Project Canary has received a Series A funding from leading venture capital firms, the Denver-based startup focused on emissions monitoring and data for the oil and gas industry said April 6
Quantum Energy Partners, Global Reserve Group (GRG) and Energy Impact Partners (EIP) agreed to fund Project Canary with a $10 million investment, according to a release by the company.
“This Series A investment injects the capital our team needs to keep up with rapidly accelerating market demand for our independent data,” said Project Canary president Dr. Anna Scott in a statement in the release.
The investment comes amid growing momentum for Project Canary and the company’s trusted, independent ESG solutions for responsibly sourced gas (RSG).
Driven by natural gas customer demand and broader ESG trends, the company is working with nearly 100 partners, in various stages of contracting, across the energy sector. Partners include investors, oil and natural gas producers, pipeline operators, utilities and LNG providers.
“Natural gas will continue to play an important role in the domestic and global energy mix for many decades, so it must be produced, transported and used in the cleanest, most efficient manner to have the greatest impact on reducing GHGs to fight climate change,” said Quantum Founder and CEO Wil VanLoh in a statement in the Project Canary release.
Project Canary’s continuous, on-site, real-time emissions monitoring technology and TrustWell™ certification process enables trusted, independent RSG verification which, if achieved, indicates the operator has utilized the highest standards and practices in all phases of their operations.
The company recently announced a “first-of-its-kind” RSG pilot project with a natural gas producer, infrastructure operator and local municipal utility in Colorado. Other pilot projects include one with EQT Corp. in the Appalachian Basin and another with UP Energy LLC in Wyoming’s Green River Basin.
“Project Canary offers a superior emissions monitoring technology that is crucial to the long-term viability of the oil and gas industry and provides essential and actionable ESG data for our portfolio companies as well as numerous other public and private oil and gas companies,” VanLoh added.
The Series A investment brings together partners with reach across the oil, natural gas and utility sectors. Additionally, Project Canary represents the eighth venture investment supporting innovative companies serving the energy ecosystem that GRG has made in partnership with Quantum.
GRG founder Jeffrey Harris will join Project Canary’s board. Prior to launching the firm, Harris had a 29-year career at Warburg Pincus.
In a statement commenting on the investment, Harris said: “Project Canary brings together strong management and leading-edge technology solutions to address the significant issues around unwanted emissions. The company’s ability to provide and attest to independent, inexpensive, accurate, real-time measurements provides the transparency desired by an increasing number of constituencies including natural gas producers, transporters, utilities, lenders, investors and regulators.”
Project Canary has provided TrustWell™ certification to over 5,000 wells in the U.S. and has over 1,500 additional wells in its current sales pipeline. TrustWell™ certification has been involved in over 85% of RSG transactions that have taken place, to date, in the U.S.
The company is also an alumnus of the Techstars Alabama EnergyTech Accelerator, a program focused on innovative electrical and utility solutions, and is the first of the 2020 class to raise a Series A. Techstars has invested in more than 2,400 companies with a combined market cap of more than $204 billion, according to the company release.
Project Canary also partners with the Colorado School of Mines Payne Institute to develop a collaborative environment for oil and gas companies and external parties to share best practices and insights garnered through continuous monitoring.
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