SpotLight Raises $6.68 Million in Series A Funding to Accelerate Development of its Breakthrough Carbon Capture and Storage Surveillance Technology
SpotLight, a pioneer in non invasive subsurface surveillance solutions for carbon dioxide geological storage, has reached a significant milestone with a $6.68 million Series A funding round. The consortium, led by Emerald Technology Ventures (Switzerland) and boasting participation from Industrya (Belgium), Nabtesco Technology Ventures (Japan), Phaze Ventures (Oman), and AFI Ventures (France), reflects an international consensus on SpotLight's capacity to revolutionize the monitoring of sub surface carbon capture and storage (CCS) on a global scale.
Building on its previous successes, including a €500,000 Seed round in 2020, and its proven CO2monitoring of GreenSand pilot injection offshore Denmark early 2023. SpotLight is poised to expedite its product development roadmap and further expand into emissions-intensive industries aiming to mitigate their carbon impact. This SeriesA, confirmsSpotLight's entrance into the dynamic landscape of carbon capture and storage (CCS).
SpotLight's deep tech technology employs proprietary algorithms to analyze vast amounts of subsurface data, optimizing the efficiency of CO2geological storage monitoring. Recognized for its speed, enhanced deployability, and reduced need for intrusive fieldwork, SpotLight's solution fosters broader societal acceptance of carbon dioxide storage among stakeholders, including local communities, policymakers, and the general public.
As industries such as steel, concrete, and chemicals increasingly recognize the urgency of addressing climate change, CCS has emerged as a critical pathway for effective decarbonization. The growing consensus underscores that achieving the ambitious climate targets outlined in the Paris Agreement hinges on the widespread implementation of CCS.
This consensus is projected to drive robust growth in the CCS industry over the coming years. Forecasts indicate an annual increase of 27% in CCS capacity between 2023 and 2030, driven by already announced projects. Additional policy incentives, such as the Inflation Reduction Act in the US, are poised to accelerate this growth trajectory, creating heightened demand for solutions like SpotLight's that deliver efficiency gains and resource optimization for CCS providers.
Co-founder and COO of SpotLight, Elodie Morgan, expressed, "Our trajectory from the recognition as laureates in I-Lab and I-Nov to securing this transformative SeriesA funding round has been truly remarkable. We extend our gratitude to our dedicated staff, board, and expert committee for their unwavering support. This investment stands as a resounding validation of our approach's value and its potential to revolutionize CCS subsurface monitoring. As we move forward, we're enthusiastic about recruiting new talented SpotLighters to further amplify our capabilities."
SpotLight CEO and co-founder, Habib Al Khatib, added, "This funding round aligns perfectly with the increasing demand for our innovative solution for CCS. We see this demand growing thanks to the success of our projects onshore and offshore inCanada and Denmark respectively. With the support of Emerald and our consortium of investors, we are well-equipped to drive change in the CCS market and position our surveillance approach as the industry benchmark."