LongPath Technologies Secures Up To $189M Conditional Loan Commitment from U.S. Department of Energy for USA Methane Emissions Monitoring Network
Advanced technology aims to eliminate six million tons of carbon dioxide annually, equivalent to removing 1.3 million cars from U.S. roads.
DENVER, Jan. 5, 2024 /PRNewswire/ -- LongPath Technologies, Inc. (LongPath) has received a conditional commitment for an up to $189 million loan guarantee from the U.S. Department of Energy's (DOE) Loan Programs Office (LPO). This landmark financial backing aims to accelerate the Made in USA procurement, assembly, and installation of LongPath's Active Emissions Overwatch System across key U.S. oil and gas production basins.
Pioneering Methane Emissions Detection and Reduction
LongPath's technology offers reliably accurate continuous monitoring and quantification of methane emissions—a greenhouse gas up to 80x more potent than carbon dioxide—in real-time. The loan will support the scaling of LongPath methane detection and quantification technology to include 1,000 large-area remote methane monitors across Texas, Oklahoma, Kansas, Colorado, North Dakota, and New Mexico, serving as a game-changer for emissions detection, localization, and quantification.
"LongPath's breakthrough technology embodies the art of the possible in American climate innovation. With our rigorously accurate, real-time methane monitoring system, we are not just theorizing solutions, but actively implementing a scalable and effective approach to a pressing environmental challenge. This is Made-in-USA technology resonates with our nation's commitment to both environmental stewardship and technological leadership. As we scale our network across key basins, we're poised to set a new standard for emissions detection, localization, and quantification. At a time when policy makers are keenly focused on actionable, measurable solutions, LongPath stands as a compelling example of how American ingenuity can drive meaningful progress in methane emissions reduction. The support from an innovative capital provider to scale this emissions network is a testament to that," said Sam Cummings, CFO LongPath Technologies.
Bridging Gaps in Current Emission Monitoring Systems
Traditional methane monitoring often relies solely on infrequent flyovers and optical gas imaging (OGI) cameras, which are significantly less effective and leave gaps in time and fidelity of intermittent and super-emitter leak detection. LongPath's technology is designed to fill these gaps. With the potential to reduce greenhouse gas emissions by approximately 90% compared to incumbent methods, and 10x greater detection levels and 2-3x accuracy vs point sensors, LongPath's Active Emissions Overwatch System is set to redefine the standards of methane monitoring and measurement.
Economic and Job Benefits
Beyond its environmental impact, the LongPath Active Emissions Overwatch network project is expected to create 35 construction jobs and 266 operations jobs at its peak. This aligns with the DOE's commitment to creating quality jobs with strong labor standards, including comprehensive Community Benefits Plans.
Collaboration with Top Research Institutions
The technology was developed in partnership with the University of Colorado, the National Institutes of Standards and Technology (NIST), and with support from DOE's Advanced Research Projects Agency – Energy (ARPA-E) MONITOR and follow-on SCALEUP programs and commercialized in 2020.
Strengthening Domestic Supply Chains
Components for LongPath's advanced systems are sourced from suppliers across the United States, bolstering domestic supply chains for crucial energy technologies.
Aligning with National Climate Goals
The LongPath Active Emissions Overwatch network could play a vital role in helping the United States meet its ambitious net-zero targets, advancing environmental justice efforts under the Biden-Harris Administration's Justice40 initiative.
Next Steps
The conditional commitment is subject to final approval, dependent on LongPath meeting specific milestones, including technical, legal, commercial, and contractual conditions.
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 infrastructure provides unrivaled detection and coverage, delivering reliably accurate precision data tailored to clients' requirements. Its 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 high quality data for confident quantification, measured methane intensity, and differentiated gas certification. LongPath offers cost-effective continuous emissions monitoring solutions supporting the journey towards a low-carbon energy transition. www.longpathtech.com/
SOURCE LongPath Technologies, Inc.
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