Expert Insight

Ones to Watch: The Companies Spearheading Emissions Management in 2023

Published 24 August 2023

Written by Shirinnaz Amirova, Energy Analyst

The oil and gas industry, historically one of the largest contributors to greenhouse gas emissions, is in a race against time. As global climate change concerns mount, emissions management is increasingly becoming a pivotal aspect of the industry's survival and growth strategy. Not only does this align with the growing global push for environmental sustainability, but it also ensures these companies remain relevant, compliant, and profitable in an evolving marketplace. Here's an in-depth look at ten companies leading the emissions management charge in 2023.

Svante

Founded in Canada, Svante provides cost-effective carbon capture technology at an industrial scale. Their innovative solutions allow businesses to capture carbon directly from the source, significantly reducing greenhouse gas emissions. Their end-to-end integrated approach makes them a favorite amongst industry leaders.

Investors: Breakthrough Energy Ventures and Chevron Technology Ventures are among its key backers.

Partners: Svante has partnered with leading entities like Total and LafargeHolcim to scale its carbon capture solutions.

Aker Carbon Capture

Originating from Norway, Aker Carbon Capture offers efficient carbon capture and storage (CCS) solutions tailored to the needs of the energy sector. Their unique technology is known for its high carbon capture rates and the ability to integrate seamlessly with existing infrastructure.

Investors: Major investors include Aker ASA, a leading industrial investment company.

Partners: Aker has collaborations with SINTEF, Microsoft, and Equinor, targeting the energy sector for CCS solutions.

Maze Environmental

Founded in 2020, in the United States, MAZE Environmental provides a technology that is designed to eliminate the need for flaring. Current technologies focus on capturing emissions, but MAZE Environmental is focused on solving the problem by reducing and eliminating emissions. MAZE’s process recovers lost energy that is vented or flared, transferring that energy to provide an uplift in oil production, and meeting crude quality regulations.

The technology is also designed and built with environmental solutions in mind, without needing to retrofit your entire production process, making it easy for operators to use.

Investors: Maze Environmental is privately held.

Partners: Maze Environmental aims to foster collaborations with upstream producers for flaring elimination.

Kairos Aerospace

Founded in 2016, in the United States, Kairos Aerospace provides methane detection technology that helps businesses identify and reduce methane emissions from oil and gas operations. Their technology uses a combination of aerial imaging and machine learning to identify methane leaks in real time.

Kairos Aerospace's technology uses a light aircraft to fly over oil and gas facilities. The aircraft is equipped with a camera that can detect methane leaks in the atmosphere. The images from the camera are then analyzed by machine learning algorithms to identify methane leaks. The algorithms can identify leaks that are as small as 0.01 cubic feet per minute.

Investors: Kairos Aerospace has raised over $100 million in funding from investors such as Breakthrough Energy Ventures, Chevron Technology Ventures, and John Crane.

Partners: Kairos Aerospace has partnered with leading oil and gas companies such as ExxonMobil, Chevron, and ConocoPhillips to deploy its methane detection technology.

Carbon Clean

Operating globally, Carbon Clean focuses on providing affordable carbon capture technology for industries. Their modular solutions can be implemented on various scales, making them adaptable for both large corporations and smaller enterprises.

Investors: Equinor Ventures and WAVE Equity Partners are among the prominent backers.

Partners: Carbon Clean collaborates with enterprises like Tuticorin Alkali Chemicals & Fertilizers in India for carbon capture projects.

Carbon Free

This company is pioneering pathways to make fossil fuels more sustainable by eliminating their carbon emissions. By integrating their technology within the oil and gas sector, Carbon Free promises a greener future for energy consumption.

Investors: Specific investors remain undisclosed, but there's noticeable interest from green tech-focused venture capitalists.

Partners: Its partner network is expanding, primarily focusing on technology integration within the oil and gas sector.

Kayrros

Founded in 2016, in France, Kayyros provides environmental intelligence technology that helps businesses measure, manage, and reduce their environmental impact. Their technology uses satellite data and machine learning to track emissions, identify risks, and optimize operations.

Kayyros's technology uses satellite data to track emissions from a variety of sources, including power plants, factories, and vehicles. The data is then analyzed by machine learning algorithms to identify trends, patterns, and anomalies. This allows businesses to better understand their environmental impact and make informed decisions about how to reduce it.

Investors: Kayrros has raised over $75 million in funding from investors such as the French Public Investment Bank (BPI), European Investment Bank (EIB), NewSpace Capital, Opera Tech Ventures and BNP Paribas group.

Partners: Kayyros has partnered with leading companies in the energy, industrial, and transportation sectors to deploy its environmental intelligence technology.

Encino Environmental Services

Founded in 2010, in the United States, Encino Environmental Services provides environmental testing services and emissions monitoring solutions to the oil and gas industry. Their services include emissions performance testing, leak detection and repair, continuous emissions monitoring systems, and high-resolution satellite methane detection.

Emissions performance testing: This service tests the emissions of oil and gas equipment to ensure that they are in compliance with regulations. Leak detection and repair: This service identifies and repairs leaks in oil and gas equipment to prevent emissions. Continuous emissions monitoring systems (CEMS): These systems monitor emissions from oil and gas equipment in real time to ensure compliance with regulations. High-resolution satellite methane detection: This service uses satellite data to detect methane emissions from oil and gas operations.

Investors: Encino Environmental Services is privately held.

Partners: Encino Environmental Services has partnered with leading oil and gas companies such as ExxonMobil, Chevron, and ConocoPhillips.

Net Power LLC

Net Power stands out by generating power from natural gas without emitting any CO2 into the atmosphere. Their Allam Cycle technology not only captures all the CO2 emissions but also utilizes them in the energy generation process.

Investors: Backers include Exelon Generation, McDermott, and Oxy Low Carbon Ventures.

Partners: The company collaborates with Toshiba and Allam-Fetvedt Cycle for technology development.

Iconic Air

Founded in 2018 in the United States, Iconic Air is a carbon accounting and leak detection software company that leverages data automation and analytics to calculate, reconcile and report greenhouse gas emissions from industrial sources. Their mobile app allows for in-field data collection for boots-on-the-ground leak detection surveys and their carbon accounting module equips customers to report emissions to regulators and inform stakeholders of progress on carbon reduction commitments. Iconic Air uses technology to integrate data from methane measurement technologies along with operational sensors.

Investors: Venture capital backed, Iconic Air has raised over $5 million in funding from XYZ Ventures, Garuda Ventures, GTM Fund, and Country Roads Angel Network.

Partners: Iconic Air has partnered with publicly-traded and privately-held oil and gas companies such as Diversified Energy, Civitas Resources, Enstor, and Steward Energy. Iconic Air supports associations looking to practically advance the decarbonization of energy such as the Marcellus Shale Coalition, OGCI's Aiming for Zero, ONE Future, Gas and Oil West Virginia and Houston Energy Transition Initiative.

Aeromon

Founded in 2016, in Finland, Aeromon provides environmental intelligence technology that helps businesses measure, manage, and reduce their environmental impact. Their technology uses a combination of satellite data, machine learning, and drones to track emissions, identify risks, and optimize operations.

Aeromon's technology uses a combination of satellite data, machine learning, and drones to track emissions from a variety of sources, including power plants, factories, and vehicles. The satellite data is used to identify potential emission sources, and the machine learning algorithms are used to classify emissions and estimate their quantities. The drones are used to collect ground-level data, such as temperature, humidity, and wind speed, which is used to improve the accuracy of the emissions estimates.

Investors: Aeromon has raised over $10 million in funding from investors such as Breakthrough Energy Ventures, EIT Climate-KIC, and Fortum.

Partners: Aeromon has partnered with leading companies in the energy, industrial, and transportation sectors, including Shell, Equinor, and Metso Outotec.

Carbon Engineering

Established in Canada, Carbon Engineering is known for its Direct Air Capture technology. They capture CO2 directly from the atmosphere, providing a solution to offset emissions that can't be captured at the source.

Investors: Bill Gates, Chevron, and Occidental are significant investors.

Partners: Carbon Engineering collaborates with academic institutions and industry stakeholders for its air capture solutions.

Carbfix

Based in Iceland, Carbfix offers a unique solution to convert CO2 into rock underground, ensuring its permanent removal from the atmosphere. By imitating natural processes, they ensure that captured CO2 doesn't re-enter the atmosphere.

Investors: The European Union's Horizon 2020 program is a key supporter.

Partners: The company works closely with Reykjavik Energy and the University of Iceland.

Climeworks

Climeworks operates globally with its Direct Air Capture technology. Not only do they capture CO2 from the air, but they also offer solutions to store it or utilize it in various products, ensuring its removal from the carbon cycle.

Investors: Zürcher Kantonalbank and private investors like Christoph Gebald and Jan Wurzbacher have shown interest.

Partners: Climeworks has operational partnerships with Carbfix and the Icelandic geothermal energy provider ON Power.

CUR8

This startup offers breakthrough technology in emissions management. CUR8 focuses on developing modular systems that can be integrated into existing industry operations, allowing for scalable and efficient carbon capture.

Investors: While specifics are limited, venture capital interest in green technology has benefited CUR8.

Partners: The company aims to foster collaborations with major industry players for modular carbon capture solutions.

Greenlyte Carbon Technologies

With a vision of accelerating the transition to a low-carbon economy, Greenlyte focuses on carbon capture, utilization, and storage. Their unique solutions make them a key player in the industry's effort to reduce its carbon footprint.

Investors: Green tech-focused venture capitalists are driving investment.

Partners: While exact details remain proprietary, Greenlyte is forging ties with industry stakeholders for carbon capture, utilization, and storage solutions.

SLB

Founded in 1927, in the United States, SLB provides products and services to the oil and gas industry. Their emissions management products and services include:

Methane measurement and monitoring solutions: SLB offers a variety of technologies for measuring and monitoring methane emissions from oil and gas operations. These include satellite-based monitoring, ground-based monitoring, and leak detection and repair (LDAR) services.

Carbon capture and storage (CCS) technologies: SLB is developing and deploying CCS technologies to help oil and gas companies reduce their carbon emissions. These technologies capture carbon dioxide from industrial emissions and store it underground.

Emissions reduction advisory services: SLB provides advisory services to oil and gas companies on how to reduce their emissions. These services cover a range of topics, such as methane measurement and monitoring, CCS, and energy efficiency.

Investors: SLB is a publicly traded company. Its largest investors include BlackRock, Vanguard Group, and State Street Corporation.

Partners: SLB partners with a variety of organizations to develop and deploy emissions management technologies. These partners include oil and gas companies, government agencies, and research institutions.