Shell Ventures and New Climate Ventures participated in the funding round alongside all existing institutional investors; (Longwall Ventures, Foresight Williams, UK Innovation & Science Seed Fund, and STFC Innovations)
This latest investment will enable Mirico to scale its gas emissions monitoring business which quantifies greenhouse gasses (such as methane and carbon dioxide) across entire industrial sites with just a single instrument, through continuous, wide-area monitoring.
The company uses technology originally developed by the spectrsocopy team at the Science and Technology Facilities Council's (STFC) RAL Space which, with the help of STFC's Innovations Ltd has been developed by Mirico to help industrial companies understand their greenhouse gas emissions.
Mirico and Shell have been collaborating for several years to measure and reduce greenhouse gas emissions and this funding follows successful results at a Shell gas processing site in the Netherlands.
Mark Volanthen, Chairman of Mirico commented:
“I am delighted to welcome Shell Ventures and New Climate Ventures as investors in Mirico. In addition to funding to expand the business, their involvement represents an endorsement of Mirico's capability and our impact on global climate change."
The technology at the heart of Mirico's monitoring business uses next generation lasers to measure very low levels of greenhouse gases in real-time, targeting molecules with immense precision and very few components.
Dr Damien Weidmann, Spectroscopy Group Leader at RAL Space and Chief Scientific Officer for MIRICO said:
“I am pleased to see the unique technology my team and I initially developed at RAL Space enabling effective greenhouse gas monitoring. Investments like this are essential to ensure this important technology can play a key role in enabling industries to reach their Net Zero ambitions."
Read the full press release from Mirico.