Permian Basin data
GHGSat began supplying the data to Bloomberg in February for the Permian Basin.
The Permian Basin is a sedimentary basin in the southwestern part of the United States, primarily in western Texas and southeastern New Mexico and is home to the extensive oil and gas fields.
What the deal means to GHGSat
In an email to SpaceQ, Stephane Germain, CEO of GHGSat explained what the deal with Bloomberg meant to the company.
“GHGSat is accelerating the development of analytics based on facility-level greenhouse gas emissions measurements to provide unique insights in each of our target markets. This contract provides direct distribution of GHGSat analytics to one such market segment; Bloomberg’s Enterprise Access Point platform is widely used by the financial community.”
The deal came together when Bloomberg approached GHGSat in 2019. Germain said the collaboration effort was designed to provide “long-term effort together to provide unique insights to the financial community.”
What’s striking about this deal and other deals GHGSat has signed, is the level of interest they’ve generated from the data they’re receiving from the one small they’ve launched. That satellite, Claire, is meant as a technology demonstration mission. It was launched in February 2018 and it would not be an understatement to say that the mission, which has had some issues, has been an incredible success nonetheless.
The company currently has two more satellites waiting to be launched this year. Both take into account lessons learned from the first mission.
Building an emissions data analytics platform
The key to GHGSat’s initial commercialization success has been their effort to build out an emissions data analytics platform. When SpaceQ first spoke with Germain in mid-2017 the analytics platform was in the planning stages.
Germain said the current deal with Bloomberg “is based on measurements from GHGSat’s demonstration satellite, combined with third-party information. The algorithms that generate the data learn from each new measurement of facility-level emissions. We expect the analytics to continuously learn and improve using measurements that will provided by the next two satellites we will launch this year.”
Germain also told SpaceQ more deals will be announced soon. “This is the first of several examples of GHGSat analytics we will be unveiling in the coming weeks, both with other partners and directly from GHGSat.”
With respect to the revenue coming the analytics platform Germain said “there is significant and growing interest from the financial community for facility-level greenhouse gas measurements, and for insights based on those measurements. We expect this contract to make a material contribution to GHGSat revenues.”