Climate Insider Brief:
- Emissions intelligence company Momentick has successfully raised $6.5M in seed funding led by Chartered Group Japan and TAU Ventures, along with private investors.
- Momentick, founded in 2022, offers a comprehensive emissions intelligence platform leveraging diverse imagery sources like satellites and drones.
- The investment will be utilised to advance their emission intelligence algorithm and broaden market reach.
PRESS RELEASE – Tel Aviv / April 18, 2024 – Momentick, an emissions intelligence company, announces that it has raised $6.5M in seed funding. The round was led by Chartered Group Japan and TAU Ventures, in addition to private investors. The funds will be used to further develop the company’s emission intelligence algorithm and expand its market reach.
Methane (the dominant component in natural gas) is an invisible and odorless gas, allowing emissions and leaks to remain undetected for extended periods, leading to global warming, significant revenue loss, and exposure to regulatory fines. Methane is 84x more potent in trapping heat, contributing to approximately 21% of total GHG emissions. The Global Methane Pledge aims for a 30% reduction in methane emissions by 2030, which alone could mitigate 0.2 degrees of warming by 2050. Acknowledging its role as the cheapest and quickest method to mitigate global warming, methane stands as an essential component in international climate efforts and goals.
Founded in 2022, Momentick delivers accurate and autonomous capabilities for identifying and quantifying methane and other GHG emissions on a planetary scale. Their comprehensive emissions intelligence platform enables scalable monitoring, reporting, and verification. By Leveraging proprietary algorithms on diverse imagery, from satellites to drones, the platform provides pinpoint monitoring for specific facilities and large area monitoring encompassing a wide geographical area or entire pipeline networks. The surge in demand for Momentick’s services stems from evolving regulations mandating stringent GHG emission monitoring, including fines and increased reporting frequency, prompting the adoption of advanced satellite technology for frequent inspections of gas pipelines and robust emissions performance verification by operators.
Undetected emissions, primarily stemming from oil and gas assets, pose a significant challenge as their quantities remain unknown. In the United States alone, with 300,000 oil and gas wells and over 2 million miles of pipelines, less than 10% of gathering and transmission pipelines undergo regular leak inspections, contributing to methane leaks estimated to be 60% higher than official EPA figures. With approximately 630,000 leaks in U.S. natural gas distribution pipelines emitting methane, the financial impact is staggering, translating to global warming and millions of dollars lost annually in revenue. The lack of accurate data hampers efforts by industry stakeholders, governments, international bodies, and financial institutions to address these emissions effectively.
“Momentick’s mission is to provide a one-stop-shop emissions intelligence platform for countries, industries, and companies in order to demonstrate social responsibility and achieve their sustainability goals,” Says Daniel Kashmir, CEO and Co-Founder of Momentick. “The goal to reduce carbon footprint and achieve international climate targets underscores the urgency of methane emissions monitoring and reporting. Momentick is excited to reveal its technology to the world, working with customers on Greenhouse Gas emissions intelligence, on our path to reach the global aim of 2030 net zero goal.”
About Monetick
Momentick is an emissions intelligence company providing a one-stop shop emissions data platform by delivering accurate and autonomous capabilities for identifying and quantifying methane and other GHG emissions on a global scale. Drawing from a wide array of imagery (drone images, aerial, and multi-satellite images), we offer pinpoint monitoring for specific facilities/assets, large-area monitoring (e.g., midstream operations, long pipelines, and whole regions/countries), and company monitoring for scope one emission (ESG Data).
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Founded in 2022 by Daniel Kashmir, CEO; Lev Oren, COO; and Dr. Ophir Almog, Chief Scientist.
SOURCE: Monetick
Featured Image: Credit: Monetick
