DENVER, CO / ACCESSWIRE / August 9, 2023 / LongPath Technologies (LongPath) announced today that ConocoPhillips has invested $7.0 million to complete the company's Series A equity financing round. The two companies executed a Joint Development Agreement designed to optimize the application of LongPath's greenhouse gas detection and methane emissions monitoring technology across the various geographies in which ConocoPhillips operates. The investment brings the total Series A raised to $29.5 million. White Deer Energy led the round.
"The addition of ConocoPhillips as an investor further demonstrates strong support for LongPath's distinctive value proposition for continuous monitoring of methane emissions," said LongPath CEO Ian Dickinson. "We are excited to have ConocoPhillips, a leading multi-basin independent producer with premier positions in the Permian, Eagle Ford, and Bakken basins, support the commercialization of our technology."
"ConocoPhillips has been an early adopter of many methane detection technologies, especially continuous monitoring. This investment positions them to stay at the forefront of technology innovation where efficient deployment at scale offers potential to manage emissions responsibly," added Greg Rieker, LongPath co-founder and Chief Technology Officer.
ConocoPhillips joins Williams Companies and Pro-Frac as oil and gas value chain leaders who have elected to invest in LongPath.
About LongPath Technologies:
LongPath Technologies is an emissions network for accurate real-time data, specializing in continuous monitoring of methane emissions across the oil and gas supply chain with expanded services to various markets. LongPath-managed sensing infrastructure provides unrivaled coverage, delivering reliably accurate high-precision data tailored to clients' requirements. Our mission is to enable operators to confidently validate their gas performance, boosting operational credibility while driving sustainable futures. We are a trusted partner in emissions management and methane reporting, offering comprehensive coverage and reliably accurate data for confident quantification, measured methane intensity, and responsibly sourced gas (RSG) certification. LongPath offers cost-effective continuous emissions monitoring solutions supporting the journey towards a lower carbon energy transition. www.longpathtech.com
CONTACT
Rachael Shayne, CRO
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SOURCE: LongPath Technologies