Earlier this year, Qube Technologies secured a Series B round of capital to advance innovation, broaden international reach, and reinforce its position as a provider of continuous emissions monitoring for high-emitting industries.
So far: Success.
Qube Technologies will see its continuous monitoring platform deployed across 50 sites in Colorado’s Piceance basin, the company revealed recently.
That is because Caerus Oil and Gas has selected the Calgary upstart to help the multi-billion-dollar firm move toward sustainable energy development.
“We are excited to join forces with a company like Caerus Oil and Gas in the Piceance Basin,” stated Qube chief Alex McGregor.
The initiative, which follows a successful pilot trial, highlights Caerus’s dedication to environmental leadership and marks a significant step forward in the adoption of cleaner energy practices, according to a statement from the company.
“This partnership underscores our shared commitment to driving environmental stewardship through innovative emissions reduction solutions in the energy sector,” said McGregor.
Specifically, Qube’s technology will enable Caerus to adhere to the OGMP 2.0 framework, a measurement-based reporting standard for emission quantification and mitigation. Caerus is targeting Level 4 compliance, which includes detailed source-specific emission reporting and employs various quantification methods to refine methane assessments.
“Adopting Qube’s sophisticated monitoring solutions significantly advances our environmental objectives,” explains Jerry Dismukes, who serves as Air Compliance Manager at Caerus Oil and Gas.
“This partnership not only boosts our operational efficiency but also demonstrates our proactive approach to our environmental goals toward stewardship,” Dismukes continued.
This year, Caerus’s strategy includes multiple aerial surveys and the deployment of continuous monitoring at approximately 85 sites. This data will enhance Caerus’s emissions inventories and contribute to more accurate environmental impact assessments, the company believes.
Qube’s funding in part hailed from the Cleantech Ventures Fund, a $55 million industry-led venture capital fund that invests in early-stage companies that aim for environmental performance in the energy industry.
The Series B round built on initial funding led by Riverbend in 2023.
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