GHGSat Funding, Investors & Competitors

GHGSat has raised $163M across 5 funding rounds, most recently a $34M undisclosed-stage round in September 2025.

Last GHGSat funding round

$34M

Undisclosed stage · Sep 2025

Cumulative funding GHGSat raised

$163M

across 5 funding rounds

Key investors in GHGSat

  • Climate Investment
  • BDC Capital
  • Investissement Quebec
  • Fonds de solidarité FTQ
  • Space Capital
  • Business Development Bank of Canada
  • SLB
  • Yaletown Partners

GHGSat Overview

About GHGSat

GHGSat is a Montreal-headquartered provider of satellite-based monitoring for greenhouse gas emissions. The firm launched its first high-resolution satellite in June 2016 to measure methane and carbon dioxide from industrial sites worldwide, followed by a second in September 2020 and a third in 2021. It operates aircraft platforms for complementary services and develops applications for air quality gases like SOx from shipping.


Founded

2011

HQ

CanadaMontreal

Website

ghgsat.com

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

GHGSat Funding History

GHGSat has raised a total of $163M across 5 funding rounds.

GHGSat's first fundraising round was a $10M Series A in September 2018. The most recent completed round was a $34M undisclosed-stage round in September 2025.

GHGSat funding rounds

GHGSat funding rounds
DateStageInvestorsRaisedDeal Summary
Sep 2025Undisclosed stageYaletown Partners (lead); Fonds de solidarité FTQ; BDC Capital$34MGHGSat, a Montreal-based leader in emissions monitoring technology, secured $47 million CAD in new financing on September 15, 2025, to fuel global expansion and advance its satellite technology and analytics services for detecting methane and other greenhouse gases. The funding comprised equity via convertible notes led by new investor Yaletown Partners, with participation from existing investors Fonds de solidarité FTQ and BDC Capital, plus debt led by National Bank of Canada and supported by Export Development Canada. This round brings total equity and debt raised since 2011 to $173 million CAD. GHGSat operates a constellation of 14-15 satellites providing high-revisit, sensitive monitoring of emissions from millions of facilities worldwide, enabling precise measurements over estimates for compliance and yield optimization in carbon-intensive industries. The financing underscores growing demand for GHGSat's technology, highlighted by a recent ExxonMobil commitment to use its satellites for methane monitoring in Canada, the US, Indonesia, and Papua New Guinea. CEO Stéphane Germain emphasized investor confidence in the company's focus on operationally useful tech and emissions intelligence. Yaletown Partners' Sophie Gupta praised GHGSat's transformative impact on emissions understanding, positioning it to embed data into strategic decisions for industrial sectors. GHGSat differentiates through its satellite revisit rates and detectors, supporting environmental compliance and operational benefits.
Sep 2023Series CClimate Investment; Japan Energy Fund; Fonds de solidarité FTQ; BDC Capital; Investissement Quebec$44MGHGSat is a Montreal-based greenhouse gas emissions intelligence company that uses satellite technology to detect and monitor methane and carbon dioxide emissions. The company provides data and integrated solutions to help customers understand their greenhouse gas emissions, combining satellite measurements with other data types to deliver actionable insights rather than raw measurements alone. In September 2023, GHGSat completed its Series C1 funding round, raising $44 million USD (comprising both equity and debt) from prominent investors including BDC Capital, Climate Investment, Fonds de solidarité FTQ, Investissement Québec, and the Japan Energy Fund. This brought total capital raised since inception in 2011 to over $126 million USD. The company reported significant traction leading into the round, with revenue growing eightfold since its previous funding in 2021 and a fourfold increase in commercial satellites. GHGSat's 2023 revenue reached $20 million. The funding was allocated to accelerate satellite launches, advance integrated solutions, develop new measurement technologies for detecting methane with improved precision, and expand commercial operations to meet growing customer demand.
Jul 2021Series BClimate Investment; Space Capital; Investissement Quebec$45MGHGSat, a Montreal-based company founded in 2011, develops high-resolution satellites and aircraft sensors to detect greenhouse gas emissions, particularly methane, from small industrial sources 100 times smaller than those detectable by other satellites. The company provides tools like PULSE, a free global methane concentration map, and SPECTRA, an emissions data management portal. It has launched satellites such as Hugo in January 2021 and expanded its capabilities for monitoring emissions at sea using NASA-developed techniques. In July 2021, GHGSat closed the second tranche of its Series B funding round, totaling US$45 million, with investors including the Government of Québec through Investissement Québec, OGCI Climate Investments, and Space Capital. This brought cumulative funding since inception to over $70 million. The funds support expansion of its detection array to 10 satellites and 3 aircraft sensors by 2023, accelerating commercialization and growth from 30 to 100 employees. GHGSat has been recognized for innovation and received additional support, including $20 million from Sustainable Development Technology Canada in November 2021 for satellite constellation advancement. Later rounds included a Series C1 of US$44 million and further funding bringing total equity and debt to $173M CAD by an unspecified later date. The company aims to help industries and governments reduce emissions, aligning with Canada's 40-45% reduction target by 2025.
Sep 2020Series BInvestissement Quebec (lead); Climate Investment; Fonds de solidarité FTQ; Space Capital; Business Development Bank of Canada; SLB$30M-
Sep 2018Series AClimate Investment (lead); Space Capital; Dylan Taylor; BDC Capital; Business Development Bank of Canada; SLB$10MGHGSat participated in a funding round on September 24, 2018, with investor Climate Investment among others including BDC Capital, Business Development Bank of Canada, Dylan Taylor, SLB, and Space Capital. Climate Investment led this round, marking their first investment in GHGSat, followed by additional rounds including Series A - II, Series B in 2020, Series B - II in 2021, and Series C in 2023.

Who has invested in GHGSat?

10 investors have backed GHGSat across its funding rounds, including Climate Investment, BDC Capital, Investissement Quebec, Fonds de solidarité FTQ, Space Capital and Business Development Bank of Canada.

Lead investors include Yaletown Partners, Investissement Quebec and Climate Investment.


GHGSat Investors

Investors in GHGSat by funding rounds participated
InvestorHQRoundsRoleFirst check
Climate InvestmentUnited KingdomLondon4LeadSep 2018
Fonds de solidarité FTQCanadaMontreal3ParticipantSep 2020
Space CapitalUnited StatesNew York City, NY3ParticipantSep 2018
BDC CapitalCanadaMontreal3ParticipantSep 2018
Investissement QuebecCanadaQuebec City3LeadSep 2020
Business Development Bank of CanadaCanadaMontreal2ParticipantSep 2018
SLBUnited StatesUnited States2ParticipantSep 2018
Japan Energy FundJapanTokyo1ParticipantSep 2023

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GHGSat Competitors

GHGSat competitors include listed companies like SpaceX, EchoStar, AST SpaceMobile and China Satellite, and private ones like ICEYE and Yuanxin Satellite.

Public and private companies comparable to GHGSat
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
SpaceXUnited StatesUnited StatesPublicly listed$19B$3.9B$2.0T-
EchoStarUnited StatesUnited StatesPublicly listed$15B($16B)$27B3.1x
AST SpaceMobileUnited StatesUnited StatesPublicly listed$71M($419M)$19B148.3x
China SatelliteChinaChinaPublicly listed$394M$263M$15B-
ICEYEFinlandEspooPrivate$289M$115M$12B40.3x
Yuanxin SatelliteChinaShanghaiPrivate--$7.4B-

GHGSat Public Comps

GHGSat is still privately-owned, but its public comps include SpaceX, EchoStar, AST SpaceMobile, China Satellite, Globalstar, China Spacesat, Viasat, Planet Labs, Loar Group and Iridium.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
SpaceX$19B$3.9B106.0x-503.3x-
EchoStar$15B($16B)3.0x3.1x(2.8x)21.5x
AST SpaceMobile$71M($419M)282.1x148.3x(47.7x)(72.4x)
China Satellite$394M$263M36.7x-55.0x-
Globalstar$273M$126M39.2x37.9x85.2x77.4x
China Spacesat$910M$56M11.3x10.0x183.0x134.8x
Viasat$4.6B$1.6B3.3x3.2x9.5x9.9x
Planet Labs$308M($211M)18.9x14.9x(27.5x)508.1x

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Common questions about GHGSat

When was GHGSat founded?GHGSat was founded in 2011.
Where is GHGSat headquartered?GHGSat is headquartered in Montreal, Canada.
Is GHGSat publicly listed?No, GHGSat is a private, VC-backed company.
How much funding has GHGSat raised?GHGSat has raised $163M across 5 funding rounds.
What was GHGSat's last funding round?GHGSat's last funding round was a $34M undisclosed-stage round in September 2025, led by Yaletown Partners.
Who are GHGSat's investors?GHGSat's investors include Climate Investment, Fonds de solidarité FTQ, Space Capital, BDC Capital, Investissement Quebec, Business Development Bank of Canada, SLB, Japan Energy Fund, Dylan Taylor and Yaletown Partners.
Which companies are comparable to GHGSat?Companies comparable to GHGSat include SpaceX, EchoStar, AST SpaceMobile, China Satellite, ICEYE and Yuanxin Satellite.

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