MethaneTrack™ will provide the long-term, auditable emissions data needed to help insure carbon credits generated by plugging orphaned and abandoned oil and gas wells
Reno, Nevada — September 23, 2026 — NevadaNano, a global leader in continuous emissions monitoring technology, has been named one of three winners of the InnSure Decarbonization Risk Management Innovation Prize. The company was recognized during the InnSure Climate Forum at New York Climate Week, where NevadaNano President Ralph Whitten accepted the award.
Supported by The Schmidt Family Foundation and Builders Vision, the prize recognizes technology solutions capable of materially improving the insurance industry’s ability to assess and underwrite risks associated with decarbonization projects and clean-energy infrastructure.
NevadaNano was selected for its proposed use of MethaneTrack™, an economical, accurate and low-maintenance continuous methane monitoring solution, to provide the reliable, long-term monitoring data needed to support carbon credit verification and insurability for credits generated by plugging orphaned and abandoned oil and gas wells.
“NevadaNano’s solution addresses a critical gap between methane-reduction projects and the insurance products needed to help finance them,” said Christopher Lowell, Managing Director of InnSure. “By providing reliable, long-term data that can support verification and underwriting, NevadaNano has the potential to help unlock investment in the remediation of abandoned wells while delivering measurable climate benefits.”
Addressing a Global Methane Challenge
Global estimates vary substantially depending on the available well data and methodology used. A 2025 peer-reviewed global inventory estimated that approximately 4.5 million abandoned oil and gas wells emitted 0.4 million metric tons of methane in 2022—the equivalent of 10.5 million metric tons of CO₂ over a 100-year period. The International Energy Agency separately estimates that approximately 8 million abandoned onshore wells emitted around 3 million metric tons of methane in 2024.
Many of these wells have no financially responsible owner and may continue leaking methane for decades. Although plugging can stop or substantially reduce these emissions, securing sufficient funding to remediate millions of wells remains a significant obstacle.
Verified carbon credits could create an important source of funding and help make well-plugging projects financially viable. However, generating high-integrity carbon credits requires credible evidence that the claimed methane reductions are real and sustained. Insurers underwriting those credits need reliable, long-term monitoring data to assess performance and manage the risk that reductions could be reversed.
NevadaNano’s winning proposal directly addresses that need.
Creating an Auditable Record to Support Carbon Credit Verification
MethaneTrack™ can provide continuous monitoring before and after a well is plugged, establishing a baseline, and creating the long-term emissions record needed to support carbon credit verification, document methane reductions, and identify any recurrence of leakage.
The system can be used by independent third-party monitoring organizations and creates a secure, tamper-resistant data record that supports verification and auditability. Automated status reports can be provided to project developers, carbon-credit buyers, insurers, and other stakeholders at selected intervals.
These capabilities have already been demonstrated during an abandoned-well monitoring deployment in Wheatley, Ontario, where MethaneTrack™ provided continuous detection, automated alerts and historical emissions data.
“Carbon credits can help transform abandoned-well remediation from an unfunded environmental liability into a financially viable methane-reduction opportunity—but those credits must be credible and insurable,” said Ralph Whitten, Executive Chairman of NevadaNano. “MethaneTrack™ provides the independent, long-term monitoring data needed to verify performance, support underwriting, and give buyers confidence that the emissions reductions they purchased are both real and enduring. We are honored that InnSure, The Schmidt Family Foundation, and Builders Vision recognize the potential of this solution to accelerate well plugging and meaningful methane reductions around the world.”
Designed for rapid deployment and years of unattended operation, MethaneTrack™ combines highly accurate methane detection with wireless communications, cloud-based analytics, and automated reporting. Its battery-powered endpoints require no wiring, feature a five-year battery life, and use NevadaNano’s 15-year-life MPS™ gas sensing technology, which requires no routine field calibration.
This low-maintenance architecture makes long-term monitoring economically practical across large numbers of geographically dispersed wells, including remote sites where conventional monitoring approaches may be too costly or labor-intensive.
As a prize winner, NevadaNano will work with insurance and financial-market partners to advance the solution toward deployment in live underwriting environments.
About NevadaNano
NevadaNano provides safety and climate solutions for many of the world’s largest corporations, with innovative multi-gas sensing products and continuous IIoT monitoring systems for detecting, quantifying, and reducing gas emissions. For more information, visit www.nevadanano.com.
About InnSure
InnSure is a mission-driven nonprofit at the intersection of insurance innovation and climate change. Its mission is to catalyze novel insurance solutions that support effective climate adaptation and mitigation. Through programs including the Innovation Prize, Creation Labs, and the annual InnSure Climate Forum, InnSure fosters collaboration between insurance professionals, entrepreneurs, investors, and communities to close the protection gaps that threaten the energy transition and resilience efforts. Learn more at innsure.org.
About The Schmidt Family Foundation
Founded in 2006 by Eric and Wendy Schmidt, the Schmidt Family Foundation works to restore a balanced relationship between people and planet through grantmaking and impact investing. The Foundation awards grants through its programs—including the 11th Hour Project and Schmidt Marine Technology Partners—supporting organizations on the frontlines of environmental justice, clean energy, sustainable food systems, and ocean health. Learn more at tsffoundation.org.
About Builders Vision
Builders Vision is an impact platform dedicated to supporting people and organizations building a more humane and healthy planet through philanthropy, investment, and advocacy. The organization aims to shift markets and minds for good by offering a range of tools to help seed and scale sustainable solutions across three key focus areas: Oceans, Food & Agriculture, and Energy. Learn more at buildersvision.com.
