On Thursday, Project Canary, the Denver-based clean-tech startup that has developed high-fidelity spectroscopy-based methane detection and emissions measurement for the oil and gas industry, announced that it is buying gas leak analytics firm Aeris Technologies, a deal that the company is hailing as a vanguard of the emerging “Measurement Economy.”
Aeris, based in California’s Bay Area, has developed laser-based analytics technology that identifies a variety of dangerous GHGs, including ethane, nitrous oxide, formaldehyde, ethylene oxide, and benzene. While Project Canary’s focus to date has been in providing leak analytics for oil and gas companies, Aeris’s technology develops GHG emissions profiles for an array of industries including utilities, landfills, agriculture, and industrial complexes.
“The Measurement Economy is here and not just for oil and gas – getting to net-zero, with accurate facility-level data, is also a mission-critical goal for agriculture, landfills, and steel industries, and the sense of urgency has never been more profound. We’re excited to welcome the Aeris team, which is deeply respected for its cutting-edge emissions management solutions, to the Project Canary family,” Project Canary CEO and Co-Founder Chris Romer said. “They are the right partner at the right time to fast-track our growth and help deliver our generation’s most critical ESG climate solutions for multiple industries.”
“We’ve admired Project Canary’s forward-looking persistence in delivering measurable ESG data and actionable solutions at the facility level, all aimed at combating climate change with market-based solutions,” Aeris CEO James Scherer said. “This fuels the transformation of the gas analysis business in a cross-cutting fashion, enabling us to eliminate traditional market barriers that have hindered the widespread adoption of state-of-the-art laser-based solutions.”
The acquisition comes one month after Project Canary secured $111 million in Series B funding. The venture capital round was led by Insight Partners, along with Brookfield Growth, Canada Pension Plan Investment Board (CPP Investments) – which together manage more than $1 trillion in client assets – and Carica Sustainable Investments, the sustainable investing arm of the Hamilton James Family Office, managing the private assets of the Blackstone Group‘s Executive Vice Chair. Existing investors Quantum Energy Partners, Energy Impact Partners, and Frontier Venture Capital also re-upped their commitments for the Series B round.
