Business News Wales  |

Subscribe to the daily newsletter updates

Banc-leaderboard-advert-1430px-x-145px_Equity
Openreach section sidebar

Dev-Bank Wales MBO

Checks-Direct-Sidebar

CIH-BNW-Under-Section-Sidebar
16 August 2022

Cardiff Based Tech Firm Receives Significant Investment


QLM, a Cardiff based tech firm that has developed a new technology to fix methane leaks using quantum imaging, has received significant investment following a recent £12m funding round.

The company has developed a technology using quantum-enabled gas imaging LiDAR (laser imaging, detection, and ranging) cameras to visualise and quantify environmental Greenhouse Gas (GHG) emissions, which can also be used to monitor methane leaks caused by oil and natural gas extraction. The technology means that leaks can be effectively detected, and accurately located for rapid repair.

This round of investment will advance QLM’s Quantum Gas Imaging LiDAR and deploy QLM cameras across the oil and gas and other markets.

Methane gas has more than 80 times the warming power of carbon dioxide over the first 20 years of its release into the atmosphere and accounts for around 25% of today’s global warming. Although the largest man-made source of methane emissions is agriculture, responsible for around a quarter of all emissions, the second largest source is the energy sector. This includes emissions from coal, oil, natural gas and biofuels. The company’s technology has been trialled by a number of organisations including National Grid.

To support QLM’s ambitious growth strategy and deployment into market, the Green Angel Syndicate (GAS), the UK’s only angel investment syndicate with a specialist climate changing fighting agenda, has invested in a £12 million funding round led by Schlumberger, an energy services company.  The funding round also included British Business Investments funds committed to Green Angel Syndicate through its Regional Angels Programme.

GAS is a delivery partner of the Regional Angels Programme, which is operated by British Business Investments, a commercial subsidiary of the British Business Bank. GAS is also the first Regional Angels Programme delivery partner specialising in the fight against climate change by only investing in companies whose technology and process innovations have the potential to reduce carbon or greenhouse gas emissions or to remove carbon from the atmosphere.

Additional investors in the round included the Enterprise100 Syndicate, Development Bank of Wales, Quantum Exponential, Newable, Britbots, Bristol Private Equity Club and several private investors.

“The technology is unique in the emissions monitoring marketplace in its potential to achieve the greatest amount of GHG abatement at the lowest cost of ownership,”

said Murray Reed, Chief Executive officer, QLM.

“The funding and strategic relationship with our new lead investor, Schlumberger, and expanded backing of initial and new investors will allow us to scale our manufacturing, enabling significant cost reduction, as we launch our solution into the various GHG-intensive industries and markets.”

CEO of Green Angel Syndicate Cam Ross commented:

“Cutting methane emissions is vital for slowing the acceleration of climate change, as the immediate effects of releasing methane into the atmosphere are devastating. Rolling out QLM’s quantum technology across the oil and gas industry will help to stem the release of this dangerous greenhouse gas while we focus on the much needed transition to clean, green fuel sources.”


 



Columns & Features:


People / Skills
12 July 2024

Data Analytics for Non-Experts – Why it’s a Game Changer for Business
Finance
12 July 2024

Emma Meets David Palmer-Lewis, Head of Financial Reporting and Control, Principality Building Society
Guest Author
8 July 2024

Back to 1997: Education, Education, Education
Ambition North Wales
8 July 2024

My Ask of SMEs – Be Curious About New Technologies

In Other News:

Business News Wales //