ZURICH, Switzerland, August 21, 2023 — Nabtesco Technology Ventures (NTV) has invested into SpotLight, which develops a non-invasive subsurface surveillance solution for carbon dioxide geological storage. The $6.1 million funding round, which was joined by Industrya, Emerald Technology Ventures, Phaze Ventures & AFI Ventures will help SpotLight advance its product roadmap and gain a foothold with clients in emissions-intensive industries looking to reduce their climate impact. It marks NTV’s first deal in the fast-growing industry for carbon capture and storage (CCS) solutions.
Massy, France-based SpotLight employs proprietary technology to analyze vast amounts of existing subsurface data to improve CO2 geological storage. Compared with industry-leading mapping methods, SpotLight’s solution is quicker, can be deployed more frequently and relies less on invasive fieldwork, which can be ecologically disruptive to the places under surveillance. This helps increase societal acceptance for carbon dioxide storage among sensitive stakeholder groups, such as local landowners, policymakers and the general public.
Awareness is growing that the world cannot sufficiently address climate change without significant investment in CCS. Many critical sectors—steel, concrete, chemicals and more—cannot decarbonize cost-effectively using existing methods like electrification via renewable energy. A consensus is forming that the path toward limiting warming to targets consistent with the Paris Agreement must include CCS as a major component.
This consensus will likely propel heady expansion for the broader CCS industry in the coming years. According to one estimate, CCS capacity could grow 27% annually between 2023 and 2030, solely based on projects already in the works. In Japan, home to NTV’s parent company Nabtesco, the government hopes that seven recently-announced CCS projects will help the country meet its net-zero goals. This promises to drive demand for solutions like SpotLight’s, which offer cost and resource savings for CCS providers.
“CCS in Japan is maturing into a market with real potential,” says NTV Managing Partner Hiroshi Nerima. “SpotLight’s innovative solution is perfectly positioned to capitalize on this growth and we are excited to be supporting the company’s future development.”
“The timing of this fundraise is ideal, as our successful projects in Canada and Denmark are generating fast-growing demand for our disruptive solution,” says SpotLight CEO Habib Al Khatib. “With the support of NTV and our investors, we have now the means to address this market and position our surveillance approach as the standard for CCS.”
Project Greensand, off the west coast of Denmark, storing CO2 brought by ship from Belgium (Photo/SpotLight)
About SpotLight
SpotLight is a deeptech geophysical startup founded in 2017 by Elodie Morgan and Habib Al Khatib. SpotLight developed a proprietary seismic monitoring approach that capitalizes on existing data to enable frequent, reliable, environmentally friendly and cost-effective surveillance of CCS storage sites. The solution has been successfully implemented in Canada and Denmark, and SpotLight is now increasing its market share with the goal to become a standard of CCS subsurface surveillance. For more information, please visit www.SpotLight-earth.com
About Nabtesco Technology Ventures
Nabtesco Technology Ventures is a corporate venture fund launched in 2018 by Japan’s Nabtesco Corporation, in partnership with Emerald Technology Ventures, a global leader in technology venture capital. The fund deepens Nabtesco’s involvement in the development of disruptive ventures around the world, strengthening our pursuit of open innovation, a key pillar of our company’s growth strategy. The EUR 75 million fund invests primarily, but not exclusively, in robotics, motors, sensors, additive manufacturing, artificial intelligence, and Internet of Things technologies. Nabtesco Technology Ventures reinforces Nabtesco Corporation’s position as a global leader in manufacturing technology, accelerating investment and collaboration around the world. For more information, please visit https://nabtesco-ventures.com/
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| Nabtesco Technology Ventures |
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