Emissions detection and quantification technology provider LongPath Technologies announced that it has raised $22 million in a Series A funding round aimed at scaling deployment of its methane monitoring platform.
Reducing methane emissions has taken center stage in the fight to address climate change in recent years. Methane, emitted from activity such as agriculture, fossil fuel production and transport, coal mining and landfills, is an extremely potent greenhouse gas, with as much as 80x the warming power of CO2. Given its much shorter lifetime in the atmosphere, however (10-12 years, vs 50-100 years for CO2), near-term reductions in methane emissions can have a meaningful climate impact over the next few years.
Founded in 2017, LongPath’s provides scalable technology to monitor and quantify methane emissions, enabling operators to tailor measurement frequency, quantification rigor, detection thresholds as well as alert modality to match facility types, operational goals, and budget constraints. The platform is targeted to sectors including agriculture, waste management, mining, and urban monitoring.
Ian Dickinson, LongPath’s Chief Executive Officer, said:
“Our simple mission is to partner with our customers to deliver an effective and scalable solution to detect, quantify and mitigate emissions. Our investors share this goal, and the spirit of partnership to meet the moment.”
LongPath said the funds will go towards scaling deployment across existing and new customer bases as well as the further development of its technology platform for use across broader energy and industrial infrastructures including the oil and gas, waste management, mining, and urban monitoring sectors.
The announcement follows the launch of the U.S. and EU’s Global Methane Pledge at last year’s COP26 climate conference. The pledge aims to reduce global methane emissions by at least 30% by 2030, compared to 2020 levels. Since launching, the pledge has reached more than 130 signatory countries, representing over half of global methane emissions.
Last month, the Biden administration also released the U.S. Methane Emissions Reduction Action Plan, including more than $20 billion in new investments to tackle methane emissions.
The funding round was led by private equity firm, White Deer and was joined by ProFac, Williams, Buff Gold Ventures as well as existing investors.
Varun Babbili, Managing Director of White Deer, said:
“There is a significant opportunity to reduce methane emissions across the global economy. The process begins with accurately detecting and quantifying emissions in the first place. LongPath’s technology is amongst the most accurate, cost-effective and scalable solutions in the market, demonstrated by its numerous deployments for oil and gas operators.”