Project Canary formed a new partnership in Colorado as demand increases for the Denver-based startup’s technology to certify low-emission intensity natural gas due to growing interest in the energy sector on ESG and sustainability.
Within this year so far, Project Canary has launched several projects for its continuous, on-site, real-time emissions monitoring technology and TrustWell™ certification including a pilot project with Chesapeake Energy Corp. announced last month that initially includes wellpads in northeast Pennsylvania and northwest Louisiana. Other notable partnerships include EQT Corp. and NextDecade Corp.
“Energy markets and stakeholders alike are increasingly demanding responsibly sourced natural gas that is certified by a trusted, independent source,” Project Canary co-founder and CEO Chris Romer said in a statement on May 12.
In its latest pilot project, electric and gas utility Xcel Energy agreed to buy natural gas produced by Crestone Peak Resources LLC and certified as “responsibly sourced” by Project Canary for its Colorado customers.
“With our best-in-class innovative technology and independent certification process, Project Canary is rapidly growing and we’re proud to be a key component of Xcel Energy and Crestone Peak’s data-driven, low carbon programs,” Romer added in his statement.
Headquartered in Minneapolis, Xcel Energy provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. The company, the largest utility in Colorado, was the first major U.S. power producer to commit to 100% carbon-free electricity by 2050.
Crestone Peak Resources is a top producer of oil and natural gas in the Denver-Julesburg Basin. To meet certified RSG requirements, Denver-based Crestone Peak Resources will utilize Project Canary’s independent, real-time methane emissions monitors and TrustWell™ certification process, making it the first Colorado producer to utilize the TrustWell certification on 100% of current production volumes.
“As the first Colorado energy producer to deploy real-time, continuous air quality monitoring on the majority of our well sites, Crestone understands the importance and value of demonstrating our commitment to responsible, sustainable energy production,” commented David Stewart, Crestone Peak Resources’ vice president of environment, health, safety and regulatory.
A fourth company—an undisclosed European multinational energy utility engaged in both domestic and international energy markets—is also involved in the partnership as the marketer of Crestone’s certified production, according to the joint release.
Project Canary also recently received a Series A investment from Energy Impact Partners (EIP). Xcel Energy is a partner and investor in EIP.
Daniel Rice, former CEO of Rice Energy who now sits on the EQT board, addressed the elephant in the room earlier this month at Hart Energy’s Energy Capital Conference.
Denbury Resources and Penn Virginia mutually agreed to terminate their merger after the $1.7 billion cash-and-stock transaction faced difficult market conditions and shareholder opposition.
Realizing the benefit of having diversity of thought to help drive innovation, profits and efficiency among other areas, companies and industry organizations have formed initiatives to encourage women to seek out careers in oil and gas.