GHGSat just locked in CAD $47 million, a split between convertible notes and debt, and the mix of players says as much about trust as it does about capital. Yaletown Partners carried the note portion, National Bank of Canada took the debt, Fonds de solidarité FTQ and BDC Capital doubled down as returning backers, and Export Development Canada brought additional support. It’s a September 16, 2025 deal that doesn’t need hype because the fundamentals are loud enough on their own.
Founded in 2011 by Stéphane Germain, GHGSat built what sounded like science fiction and then made it standard operating procedure. Satellites spotting methane and carbon dioxide leaks from orbit at the facility level? That was a thesis. Now it’s a business, run by Germain with Chief Technology Officer Eric Edwards and Chief Financial Officer Jeffrey Kadanoff, supported by a global team spread across Montreal, Houston, Calgary, Ottawa, and London. With twelve satellites in orbit, another nine on the way by 2026, and names like Pierre and Valmay marking the June 2025 launches, GHGSat isn’t speculating, it’s scaling.
The constellation does more than snap pictures. These are proprietary systems with patented wide-angle Fabry-Perot spectrometers capable of spotting emissions as small as 100 kilograms per hour, a hundred times sharper than anything else flying. Each satellite processes five gigabytes of emissions data daily, feeding algorithms that turn raw detection into intelligence clients can act on in real time.
The proof sits in the numbers. In 2023, GHGSat logged over three million measurements across eighty-five countries, identified emissions equal to 378 million tons of CO2, and enabled mitigation of more than twenty megatons of methane. Since the 2021 funding round, revenues have jumped eightfold, the satellite fleet has quadrupled, and the team has grown from thirty people into a workforce of more than a hundred. That’s not momentum, it’s compounding.
ExxonMobil, TotalEnergies, Canada’s Oil Sands Innovation Alliance, Yahsat, ADNOC, NASA, and the UK Space Agency aren’t test-driving GHGSat’s tech; they’re embedding it into their operations. When regulators and emitters both trust your data, you’re not just selling monitoring, you’re selling credibility. And credibility is the rarest commodity in climate reporting.
The lesson in this round isn’t that GHGSat raised CAD $173 million to date. It’s that Germain and his team earned it by solving problems competitors can’t touch. They didn’t pitch potential, they delivered results, again and again. That’s why investors leaned in. GHGSat isn’t just tracking leaks from the skies. It’s turning emissions into accountability, one satellite pass at a time.
