SCF Ventures (“SCFV”) announced its investment in Qube Technologies (“Qube”), a provider of continuous emissions monitoring technology that enables oil and gas operators to better detect, measure, and reduce their methane and other greenhouse gas emissions.
Qube, founded in 2018, provides customers with internet-of-things (“IoT”) devices to continuously monitor for a host of gases including methane, carbon dioxide and hydrogen sulfide. With the help of artificial intelligence, Qube combines gas concentration, atmospheric, and other operational data to locate, quantify and classify emissions by source and severity. Without continuous monitoring, emissions can continue undetected for months, undermining emissions reduction efforts with an associated cost of lost production to operators.
In 2021, Qube received the world’s first regulatory approval to replace traditional leak detection and repair (“LDAR”) practices with Qube’s continuous measurement technology. LDAR programs utilizing Qube’s technology are estimated to reduce fugitive emissions by up to 90% while offering cost savings, improved safety, and verifiable data that prove environmental stewardship.
Strategic investors joining the funding round include National Energy Services Reunited (“NESR”, NYSE: NESR), the premier Middle Eastern energy services provider; individuals from Pine Brook, a private equity firm that specializes in business building and growth investments in energy and other areas; and Ian Bruce, former president and CEO of Peters & Co., a leading Canadian energy investment bank.
North West Capital Partners, a Calgary-based energy investment firm, led Qube’s previous funding round and remains an active partner.
Courtesy of SCF Ventures.