funding will be used to accelerate the commercialization of the product, which is often a more lengthy process for those developing similar kinds of innovative hardware.

The objective is to quickly expand its GHG emission detection array to 10 satellites and 3 aircraft sensors by 2023. The second tranche of Series B funding was once again supported by the Government of Québec through Investissement QuébecOGCI Climate Investments and Space Capital, reaffirming their trust in GHGSat’s business model and technological capability. Their secret sauce is in using a camera resolution 100 times greater than competing systems, which also use small satellites, meaning GHGSat can identify and quantify methane emissions from sources as small as individual oil and gas wells.

“Our success over the past few years is built on the combined talents of our team, which has grown from 30 to 100 people in the past 12 months. This team has worked tirelessly – despite the pandemic – to deliver global emissions detection solutions. It is extremely gratifying to see our efforts recognized and supported by our investors,” stated Stephane Germain, GHGSat CEO.

“The GHGSat project is a great example of technological innovation that is helping to propel the Quebec space sector and Quebec engineering to the forefront of the fight against climate change. Our government is proud to support this type of initiative to build a greener, more prosperous province,” said Eric Girard, Minister of Finance and Minister of Economy and Innovation.

Since the first part of this rounds was announced in September 2020, GHGSat has successfully deployed two satellites into orbit, including Hugo, launched in January 2021 with SpaceX Transporter-1 rideshare. GHGSat has recently been recognized several times as one of the most innovative companies in the world.

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