Orbio raises a $4m to power global methane emissions reduction

Today, we are excited to announce a major milestone, with the closing of our $4M seed round, with backing from Initialized Capital, Y Combinator, the European Space Agency, Leap Forward Ventures and angels JJ Fliegelman and Liz Wessel. 

Orbio uses satellite imagery to track methane emissions from the oil & gas industry. We sell the data to oil & gas, and financial companies that want to invest in the best performing energy assets. Orbio was started by Rob Huppertz, who has a background in satellites from his time at Nasa Harvest, and Jack Angela who has a background in methane from some project work with Shell. 

Until today, oil & gas companies use generic emission factors to calculate and report their methane emissions which has led to huge underreporting of emissions, by up to 70% according to the IEA. This hasn’t been an issue until today where, as a result of the Global Methane Pledge, regulations are being introduced globally that is triggering a global need for accurate methane emissions data.

This is being driven by regulation from the US in the form of the super-emitter programme & IRA methane fee, and the EU’s Methane Strategy. This is alongside increasing scrutiny and pressure from  public. This is presenting new pressures on oil & gas and financial companies when trying to assess emission related risks from energy asset portfolios. 

Orbio is tackling this by analyzing satellite imagery to track methane from every oil & gas facility globally, in real-time. In doing so they can help oil & gas and financial companies:

  1. Time constrain large super-emitter events on sites that could be identified by the public
  2. Enhance emission inventory management
  3. Benchmark portfolio leaders and laggards

Orbio is able to deliver this through its processing capabilities which were ranked #1 against other companies in the space in a recent study with Stanford University. This is the first step towards helping companies use reliable, measurement-informed data to move away existing static excel sheets.

"Although methane is much shorter-lived than carbon dioxide, it has 35X the heat trapping potential - making it a very urgent and critical piece to solve as part of the larger climate change puzzle," says Kim-Mai Cutler, partner at Initialized Capital who led the round. "Orbio Earth has demonstrated a much more accurate approach to detection so that leaks can be quickly accounted for and addressed.”

With this funding, Orbio is planning on scaling existing models to lower detection thresholds, increase temporal frequency and expand on it's emission risk focused product suite.

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