LongPath, a provider of methane detection technology, raises $22 million

LongPath Technologies, a provider of emission detection and quantification technologies, has raised $22 million in a Series A fundraising round to scale the deployment of its methane monitoring platform.

In recent years, reducing methane emissions has taken center stage in the fight against climate change. Methane, which is emitted by activities such as agriculture, fossil fuel production and transport, coal mining, and landfills, is a greenhouse gas with 80 times the warming potential of carbon dioxide. Given its significantly shorter lifetime in the atmosphere (10-12 years vs. 50-100 years for CO2), however, near-term reductions in methane emissions can have a significant impact on the climate in the coming years.

LongPath was founded in 2017 and offers scalable technology to monitor and quantify methane emissions, allowing operators to customize measurement frequency, quantification rigor, detection thresholds, and alarm mode to match facility types, operational goals, and budgetary restrictions. The platform's target industries include agriculture, waste management, mining, and urban surveillance.

Ian Dickinson, chief executive officer of LongPath, stated:

"Our objective is to create an effective and scalable system to detect, quantify, and mitigate emissions in partnership with our clients. Our investors share this objective and the spirit of teamwork required to seize this opportunity."

LongPath stated that the money will be used to scale deployment across existing and new customer bases and to further enhance its technology platform for application across broader energy and industrial infrastructures, such as the oil and gas, waste management, mining, and urban monitoring industries.

The declaration follows the launch of the Global Methane Pledge by the United States and European Union at last year's COP26 climate conference. The committee intends to cut worldwide methane emissions by at least 30 percent by 2030, relative to levels in 2020. Since its inception, more than 130 countries have signed the promise, representing more than half of worldwide methane emissions.

Additionally, the Biden administration issued the U.S. Methane Emissions Reduction Action Plan, involving new investments of almost $20 billion to combat methane emissions.

White Deer, a private equity firm, led the investment round, which was joined by Prozac, Williams, Buff Gold Ventures, and existing investors.

White Deer's Managing Director, Varun Babbili, stated:

"The global economy has a great chance to cut methane emissions. The process begins with the accurate detection and quantification of emissions. LongPath's technology is among the most precise, cost-effective, and scalable options on the market, as evidenced by its widespread use by oil and gas operators.