Project Canary acquired Aeris Technologies, a California-based provider of laser-based gas analyzers and leak detection systems, for an undisclosed amount, the company said in a March 24 release.

Headquartered in Denver, Project Canary has become a leading provider of independent third-party ESG data and holistic environmental assessments with numerous partnerships within the past year in the upstream and midstream oil and gas sectors, including most recently with U.S. oil major Chevron Corp. The company also recently completed a $111 million Series B funding round and announced a partnership with a Big Four audit and consulting firm.

Project Canary’s strategic acquisition of Aeris Technologies expands the company’s services beyond the oil and gas sector and ushers in what Project Canary CEO and Co-founder Chris Romer describes as the “measurement economy.”

“The measurement economy is here and not just for oil and gas—getting to net-zero, with accurate facility-level data, is also a mission-critical goal for agriculture, landfills and steel industries, and the sense of urgency has never been more profound,” Romer commented in the release. “We’re excited to welcome the Aeris team, which is deeply respected for its cutting-edge emissions management solutions, to the Project Canary family.”

Aeris will maintain its operations as a Project Canary subsidiary based in California. All Aeris employees will join the combined company, according to a joint release.

“We’ve admired Project Canary’s forward-looking persistence in delivering measurable ESG data and actionable solutions at the facility level, all aimed at combating climate change with market-based solutions,” Aeris Technologies CEO James Scherer commented in the release.

Aeris Technologies quantifies greenhouse-gas emissions, atmospheric pollutants and natural gas leaks and has developed and commercialized state-of-the-art laser-based gas analyzers. Formed by industry veterans as a next-generation laser-based gas analyzer solutions company in Hayward, California, Aeris’ instruments target wide-ranging environmental monitoring, laboratory analysis, and industrial applications.

“We’re thrilled to join forces with Project Canary to offer unique, differentiated, high-fidelity measurement and data management solutions,” Scherer continued. “This fuels the transformation of the gas analysis business in a cross-cutting fashion, enabling us to eliminate traditional market barriers that have hindered the widespread adoption of state-of-the-art laser-based solutions.” 

Similar to how Project Canary approached the oil and gas market, the firm sees opportunities in other sectors where the Aeris technology will be most applicable, such as utilities, landfills, agriculture, industrial complexes and more, according to Will Foiles, the company’s COO and co-founder.

“Real-time and measurable ESG data analytics are what the market continues to demand,” Foiles added. “This strategic transaction creates sustainable value opportunities for our customers, our investors, and most importantly, our environment.”

The strategic acquisition comes weeks after Project Canary completed its $111 million Series B funding round, led by Insight Partners as lead investor, Brookfield Growth and the Canada Pension Plan Investment Board (CPP Investments). On March 23, Project Canary also announced an initiative to add performance proof verification of data and operating standards by a Big Four firm and assessment by the Payne Institute at the Colorado School of Mines.