TMCnet News
Project Canary Enters into Strategic Arrangement with Quantum Energy Partners to Facilitate Improvements in Energy Industry ESG PerformanceProject Canary, a climate tech and environmental assessment company focused on providing trusted third-party ESG data for emission-intensive industries, announced today that it has expanded its strategic relationship with Quantum Energy Partners ("Quantum") related to Quantum's credit and structured capital investment efforts. Quantum is a leading provider of private capital to the energy industry and is focused on providing sustainability-linked capital to both public and private energy companies. Project Canary and Quantum believe that meaningful synergies exist between Quantum's sustainability-linked investment initiatives and Project Canary's emissions monitoring solutions.
Through ongoing collaboration between Quantum and Project Canary regarding the simultaneous need for private capital and methane emissions monitoring solutions, this strategic arrangement seeks to expand the adoption of facility-level environmental assessments and continuous monitoring of methane emissions for certain stakeholders in the energy value chain. Methane is a greenhouse gas ("GHG") that traps significantly more heat in the atmosphere than carbon dioxide. Having data to measure and reduce methane emissions can have a meaningfully positive impact on operators' ESG profiles. "ESG 2.0 is embedded in the measurement economy. High-fidelity, facility-level data that can accurately portray a more holistic environmental profile, including methane and other GHG emissions, is likely to be the new minimum standard," said Chris Romer, CEO of Project Canary. "Quantum's focus on our solutions underscores how capital markets view the need for more granular and real-time data to measure progress over time. Financial markets want a gold standard for measurable and validated ESG data to drive sustainable actions." Quantum believes demand for private capital among both traditional energy companies, as well as companies involved in energy transition, is growing significantly as the world moves towards decarbonization. Through the active and disciplined deployment of its capital, Quantum seeks to support the promotion of relevant, enduring and sustainable improvements relative to borrowers' near-term ESG performance and longer-term sustainability initiatives. "Private capital can play an important role in helping incentivize companies to achieve their ESG goals. We believe there are a broad range of areas where we can seek to influence positive change in the energy sector related to methane emissions, water consumption, natural gas flaring, and utilization of renewable power, among others," said Ajay Khurana, Co-President of Quantum. "We believe Project Canary can help provide operators with essential emissions data to measure and validate progress towards achievement of these goals." About Quantum Energy Partners Founded in 1998, Quantum Energy Partners is a leading global provider of private equity, credit, structured capital and venture capital to the responsibly sourced energy and energy transition & decarbonization sectors (what we call the "Sustainable Energy Ecosystem"), having managed together with its affiliates more than $18 billion in capital commitments since inception. For more information on Quantum, please visit www.quantumep.com or contact Michael Dalton at +1-713-452-2110. About Project Canary Project Canary is a SaaS-based data analytics company focused on accurate climate ESG data for emission-intensive industrial companies. We are the leaders in holistic environmental assessments (air, water, land, and community). Project Canary scores responsible operations, delivering independent emission profiles via high-fidelity continuous monitoring technology to provide actionable environmental performance data. Our sensor portfolio includes high-fidelity spectroscopy-based methane detection and emissions quantification for the oil and gas sectors, plus Aeris Technologies' laser-based gas analyzers covering other emissions, including ethane, nitrous oxide, formaldehyde, ethylene oxide, benzene, and more. Formed as a Public Benefit Corporation, Project Canary's Denver-based team of scientists, engineers, and seasoned industry operators identify and quantify areas to reduce emissions. www.projectcanary.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20220607005119/en/ |
