Insight Partners, Brookfield Asset Management Inc. and Canada Pension Plan Investment Board have backed a $111m investment in carbon emission-monitoring company Project Canary PBC.
Venture capital and private equity firm Insight Partners was the lead investor in the funding, with participation from Brookfield Growth, Canada Pension Plan (CPP) Investment board, and Carica Sustainable Investment, as well as previous investors Quantum Energy Partners, Energy Impact Partners, and Frontier Venture Capital.
Denver-based Project Canary is a SaaS-based data analytics company that provides environmental assessments and continuous monitoring solutions at the facility level to enable companies to measure and improve their operations and emissions profiles. The firm’s solutions enable users to assess factors such as methane, water, and other climate-related energy supply chain risk factors, allowing commodity buyers to track the environmental performance for intensive industries.
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According to Project Canary, the new investors bring SaaS, climate technology, energy transition, and industry expertise to support the company’s expansion throughout the energy lifecycle into other emission-intensive sectors.
“Our investment in Project Canary is aligned with Brookfield’s broader support to accelerate the transition to a net-zero economy. Working to expand Project Canary’s solution to other emissions-intensive sectors and activities is key to achieving a low-carbon economy,” said Josh Raffaelli, Managing Partner at Brookfield.
“The ability to quantify environmental performance data is becoming increasingly important as owners and investors prioritize greenhouse gas emissions reduction and adapt to a global economy that is moving toward net zero. Project Canary’s solutions have been used within our portfolio companies and this investment in a high-growth area represents a meaningful addition to our Sustainable Energies program,” Bruce Hogg, Managing Director, Head of Sustainable Energies at CPP Investments.
Source: Press Release
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