SensorUp, a Calgary-based cleantech startup, has successfully secured $12 million CAD (US$9M) in a recent Series B funding round led by Climate Investment (CI), an organization of energy and oil and gas CEOs, with participation from Evok Innovations, a notable BC-based cleantech investment fund. The funds will be utilized to accelerate the development and sales of SensorUp’s innovative gas emissions management solution.
SensorUp’s cutting-edge software platform aims to tackle the pressing issue of methane emissions, a potent greenhouse gas that significantly contributes to climate change. The startup’s solution provides customers with contextualized, integrated, and auditable data, enabling swift detection and mitigation of methane emissions. This technology comes at a crucial time for the oil and gas industry, as they seek to transition towards net-zero operations and reduce their carbon footprint.
“Methane emissions reduction is paramount as the oil and gas sector strives to align with net-zero goals. Methane is responsible for about a third of current climate warming, making it a significant target for emission reduction,” stated a representative from the International Energy Agency.
Founded in 2012, SensorUp’s data-integration platform caters to methane leak detection, repair, measurement reconciliation, reporting, and verification of methane emissions. The company has been devoted to ensuring oil and gas companies meet international standards, thus providing their customers with transparent, accurate, and factual emissions data.
SensorUp’s founder, Steve Liang, mentioned that the platform has evolved significantly to include methane detection, reconciliation, asset management, and more, aligning with the oil and gas industry’s requirements to effectively manage methane measurement, reporting, verification, and repair.
Evok Innovations, known for its focus on industrial solutions, joined the funding round, reinforcing its commitment to supporting companies that address environmental challenges faced by the oil and gas sector. In collaboration with Cenovus, Suncor, and the BC Cleantech CEO Alliance, Evok aims to drive decarbonization across North America by investing in early-stage startups focusing on carbon-capture use and storage, low-carbon fuels, clean energy and grid innovations, and advanced materials.
Climate Investment (CI) expressed its recognition of the value offered by SensorUp’s platform, and as a result, CI Investment Director, Mike Bishop, will join SensorUp’s board, with Daniel Palmer, CI Commercialization Director, joining as an observer.
SensorUp has previously secured $6 million in a Series A financing round led by Evok Innovations, which has undoubtedly contributed to its industry-leading position in the methane detection landscape.
The recent funding will enable SensorUp to further enhance its methane detection capabilities, solidifying its position as a vital player in the fight against climate change. The collaboration with CI and Evok Innovations signifies the importance of industry-wide cooperation to address environmental challenges while ensuring sustainable operations for the oil and gas sector.