BOULDER, Colo., Dec. 5, 2022 /PRNewswire/ -- LongPath Technologies, a leading provider of patented continuous emissions detection and quantification technology, has raised $22 million in Series A funding.
The round was led by White Deer, a private equity firm with a proven track record of investing in companies that decarbonize the energy sector. White Deer was joined in its investment by ProFrac (NASDAQ: ACDC), a growth-oriented, vertically integrated, and innovation-driven energy services company, and Williams (NYSE: WMB), a premier provider of large-scale natural gas infrastructure. The round also included Buff Gold Ventures, a firm focused on deep tech investments coming out of the University of Colorado. Existing investors in LongPath also participated in the round.
"There is a significant opportunity to reduce methane emissions across the global economy. The process begins with accurately detecting and quantifying emissions in the first place," said Varun Babbili, Managing Director of White Deer. "LongPath's technology is amongst the most accurate, cost-effective and scalable solutions in the market, demonstrated by its numerous deployments for oil and gas operators. We look forward to working closely with LongPath's talented leadership team and leveraging our extensive experience in the methane emissions abatement space to help the company continue to build on its success to date."
LongPath Technologies is a leading provider of scalable technology to continuously monitor and quantify methane emissions. Each LongPath system offers flexible ranges of coverage, from a single site to 20+ sites across 20 square miles. LongPath is the only solution to provide operators with real-time, actionable insights via quantification and equipment-level localization capabilities vetted through a peer-reviewed blind-tested methodology.
LongPath systems are uniquely flexible and allow operators to tailor measurement frequency, quantification rigor, detection thresholds, and alert modality to match facility types, operational goals, and budget constraints. LongPath is at the forefront of regulatory compliance - it is the only non-camera technology approved for Alternative AIMM use by the Colorado Department of Public Health & Environment and clears the proposed EPA gold standard requirements for continuous methane monitoring and quantification technologies. LongPath is the solution of choice to meet the urgent need for cost-effective emissions monitoring in the oil and gas industry.
"We are pleased to partner with such a high-quality group to make this investment in LongPath. LongPath's superior solution for continuous monitoring of emissions and quantifying the GHG footprint at each point of the oil and gas value chain stands out among all the emerging GHG emissions reduction technologies. ProFrac is impressed with LongPath's R&D-focused team and its innovative suite of solutions, and looks forward to playing an instrumental role in helping LongPath execute its strategic plan," said Ladd Wilks, ProFrac's Chief Executive Officer.
"As part of our strategy to accelerate the next generation energy marketplace, Williams' Corporate Venture Capital (CVC) program is investing in innovations and technologies at the forefront of the energy transition," said Chad Zamarin, senior vice president of Corporate Strategic Development for Williams. "With our existing energy infrastructure, Williams is well positioned to enable supply and delivery decisions that connect the cleanest energy sources to meet real-time energy needs across the country. The investment in LongPath further demonstrates our commitment to develop solutions that continue to meet growing energy needs while helping customers achieve sustainability goals."
"This is phenomenal technology that meets an urgent societal need. LongPath's approach is highly differentiated and supported by a robust patent portfolio - and it addresses a truly global-scale problem. Buff Gold Ventures is thrilled to continue on the next step of the journey with LongPath, which originally launched from CU Boulder," said Sally Hatcher, Managing Partner of Buff Gold Ventures.
The Series A raise builds on LongPath's technological and commercial successes, and positions LongPath to meet accelerating demand from its blue-chip customer base to address a critical global priority. LongPath expects to leverage this funding round to scale up deployments across existing and new customers and markets and further develop its game-changing technology platform for use across broader energy and industrial infrastructure, including across the oil and gas, waste management, mining, and urban monitoring sectors.
"LongPath could not be more excited about this group of investors, who bring together a shared focus on reducing emissions coupled with unique perspectives and strategic positioning across the value chain," said Ian Dickinson, LongPath's Chief Executive Officer. "Our simple mission is to partner with our customers to deliver an effective and scalable solution to detect, quantify and mitigate emissions. Our investors share this goal, and the spirit of partnership to meet the moment."
Piper Sandler & Co. served as exclusive financial advisor to LongPath on the transaction.
About LongPath Technologies
Founded in 2017, LongPath is the first company to leverage Nobel prize-winning long-range frequency comb laser sources to achieve dramatic cost reductions for continuous emissions monitoring. LongPath's system is akin to a radar for methane (the main component of natural gas). In addition to applications in energy, LongPath's technology is well suited to penetrate vast addressable markets including agriculture, waste management, mining, and urban monitoring.
About White Deer
White Deer is a private equity firm that invests in products and services businesses in the energy, industrials, and infrastructure end markets. One of White Deer's core strategies is to invest in companies that facilitate the energy transition or enable the decarbonization of traditional energy industries. The firm relies on a thematic, research-based investment approach and deep industry knowledge to create sustained value for its companies, investment partners, and employees. The firm, which is based in Houston and New York, has raised in excess of $2.7 billion of committed capital since its founding in 2008.
ProFrac is a growth-oriented, vertically integrated, and innovation-driven energy services company providing hydraulic fracturing, completion services, and other complementary products and services to leading upstream oil and gas companies engaged in the exploration and production ("E&P") of North American unconventional oil and natural gas resources. Founded in 2016, ProFrac was built to be the go-to service provider for E&P companies' most demanding hydraulic fracturing needs. ProFrac is focused on employing new technologies to significantly reduce GHG emissions and increase efficiency in what has historically been an emissions-intensive component of the unconventional E&P development process.
As the world demands reliable, low-cost, low-carbon energy, Williams (NYSE: WMB) will be there with the best transport, storage and delivery solutions to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation, storage, wholesale marketing and trading of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide – including Transco, the nation's largest volume and fastest growing pipeline – and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use. Learn how the company is leveraging its nationwide footprint to incorporate clean hydrogen, next generation gas and other innovations at www.williams.com.
About Buff Gold Ventures
Buff Gold Ventures ("BGV") is a venture capital firm investing in companies affiliated with the University of Colorado. BGV is primarily focused on early-stage, deep tech startups that address high-impact global challenges with unique, disruptive technology solutions. BGV has a formal partnership with the University of Colorado at Boulder to partner with entrepreneurs building impactful and profitable businesses.