GHGSat recently announced that it has successfully completed the first tranche of Series B funding, raising US$30m and more than doubling the total amount raised since GHGSat was founded to over US$55m. This latest funding has secured the growth trajectory of the company, enabling it to accelerate construction of its unique fleet of emissions detecting satellites and deployment of analytics to key markets.
Led by the Government of Québec’s Investissement Québec, the participants in the investment tranche also include OGCI Climate Investments, Business Development Bank of Canada, Fonds de solidarité des travailleurs du Québec (FSTQ), Space Angels, and Schlumberger.
The additional funding will support the build and launch of three high-resolution satellites plus a sensor based on the company’s space technology but tailored for use in aircraft. It will also enable GHGSat to expand its analytics capability in Canada and open a new global intelligence centre in the UK; this will investigate man-made greenhouse emissions in territories around the world, excluding North America.
Stephane Germain, CEO, GHGSat said that the success of this round is built upon ongoing partnerships and they thank their investors for their enthusiasm and trust in GHGSat. Despite this year’s global pandemic and related economic setbacks, they continue to see growing demand from their target markets. Their team is fully engaged worldwide and focused on delivering global emission monitoring solutions for our customers.