NGIF CAPITAL CLOSES INVESTMENT IN QUBE TECHNOLOGIES TO ACCELERATE THEIR EMISSIONS MONITORING PLATFORM

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NGIF CAPITAL CLOSES INVESTMENT IN QUBE TECHNOLOGIES TO ACCELERATE THEIR EMISSIONS MONITORING PLATFORM


February 15, 2024

CALGARY, AB (February 15, 2024) NGIF Capital (“NGIF”), through Cleantech Ventures, its venture fund investing in cleantech innovation in the natural gas sector, today announced its investment in Qube Technologies’ (“Qube” or the “Company”) Series B funding. The financing was led by Riverbend Energy Group, with participation from TC Energy, Bain & Company Future Back Ventures, and NGIF Capital.

The team at Qube has combined the best of hardware and physics-guided machine learning to provide an affordable, reliable alternative for emissions monitoring that can be applied to Canada’s gas sector.

The Company has developed a proprietary calibration process to get a high degree of accuracy from a low-cost metal oxide sensor. The sensor is packaged with an internet-of-things platform to provide customers with accurate and continuous coverage of emissions across a variety of assets and industries. The data is fed into a proprietary artificial intelligence and physics-enabled analytics platform to quantify and measure leaks, and actionable emissions performance insights are displayed on an easy-to-use enterprise-facing cloud-based interface. 

“Qube has been part of the NGIF ecosystem since 2022, when the Company first began trials at the NGIF Accelerator’s Emissions Testing Centre program,” said John Adams, NGIF Cleantech Ventures Managing Partner. “Since then, the NGIF team has closely monitored the progress of Qube’s technology development and observed the growth in the management team as the Company scaled from 281 devices in the field in 2021 to 4,000+ in 2023.”


Qube's Axon Emissions Monitoring Device

Image: Qube’s Axon Emissions Monitoring Device.


“The Canadian natural gas industry continues to remain at the forefront of environmental stewardship and innovation. Through investments in companies such as Qube Technologies, NGIF is further focusing the efforts of the industry to adopt and scale these cutting-edge solutions,” said Timothy M. Egan, President and CEO of the Canadian Gas Association (CGA).

Qube’s Series B funding is intended to help the firm further its commitment to innovation, broaden its international reach, and reinforce its position as the leading provider of continuous emissions monitoring for high-emitting industries. “Securing this latest investment accelerates Qube Technologies’ development and deployment of emissions monitoring technologies,” said Qube CEO Alex MacGregor. “This funding from NGIF Cleantech Ventures, TC Energy, and Bain & Company FBV expands our reach beyond oil and gas to landfills, mining, and agriculture, reinforcing our commitment to provide precise, reliable tools for emission monitoring.”


About NGIF Capital
NGIF Capital is a venture capital firm and for-profit investment arm of NGIF with a dedicated team of professionals that operates current and future investment funds. NGIF Capital is unique in how it brings energy industry leadership to every investment with strong connections to every part of the value chain. NGIF Capital currently operates Cleantech Ventures Fund I.

About Cleantech Ventures Fund I
Cleantech Ventures Fund I is a $55 million industry-led venture capital fund that primarily invests in early-stage clean-technology companies. The objective of the Fund is to invest in technologies that lead to environmental performance in the energy industry. These solutions are typically focused on existing natural gas production, transmission, distribution, storage, and end-use applications, as well as increased production of renewable natural gas and hydrogen. Cleantech Ventures Fund I is operated by NGIF Capital. For more information, please visit ngif.ca

About Qube Technologies
Qube Technologies is a Calgary, AB-based hardware-enabled SaaS business helping primary industries reduce emissions through continuous monitoring. For more information, please visit qubeiot.com


Fund Information:

John Adams
President and CEO, NGIF Capital
Managing Partner, NGIF Cleantech Ventures
613-748-0057
jadams@ngif.ca

Media Information:

Ayoola Ajibare Ibironke
Communications Coordinator, NGIF Capital Corporation
403-389-2212
aajibare@ngif.ca


Cleantech Ventures Fund I surrounded in a circle by the ATCO, Tourmaline, ARC Resources, Fortis BC, CGA Enterprises, Tidewater Renewables, Birchcliff Energy, TC Energy, and TriSummit Utilities logos. The NGIF Capital logo is at the bottom of the circle.


 

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At NGIF, we invest in companies who are leading in the development of clean technologies for energy and who have the potential to demonstrate significant and quantifiable environmental and economic returns.

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