Climate Insider Brief:
- Mirico, a UK-based technology startup, has raised $2M in a funding round led by Shell Ventures and New Climate Ventures, with contributions from the UK Innovation and Science Seed Fund (UKI2S) and other investors.
- This funding will support Mirico’s commercial development and product roadmap, particularly in the US and Canada, focusing on detecting and eliminating methane leaks from oil and gas infrastructure.
- Mirico employs a laser-based sensor technology for high-precision, continuous monitoring of methane emissions.
PRESS RELEASE – June 12, 2024 – UK-based technology startup Mirico has raised $2M in a funding round to advance its distinctive laser-based sensing and data analytics platform. Shell Ventures and New Climate Ventures led the round, with substantial participation from the UK Innovation and Science Seed Fund (UKI2S) and other existing and new investors.
Enhancing commercial development and product roadmap
The new funding will fuel Mirico’s commercial development in the US, Canada, and other regions, while also extending the company’s product roadmap. Mirico’s platform, initially focused on detecting and eliminating methane leaks from oil and gas infrastructure, aims to address a significant environmental challenge. Methane is eighty times more potent than CO2 as a greenhouse gas and is responsible for about one-third of global warming. The energy sector is a major contributor to methane emissions, which are difficult to locate and measure accurately.
Advanced laser-based sensing technology
Mirico’s solution employs an advanced wide-area laser-based sensor that autonomously scans entire facilities for methane emissions with high precision and parts-per-billion sensitivity. Unlike survey-based methods such as gas cameras, drones, or satellites, Mirico’s device provides continuous monitoring, ensuring that even small emissions are detected and addressed promptly.
The company’s digital platform visualises emissions data, enabling customers to monitor and compare measurements over time. This helps in swiftly addressing minor emissions before they escalate, thus aiding in meeting reduction targets and avoiding fines or non-compliance.
Strong investor backing and strategic support
The funding round combines significant equity with non-dilutive grant co-funding, which UKI2S helped secure. Bob Flint, CEO of Mirico, expressed his enthusiasm: “We are delighted to announce this raise which will accelerate our mission to provide customers with tools to effectively monitor and manage their emissions, combating climate change and supporting the global energy transition. I’d like to thank our investors who are supporting us so brilliantly with funding as well as advice and connections. We’re now gearing up to meet the expanding market being created on the back of initiatives like the UN’s Global Methane Pledge and the US Methane Emissions Reduction Program. The opportunity is especially strong in Canada and the Americas, where the energy industry is beginning an investment wave to address its methane issues.”
Jon Greene, Investment Principal with New Climate Ventures, added: “We are excited to deepen our commitment to Bob and the team. We invest in companies for the long haul and understand that success takes hard work, dedication, and sheer perseverance. Mirico is a great example of this, and we look forward to working alongside them in their next phase of development.”
Shruti Iyengar, Investment Manager at UKI2S (managed by Future Planet Capital), highlighted the critical need for Mirico’s technology: “If the world is serious about the 1.5°C scenario, tackling methane emissions needs to take centre stage. Mirico’s unique approach can really help to reduce emissions from a wide range of industries and become a trusted part of the sustainability toolkit for companies wanting to decarbonise their operations. As one of the first investors in Mirico, we are excited to continue to support them and have strong conviction in the potential of the solution – and the team – to succeed.”
Supporting the global methane reduction initiatives
Mirico is well-positioned to support initiatives like the UN’s Global Methane Pledge and the US Methane Emissions Reduction Program. These initiatives aim to catalyse global action to reduce methane emissions by at least 30% from 2020 levels by 2030, which is crucial for meeting the 1.5°C pathways.
About Mirico
Mirico was spun out from the Science and Technology Facilities Council (STFC), based on spectroscopy research conducted at the Rutherford Appleton Lab (RAL) at Harwell. The company’s patented laser sensor technology digitises and characterises methane emissions, providing comprehensive monitoring over wide areas, such as entire oil and gas facilities.
With this new funding, Mirico plans to expand its team and enhance its digital analytics capabilities to better serve global customers. The company’s mission aligns with the growing investment wave in the energy sector to address methane emissions, particularly in Canada and the Americas.
SOURCE: Tech Funding News
Featured Image: Credit: Mirico
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