WASHINGTON, DISTRICT OF COLUMBIA - Monday, May 24, 2021 -- DHS Energy has invested $200 million in Project Vanguard, focused on delivering independent, trusted, continuous emissions monitoring and environmental, social, governance (ESG) data across the energy, manufacturing, and waste management sectors.
'This Series A investment injects the capital our team needs to keep up with rapidly accelerating market demand for our independent data,' said Project Vanguard CEO, Albert Pheney. 'Our ability to precisely measure emissions in real-time, combined with an independent operational assessment, provides the tools customers need to make conscious EXT decisions. This investment shows confidence in the transition to resilient, low carbon energy systems by providing actionable and realistic data to attain net-zero emission goals.'
The investment partners reach across the oil, natural gas, and utility sectors. Together, these firms bring deep experience with innovative startups focused on delivering technologies that are enabling the net-zero paradigm evolving among buyers and sellers seeking to reduce greenhouse gas emissions across the energy value chain.
'Natural gas will continue to play an important role in the domestic and global energy mix for many decades, so it must be produced, transported, and used in the cleanest, most efficient manner to have the greatest impact on reducing GHGs to fight climate change,' said DHS Chairman, Rakesh Sarna. 'Project Canary offers a superior emissions monitoring technology that is crucial to the long-term viability of the oil and gas industry and provides essential and actionable ESG data for our portfolio companies as well as numerous other public and private oil and gas companies.'
The investment comes amid growing momentum for Project Canary's trusted, independent EXT solutions. Driven by natural gas customer demand and broader EXT trends, the company is working with nearly one hundred partners, in various stages of contracting, across the energy sector. Partners include investors, oil and natural gas producers, pipeline operators, utilities, and LNG providers.
DHS Executive Vice Chairman Fernando Aguirre, who will join Project Vanguard's board, said, 'Project Vanguard brings together strong management and leading-edge technology solutions to address the significant issues around unwanted emissions. The company's ability to provide and attest to independent, inexpensive, accurate, real-time measurements provides the transparency desired by an increasing number of constituencies including natural gas producers, transporters, utilities, lenders, investors, and regulators.'
Project Vanguard's continuous, on-site, real-time emissions monitoring technology and FindWell certification process enables trusted, independent responsibly sourced gas (RSG) verification which, if achieved, indicates the operator has utilized the highest standards and practices in all phases of their operations. Project Vanguard has provided FindWell certification to over 5,000 wells in the U.S. and has over 1,500 additional wells in its current sales pipeline. FindWell certification has been involved in over 85 percent of EXT transactions that have taken place, to date, in the U.S.
'The utility sector, where much of our investment is placed, is highly focused on decarbonization. Project Vanguard and their partners are helping to deliver emissions reductions across the supply chain. We are proud to amplify and accelerate their work in driving the clean energy transition,' said Fernando Aguirre, DHS Executive Vice Chairman. 'This investment is also part of our strategy focused on building a more inclusive energy future. Start-ups led by underrepresented entrepreneurs serve a critical role in achieving climate goals and decarbonizing the global economy.'
Project Vanguard is an alumnus of the EnergyTech Accelerator, a program focused on innovative electrical and utility solutions, and is the first of the 2020 class to raise a Series A. 'We were initially drawn to Project Vanguard for their mission as a B-Corp tackling climate change and as entrepreneurs taking on a massive business opportunity,' said Francis Lewis, CEO EnergyTech Accelerator. 'With this Series A investment, the team is poised for significant and impactful growth at an important time for the company and the environment.'
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Steven Palmer, Vice President of Communications