SensorUp, a software company with a comprehensive methane emissions management platform, recently received $12 million in a Series B fundraising round led by Climate Investment, a decarbonization investor. Evok Innovations also participated in the funding round.
SensorUp has developed the SensorUp Gas Emissions Management Solution (GEMS), a data integration platform for methane leak detection and repair, measurement reconciliation, reporting and verification of methane emissions. SensorUp GEMS enables swift detection and mitigation of methane emissions by providing contextualized, actionable and auditable insight to its customers.
Richard Jackson, president of Operations for U.S. Onshore Resources and Carbon Management at Occidental, said in a statement provided to the Reporter-Telegram, "We are committed to reducing methane emissions in our operations, and our decision to use SensorUp Gas Emissions Management Solution aligns with Oxy's net zero targets and helps advance our low carbon business objectives. Our teams will use SensorUp GEMS to help accelerate leak detection and repair while moving toward more measurement-based emissions inventories."
SensorUp GEMS will enable oil & gas companies to be compliant with international standards, such as the United Nations' OGMP 2.0 Gold Standard, GTI Veritas Protocols, ISO/OGC sensor web data standards and more, resulting in transparent, accurate and factual emissions data for those companies' customers.
Methane emissions reduction is essential to oil and gas companies' journey to net-zero operations. Methane is a powerful greenhouse gas, second only to carbon dioxide in its overall contribution to climate change. It is responsible for about a third of current climate warming, according to the International Energy Agency.
Following the fundraising, Mike Bishop, investment director at Climate Investment, will join SensorUp's board, and Daniel Palmer, Climate Investment's commercialization director, will join as an observer.
© 2023 the Midland Reporter-Telegram (Midland, Texas). Distributed by Tribune Content Agency, LLC.
