Emissions monitoring firm Qube secures Series B funding
SUMMARY
Continuous monitoring technology has seen rapid global deployment in last 18 months. [Image: Tube Technologies]
By Dale LunanPOSTED IN:
Calgary-based Qube Technologies, which has developed cost-effective continuous emissions monitoring technology, said October 2 it had secured Series B funding from Riverbend Energy Group of Houston.
The latest funding, Qube said, will allow it to expand its global footprint and remain at the forefront of environmental sustainability.
“This funding will allow us to further develop our emissions monitoring solutions, expand our commercial presence, and increase our industry-leading accuracy of our physics guided AI algorithms,” Qube CEO Alex MacGregor said. “Our aim is to provide exceptional value to our clients in their pursuit of environmental responsibility.”
Qube received regulatory support for its continuous monitoring technology in 2021 when the Alberta Energy Regulator approved the company’s technology in leak detection and repair (LDAR) programmes. The technology was also subjected to field-level testing at NGIF’s Emissions Testing Centre in west central Alberta.
Since its first funding round 18 months ago, Qube has seen deployments of its technology increase 15-fold, and it is now working with 80 clients around the world. The Series B funding will be allocated to advanced technology development, global expansion, new industries and talent acquisition.
“Qube’s continuous emissions monitoring solutions are critical for businesses across various sectors to reduce emissions and minimize environmental impact,” Riverbend managing director Eric Danziger said. “The company’s state-of-the-art technology and expertise have earned trust and recognition worldwide.”
As part of the transaction, Danziger will join Qube’s board, alongside existing Series A investor SCF Ventures, Northwest Capital Partners and Ian Bruce, former CEO of Calgary investment bank Peters & Co.
