As they use data to shake up the energy industry, Denver’s Project Canary has raised $10 million with big plans ahead.
Quantum Energy Partners, Global Reserve Group and Energy Impact Partners led the $10 million Series A funding round, bringing together partners from across the oil, natural gas and utility sectors.
Project Canary, which was founded in 2018, sells continuous emissions monitoring technology and services to oil and gas infrastructure companies.
As CEO Chris Romer said the company is radical in the industry, this recent funding round points to the company’s traction.
“What we do really well is provide incredibly granular measurement tools to help people reduce their carbon footprints,” he said.
Romer is a former Colorado state senator and son of former Gov. Roy Romer. After an unsuccessful run to be Denver’s mayor, he co-founded Denver-based workforce development startup Guild Education with his daughter.
Project Canary has partnered with nearly two dozen oil and gas exploration and production companies and has its emissions monitors deployed at 100 oil and gas well pads in Colorado, the company says.
The company also took part in the 2020 Techstars Alabama EnergyTech Accelerator, a program focused on electrical and utility solutions startups.
With this capital on board, Project Canary will be better outfitted to keep up with rapidly growing industry demand.
The company’s TrustWell certification process enables indicates that an operator has utilized the highest standards and practices in all phases of their operations. To date, Project Canary has provided that certification to over 5,000 wells in the U.S. and has over 1,500 additional wells in its current sales pipeline.
“If you want to buy yourself a decade that decarbonizes the economy, just stop the methane leaks,” Romer said.
In addition, Romer said the company would have between 60 and 70 employees by this time next year, with offices in Denver, Austin and one additional, unnamed, location.
When discussing what was next for Project Canary, Romer was direct.
“We’re basically going to clean up the industry by giving it radical transparency,” he said.
