Climate Investment, a specialist investor focused on enabling capital-efficient decarbonisation of heavy-emitting sectors, has led the $12 million Series B fundraising round for SensorUp, a market-defining, geospatial platform for methane leak detection and repair. Evok Innovations also participated in this funding round.
Methane emissions reduction is essential to oil and gas companies’ journey to net-zero operations. Methane is a powerful greenhouse gas, second only to carbon dioxide in its overall contribution to climate change. It is responsible for about a third of current climate warming, according to the International Energy Agency.
SensorUp has developed the SensorUp Gas Emissions Management Solution, a data integration platform for methane leak detection and repair, measurement reconciliation, reporting, and verification of methane emissions. SensorUp GEMS enables swift detection and mitigation of methane emissions by providing contextualised, actionable, and auditable insight to its customers.
Furthermore, SensorUp GEMS will enable oil & gas companies to be compliant with international standards, such as the United Nations’ OGMP 2.0 Gold Standard, GTI Veritas Protocols, ISO/OGC sensor web data standards, and more, resulting in transparent, accurate and factual emissions data for those companies’ customers
Richard Jackson, president of operations for US Onshore Resources and Carbon Management at Occidental, said, “We are committed to reducing methane emissions in our operations, and our decision to use SensorUp Gas Emissions Management Solution aligns with Oxy’s net zero targets and helps advance our low carbon business objectives. Our teams will use SensorUp GEMS to help accelerate leak detection and repair while moving toward more measurement-based emissions inventories.”
With its industry-leading portfolio of methane detection companies, CI recognises the platform’s value. Mike Bishop, CI investment director, will join SensorUp’s board, with Daniel Palmer, CI commercialisation director, joining as an observer.
“Many oil & gas operators have found it difficult to reduce emissions because they do not have a way to map emissions data to their operations,” commented CI’s Mike Bishop. “SensorUp GEMS completes the picture by integrating emission data from all methane detection providers, including our portfolio of methane detection technologies, allowing operators to correlate emissions to operations, leading to better maintenance and predictive capability.”
SensorUp founder, Prof. Steve Liang, Ph.D., echoed this, “SensorUp GEMS streamlines legacy processes and unifies disparate systems into a coherent sensor web, enabling accurate emissions reporting and optimized emissions reduction operations. With companies like Oxy adopting SensorUp GEMS, and the CI investment, our team is excited to use a software approach mitigating climate change and making a global positive impact.
For more information visit www.sensorup.com
