CPE News Brief (10.5.2023) – Qube Technologies has closed a Series B funding round led by Riverbend Energy Group. Financial terms were not disclosed.
Eric Danziger, Managing Director, Energy Transition of Riverbend Energy Group, will join Qube’s board of directors, alongside existing investors SCF Ventures, North West Capital Partners, and Ian Bruce.
Founded by Alex MacGregor and Tej Grewal, Calgary based Qube is a technology company that has developed a low-cost environmental surveillance technology. Qube is currently working with leading operators across Canada and the US and has support from a wide range of investors and government bodies.
Funding will be used for technology development, global expansion, and new industry markets and hiring.
In November 2022, Qube Technologies closes its Series A funding round led by SCF Ventures with participation of National Energy Services Reunited (NYSE: NESR), individuals from Pine Brook and Ian Bruce, former president and CEO of Peters & Co. North West Capital Partners, a Calgary-based energy investment firm, led Qube’s earlier funding round.
photo credit: Qube
Qube Technologies Secures Series B Funding From Riverbend Energy Group
October 02, 2023 10:00 AM Eastern Daylight Time
CALGARY, Alberta–(BUSINESS WIRE)–Qube Technologies (“Qube”), the global leader in cost-effective and accurate continuous emissions monitoring technology, is excited to announce it has secured Series B funding from Riverbend Energy Group (“Riverbend”).
Qube has established itself as the preeminent provider of cutting-edge continuous emissions monitoring technology, helping industries worldwide measure, manage, and reduce their environmental impact. This latest funding round will propel the Company’s mission to innovate, expand its global footprint, and remain at the forefront of environmental sustainability.
“We are thrilled to enter this new phase of growth with the support of our investors,” said Alex MacGregor, CEO of Qube. “This funding will allow us to further develop our emissions monitoring solutions, expand our commercial presence, and increase our industry-leading accuracy of our physics guided AI algorithms. Our aim is to provide exceptional value to our clients in their pursuit of environmental responsibility.”
Eric Danziger, Managing Director at Riverbend, expressed enthusiasm about the investment, stating, “Qube’s continuous emissions monitoring solutions are critical for businesses across various sectors to reduce emissions and minimize environmental impact. The Company’s state-of-the-art technology and expertise have earned trust and recognition worldwide.”
“By detecting emissions instantaneously, Qube helps customers react quickly to reduce the ultimate volume of emissions leaked. This represents a step change over the previous industry standard, under which large leaks might go undetected for months while awaiting the next planned survey. We are excited to partner with Riverbend for the next chapter of Qube’s growth,” said Hossam Elbadawy, Managing Director at SCF Ventures.
Qube has grown rapidly since its last funding round eighteen months ago. The Company has seen a 15x increase in deployments and is now working with over 80 clients globally. The funding will be allocated toward the following key initiatives:
Advanced Technology Development: Qube will invest in research and development to enhance its emissions monitoring solutions and release new product lines.
Global Expansion: Qube plans to expand its international presence by increasing sales, marketing, and support efforts in key markets.
New Industries: Qube will leverage its existing technology and further develop its algorithms to address a growing need for continuous monitoring in additional primary industries, such as waste treatment, renewable natural gas, and mining.
Talent Acquisition: Qube will attract top talent to fuel its growth and innovation, solidifying its position as the world’s leader in continuous emissions monitoring.
This Series B financing round marks a significant milestone for Qube and reaffirms its commitment to driving global environmental sustainability by providing the most advanced continuous emissions monitoring technology. As part of the transaction, Eric Danziger will join Qube’s Board of Directors, alongside existing investors SCF Ventures, North West Capital Partners, and Ian Bruce.
About Qube Technologies
Qube is a Calgary-based technology company that has developed a low-cost environmental surveillance technology. Our mission is to help primary industries, such as oil and gas, cost-effectively detect, quantify, and reduce methane and other emissions. Qube is currently working with leading operators across Canada and the US and has support from a wide range of investors and government bodies. Please visit www.qubeiot.com for more information.
About Riverbend Energy Group
Riverbend Energy Group, based in Houston, Texas, is a multi-faceted investment firm, utilizing risk-weighted deal evaluation processes to deploy capital into a variety of investment theses in the North American energy sector. As a trusted name in the energy investment space, Riverbend’s portfolios have included, and continue to include, operated, non-operated, and mineral and royalty assets in traditional energy, as well as investments in the energy transition sector. Since 2003, Riverbend has successfully acquired, developed, and managed over $5 billion of total enterprise value across eleven asset portfolios. To learn more, visit www.riverbendenergygroup.com.
About SCF Ventures
SCF Ventures, the venture arm of SCF Partners, is focused on providing differentiated capital to emerging high-growth companies that provide new products and technologies to the energy services sector. Founded in 1989, SCF Partners provides equity capital and strategic growth assistance to build leading energy service, equipment, and technology companies that operate throughout the world. To learn more, visit www.scfpartners.com.
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