Montreal based GHGSat announced today it had secured US$15 million in a second and final tranche of its Series B round of financing bringing the total raise to US$45 million. The company has raised $US70 million to date.
It was 10 months ago that GHGSat announced it had raised US$30 million in the first tranche of its Series B round of financing. For that announcement GHGSat stated that the funding was led by the Government of Québec’s Investissement Québec and also included OGCI Climate Investments, Business Development Bank of Canada, Fonds de solidarité des travailleurs du Québec (FSTQ), Space Angels, and Schlumberger.
According to GHGSat the Series B second tranche was was once again supported by the Government of Québec through Investissement Québec, OGCI Climate Investments and Space Capital.” Space Capital was known as Space Angels at the time of the previous raise.
The funds from the Series B are in part being used to procure its next three satellites in its constellation, GHGSat-C3, GHGSat-C4 and GHGSat-C5. The company has also been hiring a lot.
GHGSat CEO Stephane Germain said, “Our success over the past few years is built on the combined talents of our team, which has grown from 30 to 100 people in the past 12 months. This team has worked tirelessly – despite the pandemic – to deliver global emissions detection solutions. It is extremely gratifying to see our efforts recognized and supported by our investors.”
The company also unveiled in June its SPECTRA emissions data management portal. The portal is “designed to monitor, analyze, and report emissions information” and “the tool seamlessly incorporates GHGSat’s high-resolution data with client information to provide operators with a complete view of emission risks.”
Eric Girard, Minister of Finance and Minister of Economy and Innovation said “The GHGSat project is a great example of technological innovation that is helping to propel the Quebec space sector and Quebec engineering to the forefront of the fight against climate change. Our government is proud to support this type of initiative to build a greener, more prosperous province.”