Project Canary - Investment Announcement
/Today’s Partner PoV comes courtesy of our associate Blair Simpson……
Frontier’s investment thesis is based on a series of themes that guide the partnership’s portfolio construction. It is through this lens that Frontier VC identifies new opportunities for technology to reshape how businesses and consumers interact, and the founders and teams uniquely positioned to disrupt the status quo.
Project Canary is the latest addition to the Frontier portfolio. The company provides a software and IoT solution for collecting, reporting, and validating Methane emissions data. While ESG reporting solutions and “carbon trackers” have proliferated over the years, there has yet to be a monitoring solution for the Natural Gas industry that is continuous, reliable, and cost-effective. Project Canary meets this need by integrating a next generation emissions monitoring technology with a powerful, data-driven software platform. The company employs a powerful combination of real-time feedback, distribution & access, and data & personalization.
The primary customers Project Canary serve are Natural Gas producers and transporters. With 2.5 million miles of natural gas pipelines in the US alone, the scale of this opportunity is massive. Historically, O&G companies have been reactive in their approach to monitoring emissions. They’ve relied on spreadsheets populated with estimates of methane emissions leakage that are completely detached from the reality of what’s occurring in the field. Increased pressure from regulatory agencies and capital markets has prompted the need for higher fidelity in this emissions data, and Natural Gas producers are shifting to a proactive approach in response. Just as a company’s financial reporting must be compliant and auditable, emissions reporting is subject to the same scrutiny. These reporting requirements are already present in Europe, Canada, many states with the US, and we expect this trend to continue globally. Project Canary’s remotely operated IoT device and software platform give customers the real-time feedback and unique data set necessary to thrive in an evolving energy landscape.
Achieving a net-zero emissions energy infrastructure is critical for mitigating the effects of climate change. Given that methane is 84 times more potent than carbon dioxide, the world needs a certified, transparent solution to prove that net-zero truly means net-zero. Maintaining this infrastructure will require the most comprehensive monitoring solutions, and Canary is positioned to serve the Natural Gas producers and transporters that power homes, business, and communities around the world.
The founders, Chris Romer and Will Foiles, are uniquely positioned to drive this initiative forward. We are happy to have backed them, and their enormous and important mission.