It took over a year for GHGSat to finally get its second satellite GHGSat-C1 launched on September 2nd. Now, with that success behind them, and with its third satellite scheduled to launch in December, GHGSat has new funding that will allow it fo build three more satellites and an emissions sensor to be used on aircraft.
GHGSat says it’s more than doubled its funding from US$25 to US$55 with the closing of the first tranche of its Series B round.
The funding was led 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.
Stephane Germain told SpaceQ in en email exchange the funding will be used to build three follow-on satellites to its first two commercially operational satellites, GHGSat-C1 (Iris) and GHGSat-C2 (Hugo). Hugo will launch in December. GHGSat-C3, GHGSat-C4 and GHGSat-C5 will launch within the next two years. The company is looking to build a constellation of 10 emission detection satellites.
The funding will also allow the company to expand its analytics capability in Canada and open a new office in the UK. GHGSat announced in June the additional facility in UK and has been scouting suitable locations.
GHGSat claims that its “satellites can detect methane emissions from sources 100 times smaller than any other system, and with a resolution 100 times higher than those systems. That means GHGSat can image and identify methane emissions from point sources as small as oil & gas wells. No other commercial operator or state-funded space organization can do this.”
Pierre Fitzgibbon, Minister of the Economy and Development said in a press release that “Québec can count on its growing spatial industry, including a dynamic aerospace sector, where innovative new companies like GHGSat are making their mark globally. This investment represents the Government of Québec’s commitment to the export of our engineering expertise and contribution to a transition towards a greener economy. GHGSat provides an innovative high-precision solution that enables the detection of greenhouse gas emissions worldwide. The Government supports forward-thinking projects like GHGSat’s as these opportunities are beneficial to both the economy and the environment.”
GHGSat has been particularly successful at raising funds in Québec, including from the government.
Guy LeBlanc, President and Managing Director of Investissement Québec said “Internationally recognised, Québec’s aerospace industry presents unique expertise. To maintain our position as global leaders, Investissement Québec endorses promising new projects such as GHGSat. This engagement is a perfect reflection of Investissement Québec’s mission: to help maintain a strong aerospace industry, promote investment opportunities in Quebec and favor the development of a low-carbon economy.”