GHG emissions monitor GHGSat raises $44m in Series C1 round

• The round’s equity backers included Fonds de solidarité FTQ, Investissement Québec, BDC Capital, Climate Investment and Japan Energy Fund
• The Bank of Montreal provided debt facilities
• The funds raised will enable GHGSat to accelerate its go-to-market strategy, develop new integrated solutions and deploy more satellite and airborne measurement capacity

GHGSat, a Montreal-based provider of greenhouse gas emissions intelligence solutions, has secured $44 million in a Series C1 financing consisting of equity and debt.

The deal increases the company’s total funding to more than $126 million since its inception in 2011.

The round’s equity backers included Fonds de solidarité FTQ, Investissement Québec, BDC Capital, Climate Investment and Japan Energy Fund. The Bank of Montreal provided debt facilities to GHGSat.

GHGSat provides high-resolution remote-sensing of greenhouse gas from space, supplying emissions data and intelligence to businesses, governments, regulators and investors to optimize their performance and uphold environmental standards. It owns and operates the world’s largest commercial constellation of high-resolution greenhouse gas monitoring satellites.

The funds raised will enable the company to accelerate its go-to-market strategy, develop new integrated solutions and deploy more satellite and airborne measurement capacity.

“This new investment will enable GHGSat to further accelerate growth,” said GHGSat CEO Stephane Germain, in a statement. “Over the last two years, we have proven that we can successfully scale and commercialize GHGSat’s world class services while enabling real emissions mitigations, The business expansion is remarkable, and we’re gearing up to share more exciting updates in the forthcoming months.”

BofA Securities acted as sole placement agent on the equity portion of the Series C1 funding round.