Momentick raises funds to advance satellite-based GHG emission tracking

Momentick raises funds to advance satellite-based GHG emission tracking
by Sophie Jenkins
London, UK (SPX) Apr 22, 2024

Momentick, a leader in emissions intelligence, has successfully raised $6.5 million in seed funding to enhance its emission intelligence algorithm and extend its market reach. The investment round was spearheaded by Chartered Group Japan and TAU Ventures, with additional contributions from private investors.

Methane, primarily found in natural gas, is an odorless and colorless gas that can go undetected, posing risks of global warming, revenue loss, and regulatory penalties. Notably, methane is 84 times more potent than CO2 in heat trapping and constitutes about 21% of total greenhouse gas (GHG) emissions. The Global Methane Pledge, targeting a 30% reduction in methane emissions by 2030, represents a significant step towards mitigating global warming by up to 0.2 degrees Celsius by 2050.

Established in 2022, Momentick aims to revolutionize GHG emissions monitoring by offering precise, autonomous identification and quantification of methane and other GHGs on a global scale. Utilizing proprietary algorithms that analyze data from various sources including satellites and drones, the platform ensures detailed monitoring of specific sites and broad geographic areas, including entire pipeline networks. This demand for Momentick's services is driven by new regulations that require stringent monitoring of GHG emissions, triggering a shift towards advanced satellite technology for regular pipeline inspections and comprehensive emissions verification by operators.

In the U.S., where there are over 300,000 oil and gas wells and more than 2 million miles of pipelines, less than 10% of these pipelines are inspected regularly for leaks. These undetected methane emissions are estimated to be 60% above what the EPA reports, with nearly 630,000 pipeline leaks in the U.S. alone causing significant economic and environmental damage.

Daniel Kashmir, CEO and Co-Founder of Momentick, emphasized the company's commitment to providing comprehensive emissions intelligence solutions. "Our platform is designed to support countries, industries, and companies in demonstrating social responsibility and achieving sustainability goals," he stated. "With the urgent need for effective methane monitoring and reporting, we are poised to make a substantial impact on meeting international climate objectives, including the 2030 net-zero target."