CANADA – GHGSat, a Montreal, Canada-based greenhouse gas emissions intelligence company, raised $44M in Series C1 funding.
Backers included Fonds de solidarité FTQ, BDC Capital, Investissement Québec, Climate Investment, and the Japan Energy Fund. The Bank of Montreal (BMO) provided debt facilities to GHGSat.The company, which has raised more than US $126M since its inception in 2011, intends to use the funds to accelerate its go-to-market strategy, develop new integrated solutions, and deploy more satellite and airborne measurement capacity.Led by CEO Stephane Germain, GHGSat offers emission monitoring solutions and delivers actionable metrics and insights to enhance environmental, production and financial decision-making processes for carbon intensive industries and governments to achieve their emission reduction goals.The company launched its first satellite in 2016 and now has nine satellites in orbit. GHGSat has satellite services agreements in place for hosted payloads on three new satellites scheduled to launch before the end of 2023 and another four new satellites scheduled for launch in 2024. One hosted payload in each of the 2023 and 2024 deployments will be dedicated to monitoring carbon dioxide. Since its last funding round two years ago, the company has generated an eightfold revenue surge, supported by a fourfold increase in commercial satellites and a threefold increase in airborne sensors deployed. Over the same period, GHGSat has enabled mitigation of 5.6 million tons of carbon dioxide equivalent emissions from industrial facilities around the world, which is equivalent to over 1.2 million gasoline-powered passenger vehicles driven for one year.11/09/2023
