Kuva Systems secures $8.7 million in funding to support market expansion
Image-based continuous monitoring solution simplifies methane emissions mitigation for the oil and gas industry
BOSTON, July 10, 2024 /CNW/ - Kuva Systems, a leader in camera-based methane emissions monitoring for the oil and gas industry, today announced its award of approx. $3 million (CAD 4,079,895) in federal funding from PrairiesCan through its Business Scale-up and Productivity Program. The award complements $5.7 million in funding Kuva recently received from prior investors.
Kuva's Canadian operations have been awarded CAD 4,079,895 in interest-free, repayable funding to grow market share of its automated, image-based continuous methane monitoring solution which enables the oil and gas industry to cost-effectively mitigate methane and VOC emissions and optimize operations. PrairiesCan supports high growth businesses like Kuva that are seeking to improve productivity, scale-up and commercialize technology.
"We are thrilled to have been selected for investment by PrairiesCan. This funding will enable us to accelerate growth by investing into increasing our Calgary-based team and commercializing additional features while helping our oil and gas customers see, size and solve their methane emission challenges to meet emission reduction goals," said Stefan Bokaemper, President and CEO of Kuva Systems and Kuva Canada.
Kuva's COO Thomas McArthur remarked, "We are pleased to accept this support from PrairiesCan, which will allow Kuva to expand our technological capabilities, provide jobs and continue delivering scalable, effective solutions to our customers around the world."
Kuva plans to use the proceeds to expand its marketing, operations and product development initiatives to grow market share of its automated, image-based continuous methane monitoring solution which safely detects and quantifies methane emissions more accurately, faster and at a lower cost than traditional methane inspection technologies. Kuva's solution has been approved for regulatory use where advanced technology alternatives are possible, including Colorado, New Mexico and Alberta.
About Kuva Systems
Kuva Systems simplifies methane mitigation for the oil and gas industry with a proven, image-based continuous monitoring solution that provides clear, irrefutable gas plume images, allowing operators to see, size and solve their emissions challenges. With offices in Boston, Houston, Midland and Calgary, Kuva enables scalable methane mitigation with cost-effective root-cause analysis, optimized operations, high quality emissions data and regulatory compliance.
For more information, visit:
https://www.kuvasystems.com and
SOURCE Kuva Systems
For media inquiries, please contact: Investor Relations, Stefan Bokaemper, Phone: (713) 347-1660, [email protected]
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