Andium, a company focused on remote field monitoring of assets including oil and gas wells has just raised some not-insignificant cash in an investment round led by OGCI Climate Investments, a firm formed by the largest oil companies in the world.
Launched in 2014 to “support” the targets laid out in the Paris Agreement to limit global greenhouse gas emissions, OGCI has invested in 21 projects to date.
With Andium, the oil majors join existing investors including Tom Miglis, the former chief investment officer of Citadel Securities and Talis Capital in backing a company developing technologies for natural gas flare monitoring, tank telemetry and object detection.
The company said it provides oil and gas companies with real-time information from remote locations at a far lower cost than other solutions.
Few technologies are less exciting than sensors and monitoring equipment, but there are also few tech services that are more vital to staunching the flow of greenhouse gas emissions. As Mark Tomasovic, a partner at the renewable investment firm, Energize tweeted (to me), “A few companies are involved in monitoring and reducing methane emissions from producing oil and gas wells… Given that there are over [1 million] wells in the U.S. and methane is …read more
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