Methane seems innocent enough; it is a colourless, odourless gas used globally as an important energy source. However, when leaked into the atmosphere – typically from industrial facilities – it causes untold damage. Methane is a potent greenhouse gas responsible for one third of global warming.
It’s a massive, hidden problem.
Mirico is an innovative UK technology company that hunts down methane. Finding and fixing leaks is now big business, and the company uses its proprietary laser sensors and analytics technology to pinpoint problem areas.
Customers can therefore conduct targeted repairs, and access lucrative new markets for low emission fuels. Methane reduction can become the fast and effective route for industry to hit its sustainability goals.
Click here to visit Mirico’s website for more information on the company and its mission.
A wave of new regulation is putting pressure on industry to clean its act up – and do it quickly. For example, new US legislation aims to reduce methane leaks from oil & gas by 80% over the next 10-15 years. This requires billions of dollars of investment by industry players, representing a major opportunity for Mirico.
In fact, the total addressable market is estimated at $15 billion by Bloomberg NEF.
Mirico’s technology finds leaks that others miss. Competitors include satellites, drones and even handheld gas cameras but these are snapshot surveys that overlook many of the large but short-lived leak events that dog the industry.
Recent progress has been strong. Mirico has deployed over 20 projects to date across 5 continents and the pipeline is accelerating. Shell has recently demonstrated interest, with the energy giant investing via its Ventures arm and testing Mirico’s technology at its facilities. Mirico also recently onboarded another significant energy operator as both investor and customer and will be announcing that deal soon.
With growth in mind, the company launched a raise on Crowdcube enabling private investors to participate alongside the existing VCs. The new funding will be used to accelerate sales efforts, deliver on projects, secure additional international pilots and refine the digital platform. The target of £0.5M was reached in just a few days, but the opportunity will remain open for a further short period into January 2025.
Investment risk warning: Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 mins to learn more.
