Momentick, an emissions intelligence company, has raised US$6.5mn in seed funding, which will be used to further develop the company’s emission intelligence algorithm and expand its market reach
The round was led by Chartered Group Japan and TAU Ventures, in addition to private investors.
Momentick's comprehensive emissions intelligence platform enables scalable monitoring, reporting, and verification of methane and other GHG emissions. By leveraging proprietary algorithms on diverse imagery, from satellites to drones, the platform provides pinpoint monitoring for specific facilities and large area monitoring encompassing a wide geographical area or entire pipeline networks.
Methane accounts for around 21% of total GHG emissions. The Global Methane Pledge aims for a 30% reduction in methane emissions by 2030, which alone could mitigate 0.2 degrees of warming by 2050. Undetected emissions, mainly stemming from oil and gas assets, pose a significant challenge as their quantities remain unknown. The lack of accurate data hampers efforts by industry stakeholders, governments, international bodies, and financial institutions to address these emissions effectively.
Momentick is experiencing a rising demand in its services, as a result of increasingly stringent regulations requiring GHG emission monitoring, including fines and increased reporting frequency, prompting the adoption of advanced satellite technology for frequent inspections of gas pipelines and robust emissions performance verification by operators.
“Momentick's mission is to provide a one-stop-shop emissions intelligence platform for countries, industries, and companies in order to demonstrate social responsibility and achieve their sustainability goals,” said Daniel Kashmir, CEO and Co-Founder of Momentick. “The goal to reduce carbon footprint and achieve international climate targets underscores the urgency of methane emissions monitoring and reporting. Momentick is excited to reveal its technology to the world, working with customers on Greenhouse Gas emissions intelligence, on our path to reach the global aim of 2030 net zero goal.”
