The company has developed a technology using quantum-enabled gas imaging LiDAR (laser imaging, detection, and ranging) cameras to visualise and quantify environmental Greenhouse Gas (GHG) emissions, which can also be used to monitor methane leaks caused by oil and natural gas extraction. The technology means that leaks can be effectively detected, and accurately located for rapid repair.
This round of investment will advance QLM’s Quantum Gas Imaging LiDAR and deploy QLM cameras across the oil and gas and other markets.
Methane gas has more than 80 times the warming power of carbon dioxide over the first 20 years of its release into the atmosphere and accounts for around 25% of today’s global warming. Although the largest man-made source of methane emissions is agriculture, responsible for around a quarter of all emissions, the second largest source is the energy sector. This includes emissions from coal, oil, natural gas and biofuels. The company’s technology has been trialled by a number of organisations including National Grid.
To support QLM’s ambitious growth strategy and deployment into market, Newable Ventures Limited (NVL), has invested in a £12 million funding round led by Schlumberger, an oilfield services company. The funding round also included British Business Investments funds committed to NVL through its Regional Angels Programme.
NVL is a delivery partner of the Regional Angels Programme, which is operated by British Business Investments, a commercial subsidiary of the British Business Bank. NVL’s focus is on investing in early-stage technology companies with strong IP and global scalability.
Additional investors in the round included the Enterprise100 Syndicate, Development Bank of Wales, Quantum Exponential, Green Angel Syndicate, Britbots, Bristol Private Equity Club and several private investors.
“The technology is unique in the emissions monitoring marketplace in its potential to achieve the greatest amount of GHG abatement at the lowest cost of ownership,” said Murray Reed, Chief Executive officer, QLM. “The funding and strategic relationship with our new lead investor, Schlumberger, and expanded backing of initial and new investors will allow us to scale our manufacturing, enabling significant cost reduction, as we launch our solution into the various GHG-intensive industries and markets.”
Ventures Director at NVL Jake Ronay commented:
We are delighted to see the huge progress made by QLM in the last year since our first investment. QLM’s technology is a major step forward in managing greenhouse gas emissions across the oil and gas sector. It is also a great success for the UK’s research and development programme into quantum technology and that we believe will see many more UK-based companies become global leaders in the future.
Investment Director Matt Ellams commented:
“It is clear that the monitoring and quantification of methane emissions is only going to become more important, with increasing pressure to formalise regulation in this space. Schlumberger’s substantial commitment to this round provides further justification of this. We are very excited by QLM’s technology and its potential to disrupt not only the Oil & Gas sector but many other emissions led opportunities.”
Newable Ventures is an EIS evergreen Fund that invests in 7-10 portfolio companies in the SpaceTech, MedTech and Automation sectors.
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