SCF Ventures invests in continuous emissions monitoring technology provider Qube Technologies

SCF Ventures of Calgary has announced its investment in Qube Technologies, a provider of continuous emissions monitoring technology that enables oil and gas operators to better detect, measure, and reduce their methane and other greenhouse gas emissions.

Calgary-based Qube, founded in 2018, provides customers with internet-of-things (IoT) devices to continuously monitor for a host of gases including methane, carbon dioxide and hydrogen sulfide.

With the help of artificial intelligence, Qube combines gas concentration, atmospheric, and other operational data to locate, quantify and classify emissions by source and severity. Without continuous monitoring, emissions can continue undetected for months, undermining emissions reduction efforts with an associated cost of lost production to operators.

In 2021, Qube received the world’s first regulatory approval to replace traditional leak detection and repair (LDAR) practices with Qube’s continuous measurement technology. LDAR programs utilizing Qube’s technology are estimated to reduce fugitive emissions by up to 90% while offering cost savings, improved safety, and verifiable data that prove environmental stewardship.

“Natural gas plays a vital role in powering global standards of living, but methane leaks can cause a significant greenhouse gas impact,” commented Hossam Elbadawy, managing director of SCF Ventures. “SCF Ventures is proud to partner with Qube to help solve this problem in a way that will reduce not only harmful emissions, but also monitoring costs and administrative headaches.”

“This investment will allow us to accelerate the deployment of our continuous monitoring systems and help primary industries reduce their emissions,” said Alex MacGregor, Chief Executive Officer at Qube.

Strategic investors joining the funding round include National Energy Services Reunited, a Middle Eastern energy services provider; individuals from Pine Brook, a private equity firm that specializes in business building and growth investments in energy and other areas; and Ian Bruce, former president and CEO of Peters & Co., a Canadian energy investment bank.

According to Alex MacGregor, CEO at Qube, “this investment will allow us to accelerate the deployment of our continuous monitoring systems and help primary industries reduce their emissions.

“Methane emissions are a global problem, and we are excited to be working with partners like SCF and NESR which have an international reach and a proven track record. With recent commitments such as the Global Methane Pledge, we are well positioned to help industry cost-effectively reduce greenhouse gas emissions while providing stakeholders, including regulators and investors, with transparent emissions performance data.”

North West Capital Partners, a Calgary-based energy investment firm, led Qube’s previous funding round and remains an active partner.