Driving the Transition to Net Zero — You Can’t Reduce What You Can’t Measure: Why We Invested in Project Canary
2021 marked an unprecedented year for climate-related initiatives as shareholders, investors, boards and government leaders globally raised expectations for continued progress toward a more sustainable future. Over 200 organizations globally have committed to achieving net zero emissions targets by 2050 or sooner representing nearly $2 trillion in global annual revenues and have more than 7 million employees across 26 industries and 21 countries. We expect this trend to accelerate as pressure from key stakeholders continues to mount in the heaviest emitting industries which accounted for nearly 50% of all emissions in 2019.
At Brookfield Growth, we believe the transition to a net-zero economy is creating one of the largest investment opportunities in our lifetime. Within technology, entrepreneurs are building solutions to aid organizations in navigating an evolving framework of environmental regulation, including the ability to measure and monitor their emissions data more accurately and consistently.
We are excited to announce our investment into Project Canary, a leader in providing enterprises with environmental data and monitoring capabilities for emissions-intensive operations. The Company’s continuous monitoring IoT devices and software suite provide an end-to-end solution for customers to measure, track and report on environmental and emissions data across the energy value chain. The platform allows customers to easily manage asset-level emissions via on-site sensor networks that act as remote monitoring devices through an IoT connection, notifying operators of site-specific methane and carbon dioxide leaks. Asset-level data also serves as remote asset management and field operations, creating additional means of operating efficiency and improvement.
Project Canary’s $111 million Series B will be used to support the company’s expansion across energy end markets and develop additional software products for customers looking to accurately track, manage and reduce their emissions. We are proud to partner with Chris, Will, and the Project Canary team to help support their next phase of growth and to be working alongside new and existing investors including Insight Partners, Canada Pension Plan Investment Board (CPPIB), Quantum Energy Partners, Energy Impact Partners (EIP), and Frontier Venture Capital, among others.
We thank Project Canary for instilling their trust in our partnership and look forward to supporting them in helping deliver the highest fidelity emissions data to help organizations reduce their footprint to drive our net-zero future!
