QLM raises £12m for quantum sensor technology
QLM Technology in the UK has raised £12m (€14m, $14m) for its quantum sensing technology.
The company has headquarters in Cardiff and operations in Bristol and San Francisco and has developed a laser sensor based on quantum technology that can measure small emissions of methane, a major greenhouse gas.
The Series-A funding includes a Collaboration Agreement with Schlumberger, where QLM’s technology will be part of the new Schlumberger End-to-end Emissions Solutions (SEES) business offering for the oil and gas industry.
SEES’s methane monitoring offering is based on previous investments in satellite, aircraft, and drone-mounted sensors, along with additional sensors developed internally. QLM’s LiDAR technology complements those mobile monitors by providing accurate and sensitive measurements where continuous monitoring is required. The ability to quantify flare efficiency will ensure optimal efficiency for flares that cannot yet be eliminated.
“The technology is unique in the emissions monitoring marketplace in its potential to achieve the greatest amount of GHG abatement at the lowest cost of ownership,” said Murray Reed, Chief Executive officer, QLM.
“The funding and strategic relationship with our new lead investor, Schlumberger, and expanded backing of initial and new investors will allow us to scale our manufacturing, enabling significant cost reduction, as we launch our solution into the various GHG-intensive industries and markets,” he said.
“SEES selects partners following rigorous technical evaluation to identify innovative technology that complements our existing measurement solutions,” said Kahina Abdeli-Galinier, Emissions Business Director at Schlumberger.
“The unique QLM LiDAR technology will allow operators to continuously monitor their facilities for methane emissions, and the technology is differentiated in its ability to detect even small emissions; to quantify emission rates accurately; to provide actionable information by locating the emission source precisely; and to fit upstream, midstream, and downstream facilities of all sizes.”
In addition to lead investment from Schlumberger, existing investors Green Angel Syndicate, Enterprise100 Syndicate, Development Bank of Wales, Newable Ventures, and several private investors joined in this round of funding, as well as new investor Quantum Exponential.
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