The strategic acquisition reflects growing, lasting market demand for enhanced measurement of ESG performance
DENVER and HAYWARD, Calif., March 24, 2022 /PRNewswire/ — Project Canary, the Denver-based climate tech and environmental assessment company, announced its strategic acquisition of Aeris Technologies today. Based in California’s Bay Area, Aeris – a leading provider of laser-based gas analyzers and leak detection systems – will become a wholly-owned subsidiary of Project Canary. Aeris analyzers use cutting-edge laser-based technology that identifies a variety of dangerous GHGs such as ethane, nitrous oxide, formaldehyde, ethylene oxide, benzene, and more.
- Expands ability to support environmental data analytics and emission profiles beyond the oil and gas sector, ushering in the Measurement Economy.
- Addresses complex but differing facility-level operating and emissions profiles which require an array of technologies to accurately detect and monitor GHGs – including utilities, landfills, agriculture, industrial complexes, and more.
- Aeris Technologies becomes a subsidiary of Project Canary; retains all talent.
The acquisition expands Project Canary’s capacity to use high-fidelity environmental performance data to accurately detect and measure various dangerous gas emissions that contribute to climate change. Project Canary is a technology leader in environmental data analytics using a portfolio of high fidelity sensors and environmental assessments to accurately measure and address emissions across the energy value chain. Similar to how Project Canary approached the Oil and Gas market, where they deployed high fidelity sensors to measure methane accurately, they see opportunities in other sectors where the Aeris technology will be most applicable.
“The Measurement Economy is here and not just for oil and gas – getting to net-zero, with accurate facility-level data, is also a mission-critical goal for agriculture, landfills, and steel industries, and the sense of urgency has never been more profound. We’re excited to welcome the Aeris team, which is deeply respected for its cutting-edge emissions management solutions, to the Project Canary family,” said Project Canary CEO and Co-founder Chris Romer, who recently participated in several CERAWeek sessions. “They are the right partner at the right time to fast-track our growth and help deliver our generation’s most critical ESG climate solutions for multiple industries.”
This strategic acquisition comes weeks after Project Canary completed its $111 million Series B funding round, led by Insight Partners (lead investor), Brookfield Growth, and the Canada Pension Plan Investment Board (CPP Investments).
“We’ve admired Project Canary’s forward-looking persistence in delivering measurable ESG data and actionable solutions at the facility level, all aimed at combating climate change with market-based solutions,” said Aeris Technologies CEO James Scherer. “We’re thrilled to join forces with Project Canary to offer unique, differentiated, high-fidelity measurement and data management solutions. This fuels the transformation of the gas analysis business in a cross-cutting fashion, enabling us to eliminate traditional market barriers that have hindered the widespread adoption of state-of-the-art laser-based solutions.”
Aeris will maintain its operations as a Project Canary subsidiary based in California; all Aeris employees will join the combined company. The acquisition enables Project Canary to expand its other operations in California to support its continued growth across the energy and other industrial value chains.
“Real-time and measurable ESG data analytics are what the market continues to demand. This strategic transaction creates sustainable value opportunities for our customers, our investors, and most importantly, our environment,” added Will Foiles, Project Canary COO and Co-founder.