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GHGSat Receives $2 Million of Support from the Government of Canada to Develop World's First Satellite Capable of Monitoring Greenhouse Gas and Air Quality GasMONTREAL, QUEBEC, Feb 15, 2013 (Marketwire via COMTEX) -- Today, Montreal-based GHGSat announced that they will develop the world's first satellite capable of monitoring greenhouse gas and air quality gas from any industrial site in the world. The development of this new technology is supported by an investment of $2 million from the Government of Canada through Sustainable Development Technology Canada (SDTC). Industrial facilities worldwide are increasingly subject to emissions caps, both for greenhouse gases and atmospheric pollutants. GHGSat will provide a satellite-based remote sensing solution, designed to monitor individual industrial facilities in regulated industries including oilsands, power generation and waste management. The ability to precisely and repeatedly measure total emissions from a point source (such as a stack), or area source (such as a tailings pond or hydro reservoir) will enable accuracies comparable to continuous monitoring solutions at a cost comparable to indirect estimation processes. "Our Government is doing its part to encourage innovation and the next wave of clean technologies to help protect our environment and create high-quality jobs," said the Honourable Joe Oliver, Canada's Minister of Natural Resources. "Investment in projects such as these demonstrates our leadership in driving a vibrant clean technology industry in Canada." "Thanks in part to strong support from the Government of Canada, GHGSat will develop the world's first satellite capable of monitoring greenhouse gas and air quality gas," said Stephane Germain, President of GHGSat. "The funding received from the Government of Canada through SDTC will put Canada on the map as a global leader in the development of clean technologies that help monitor and reduce greenhouse gas emissions." This project will allow GHGSat to launch a demonstration nanosatellite to verify and validate system performance, leading to regulatory recognition and commercialization of the service. Based on estimates of industry's ability and motivation to implement emissions reduction programs facilitated by the accurate and near-real time data, GHGSat anticipates environmental benefits totalling over 200 kt GHG by 2020, in addition to corresponding reductions of SOx and NOx of over 300 tonnes and 30 tonnes respectively. "SDTC is proud to add this project to its portfolio, now valued at more than $2 billion. When purchased and used by Canadian industry, the clean technologies developed by portfolio companies will enable a variety of sectors to increase their share of global markets," said Dr. Vicky Sharpe, President and CEO of SDTC. "As Canada works to diversify its export markets, working with new trading partners in emerging countries, these innovative technologies will help make Canadian natural resources and products more globally attractive and competitive." The $2 million in funding received by GHGSat is a part of a $61.8 million investment from the Government of Canada to support 23 clean technology projects across Canada. About GHGSat GHGSat's mission is to become the global reference for remote sensing of greenhouse gas (GHG) and air quality gas (AQG) emissions from industrial sites, using satellite technology. GHGSat's novel technology will enable GHG and AQG measurement with better accuracy at a fraction of the cost of comparable alternatives. Owners of industrial facilities will be able to monitor all of their facilities, local or remote, anywhere in the world, with a common technology, in near-real-time. Significantly improved emissions information will enable industries to better measure, control, and ultimately reduce emissions of GHGs and AQGs. About SDTC On behalf of the Government of Canada, Sustainable Development Technology Canada helps commercialize Canadian clean technologies, readying them for growth and export markets. With a portfolio of companies under management valued at more than $2 billion, SDTC is positioning cleantech as a driver of jobs, productivity and economic prosperity. SDTC operates two funds aimed at the development and demonstration of innovative technological solutions. The $590 million SD Tech Fund(TM) supports projects that address climate change, air quality, clean water, and clean soil. The $500 million NextGen Biofuels Fund(TM) supports the establishment of first-of-kind large demonstration-scale facilities for the production of next-generation renewable fuels. SDTC works with the private sector, the financial sector and all levels of government to meet the Government of Canada's commitment to create a healthy environment and a high quality of life for all Canadians. SDTC operates as a not-for-profit corporation. FOR FURTHER INFORMATION PLEASE CONTACT: Stephane Germain [email protected] 514-847-9474 x205 SOURCE: GHGSat |