A Calgary-based technology company known for low-cost environmental surveillance technology has secured Series B funding.
The strategic investment into Qube Technologies hails from TC Energy, NGIF Cleantech Ventures, and Bain & Company Future Back Ventures.
Qube’s mission is to help industries such as oil and gas detect and reduce methane and other emissions.
The Alberta upstart will use this funding to advance innovation, broaden international reach, and reinforce its position as a provider of continuous emissions monitoring for high-emitting industries, according to a statement from the firm.
“Securing this latest investment accelerates Qube Technologies’ development and deployment of emissions monitoring technologies,” says Alex MacGregor, chief executive of Qube.
“This funding from NGIF Cleantech Ventures, TC Energy, and Bain & Company FBV expands our reach beyond oil and gas to high-emitting sectors like landfills, mining, and agriculture, reinforcing our commitment to provide precise, reliable tools for emission monitoring,” the CEO added.
“I am excited to support Qube Technologies’ emissions monitoring technology, providing an affordable cleantech alternative for companies to meet regulatory demands,” stated John Adams, NGIF Cleantech Ventures Managing Partner.
The Cleantech Ventures Fund I is a $55 million industry-led venture capital fund that primarily invests in early-stage clean-tech companies with an eye toward technologies that lead to environmental performance in the energy industry.
“By developing advanced continuous emissions monitoring devices,” Adams continued, “Qube can enable industry to meet new regulatory requirements and exceed ESG standards, effectively detecting, measuring, and reducing emissions.”
“TC Energy is excited to partner with the team at Qube and bring our industry leading expertise and experience in methane management to support Qube’s continued success,” said Lee Evans, Director of Energy Transition. “We believe that Qube and the technological advances it is making in the detection and quantification of methane can further the strong progress we have made to date.”
Qube is “unmatched in their ability to partner with companies as they seek to reduce emissions, delivering both environmental and economic benefits,” believes Ann Scott-Plante, head of FBV.
“Future Back Ventures is thrilled to team with Qube Technologies,” she stated. “We look forward to supporting Qube in this next stage of growth by bringing Bain and Company’s deep expertise in the industry to bear.”
“The need for Qube’s solution has never been so critical as new regulations, taxes and ESG standards underscore the urgency of emissions reduction on a global scale,” Scott-Plante affirmed.
The Series B round builds on initial funding led by Riverbend last year.
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