Image-based continuous monitoring solution
simplifies methane emissions mitigation for the oil and gas
industry
BOSTON, July 10,
2024 /CNW/ - Kuva Systems, a leader in
camera-based methane emissions monitoring for the oil and gas
industry, today announced its award of approx. $3 million (CAD
4,079,895) in federal funding from PrairiesCan through its
Business Scale-up and Productivity Program. The award complements
$5.7 million in funding Kuva recently
received from prior investors.
Kuva's Canadian operations have been awarded CAD 4,079,895 in interest-free, repayable funding
to grow market share of its automated, image-based continuous
methane monitoring solution which enables the oil and gas industry
to cost-effectively mitigate methane and VOC emissions and optimize
operations. PrairiesCan supports high growth businesses like Kuva
that are seeking to improve productivity, scale-up and
commercialize technology.
"We are thrilled to have been selected for investment by
PrairiesCan. This funding will enable us to accelerate growth by
investing into increasing our Calgary-based team and commercializing
additional features while helping our oil and gas customers see,
size and solve their methane emission challenges to meet emission
reduction goals," said Stefan Bokaemper, President and CEO of Kuva
Systems and Kuva Canada.
Kuva's COO Thomas McArthur
remarked, "We are pleased to accept this support from PrairiesCan,
which will allow Kuva to expand our technological capabilities,
provide jobs and continue delivering scalable, effective solutions
to our customers around the world."
Kuva plans to use the proceeds to expand its marketing,
operations and product development initiatives to grow market share
of its automated, image-based continuous methane monitoring
solution which safely detects and quantifies methane emissions more
accurately, faster and at a lower cost than traditional methane
inspection technologies. Kuva's solution has been approved for
regulatory use where advanced technology alternatives are possible,
including Colorado, New Mexico and Alberta.
About Kuva Systems
Kuva Systems simplifies methane mitigation for the oil and gas
industry with a proven, image-based continuous monitoring solution
that provides clear, irrefutable gas plume images, allowing
operators to see, size and solve their emissions challenges. With
offices in Boston, Houston, Midland and Calgary, Kuva enables scalable methane
mitigation with cost-effective root-cause analysis, optimized
operations, high quality emissions data and regulatory
compliance.
For more information, visit:
https://www.kuvasystems.com and
https://www.canada.ca/en/prairies-economic-development/news/2024/07/minister-vandal-announces-federal-investments-to-support-clean-technology-advancements-across-alberta.html
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SOURCE Kuva Systems