GHGSat is a global leader in remote sensing of greenhouse gas, air quality gas and other trace gas emissions from any source
Montréal, September 14, 2020 – In keeping with its desire to help in the fight against climate change, the Fonds de solidarité FTQ has invested C$6.6 million (US$5 million) in GHGSat. Based in Montréal, the company is the global leader in greenhouse gas (GHG) monitoring by high-resolution satellite. The investment is part of a US$30 million Series B funding in which Investissement Québec, OGCI Climate Investments, Business Development Bank of Canada, the Fonds de solidarité FTQ, Space Angels and Schlumberger participated.
“In these uncertain times, it’s important to step up our efforts in the fight against climate change. We therefore have to take advantage of this economic recovery to build a more just, environmentally responsible and innovative economy,” said Janie Béïque, Executive Vice-President, Investments, at the Fonds de solidarité FTQ. “This investment is consistent with our desire to invest in any supporting technology that will effectively reduce GHG emissions.”
“Large GHG emitters, under pressure from governments and investors, are increasingly required to identify, measure and disclose their main sources of GHGs in order to reduce their carbon footprint. GHGSat’s technology will therefore have a real impact by making it possible to more accurately measure emissions,” said in turn Christian G. Brosseau, Vice-President, Investments, Structuring Capital, Environment and Mining at the Fonds.
GHGSat CEO Stéphane Germain said: “The success of this round is built on ongoing partnerships. We thank our investors for their enthusiasm and trust in GHGSat. Despite the pandemic and the economic hardships it has created, we continue to see growing demand in our target markets. Our team is fully engaged worldwide and focused on providing our customers with global emission detection solutions.”
The investment follows the launch of the company’s second satellite, Iris, which has been in orbit since September 2, 2020, and means that GHGSat can fast-track the deployment of the rest of its constellation. A third satellite, Hugo, is currently in final testing and is due to be launched later this year, to be followed by further launches in the next two years.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a capital development fund that channels the savings of Quebecers into investments. With net assets of $13.8 billion as at May 31, 2020, the Fonds has helped create and protect 221,267 jobs. The Fonds has 3,329 partner companies and 707,935 shareholders-savers.