Blake Morgan’s corporate team has advised QLM Technology in a seed funding round that has seen the climate tech business raise a total of £3.1 million in investment.
QLM Technology has developed quantum technology that helps provide an understanding of greenhouse gas emissions in an affordable, accurate, scalable way, using camera systems that visualize and quantify emissions as they occur. The company was recently selected by Bloomberg as one of 12 companies to watch that could help decarbonize our planet.
The investment is led by the Green Angel Syndicate and includes the Enterprise100 syndicate, the Newable Venture Fund, the Development Bank of Wales, the Bristol Private Equity Club, the Britbots Seed Fund, and Houston-based oilfield technology solutions provider ChampionX.
The multidisciplinary consortium of green investors, technology accelerators and oil and gas industry professionals shares QLM’s vision of enabling organisations to achieve Net Zero through mitigation of greenhouse gas emissions. The investment will drive the expansion of QLM’s technical and commercial capability, secure industrial validation of the company’s unique quantum TDLidar technology and provide a roadmap to commercial readiness of the revolutionary quantum gas camera.
Richard Jones, Partner in Blake Morgan’s corporate and commercial team, said his team was delighted to play a key advisory role in QLM’s seed funding round:
QLM is an exciting business with significant growth potential. With Bloomberg identifying it as one of the most impactful and original technology innovations for advancing the low-carbon economy, and a high level of interest as demonstrated by the success of this seed funding round, we foresee a bright future for this innovative business.
Dr Murray Reed, CEO at QLM, said: “This funding round will enable us to scale up our development and launch our business providing next-generation greenhouse gas monitoring. Our unique quantum Lidar is the right solution for the challenge of how to effectively measure industrial methane emissions and meet the major commitments that the oil and gas majors have made to control their greenhouse gas emissions.”
Dr Bernard Bulkin, leader of the Green Angel investment and incoming QLM Chairman added: “QLM has technology with great potential to substantially change what we know about industrial and environmental greenhouse emissions and help enable NetZero. I feel confident this seed round will allow the company to progress rapidly to the next level.”