On Tuesday, renewable energy major bp announced that it has made an equity investment of GBP 3 million (about $4 million) in Flylogix, a UK-based maker of unmanned aerial vehicles (UAVs, also known as drones) used to detect offshore methane emissions. The investment was made through bp’s venture capital arm, bp ventures, as part of a GBP 6 million (about $8 million) capital raise led by Edinburgh-headquartered boutique investment firm Amati Global Investors, an emerging investment player in (among other assets) strategic metals.
Flylogix’s business is built around UAV, combined with artificial intelligence, satellite communications and methane sensors developed by its technology partner, Texas-based SeekOps, to monitor and measure methane in some of the most remote and difficult locations in the world. Per bp, the new capital will be used to help Flylogix technology cross over to biodiversity and renewable energy applications–specifically, for conducting wind turbine blade inspections at offshore sites— and expand to new regional markets in the U.S., Norway, and Trinidad and Tobago.
Flylogix, which holds the UK record for the longest commercial drone flight, has worked with six major energy companies to measure methane emissions in the North Sea, and has collaborated with bp since 2018, monitoring assets and taking measurements to verify emissions data. During its flights, the Flylogix aircraft manages itself autonomously with pilot oversight from onshore. Capable of flying as close as 250m away from installations, Flylogix then live streams data collected by a SeekOps sensor on its wingtip to the onshore support crew. This sensor technology was originally designed by NASA for the Mars Curiosity Rover.
“We are investing in companies that can help us with our Net Zero ambition and aims,” said bp ventures Managing Partner David Hayes. “And Flylogix has been instrumental in how we undertake measurements of methane emissions in the North Sea. Accurate emissions measurements are the basis upon which mitigation plans are based – we look forward to continuing our partnership with Flylogix as it expands into new regions.”
“This latest investment will help Flylogix bring our proven UAV technology to new regions and develop applications to realize the potential of unmanned aerial vehicles,” Flylogix CEO Charles Tavner said in a comment on the investment. “It is a significant moment for the business. We see endorsement from bp as a vote of confidence and are proud to build on our existing partnership, in pursuit of net zero.”
Flylogix sensor technology partner SeekOps announced a Series B funding round of its own in November 2021, led by Schlumberger, along with existing investors Equinor Ventures, OGCI Climate Investments (OGCI CI), and new investor Caterpillar Venture Capital Inc. (CVCI).
