Quantum Exponential invests in QLM Technology

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Quantum Exponential Group, a leading investor in quantum technology, has announced that it has invested £450,000 in QLM Technology, part of a £12,000,000 Series A funding round.

QLM is a Cardiff-based photonics hardware and technology development company that has developed a gas imaging camera based on quantum technology.

The company’s Quantum Gas Imaging Lidar technology will be part of the Schlumberger End-to-end Emissions Solutions offering, a business that’s dedicated to eliminating methane and routine flaring emissions that are currently carried out by the gas and oil industry.

The funding will be used to further develop QLM’s Quantum Gas Imaging Lidar technology and the new strategic collaboration with Schlumberger will help to introduce and distribute QLM’s quantum cameras across the global oil and gas market.

The lidar technology has demonstrated industry-leading greenhouse gas quantification performance and can be rapidly cost-reduced to enable widespread deployment in GHG intensive industries

Commenting on the investment, CEO of Quantum Exponential Group, Steven Metcalfe said:“QLM is our fourth investment into the Quantum sector and brings with it further diversification to the company’s investments. With QLM’s focus being on the detection and prevention of leaks from the oil & gas industry it contributes to our efforts to create a well-rounded portfolio of promising companies using quantum technology in different sectors.

“With the events of COP-26, the UK’s goal of reaching net zero by 2050, and methane having more than 80 times the warming power of carbon dioxide over the first 20 years, this innovative technology couldn’t come at a better time. It will enable companies to quickly identify and stop any leaks, in a quicker and more reliable manner than the methods currently utilised and will assist organisations and governments to achieve the aim of reaching net zero.”

QLM’s gas imaging camera will be used to monitor, detect, and accurately locate and quantify greenhouse gas emission sources for rapid repair.

The technology will allow customers to credibly certify their Responsibly Sourced Gas and increase the speed at which they achieve their Environmental Social Governance goals. The technology is said to be ground-breaking in the emissions monitoring marketplace in its potential to achieve the greatest amount of GHG abatement at the lowest cost of ownership; the lidar technology is inherently high-performance and scalable to low cost at high volume, enabling wide deployment.

Currently, one of the main methods for detecting gas is the use of infrared cameras but they require a high initial investment cost and infrared images are difficult to interpret since the images are sensitive to temperature differences in the environment.

The funding round was led by Schlumberger and included new investment from existing investors Green Angel Syndicate, Enterprise 100 Syndicate, the Development Bank of Wales, Newable, BritBots, and BPEC.