Leading sensor manufacturer focuses on sustainability, emissions-tracking products
SPARKS, Nev. (Feb. 7, 2023) – NevadaNano, an innovator in environmental, social, and governance (ESG) solutions announced today that it had closed its Series C funding round. First-time investors Honeywell Ventures and Emerson Ventures led the round, joined by several existing investors.
NevadaNano is known internationally for designing and manufacturing hardware-enabled SaaS solutions and sensor technologies that detect methane emissions, hydrogen emissions, and flammable gas emissions. NevadaNano has become a critical leader in greenhouse gas abatement across numerous industries. As part of its commitment to sustainability, the company also produces refrigerant sensors that detect harmful emissions in air conditioning and refrigeration applications. The Series C investment will extend NevadaNano’s suite of sensors and expand its line of emissions-tracking products, including MethaneTrack™, GHGTrack™, and RefrigerantTrack™.
“This investment allows us to ramp production and scale our newest offering, MethaneTrack™, to meet the demand for low cost, continuous detection and quantification of methane emissions,” says Ian Rogoff, CEO of NevadaNano. “MethaneTrack™ helps customers quickly characterize and reduce their methane emissions to meet their ESG goals in a cost-effective manner – often with a positive return on investment.”
NevadaNano’s experience in sensor technology and portfolio of 30 patents enables solutions that monitor emissions for years, maintenance-free, with the lowest total cost of ownership. Its “always on” methane emissions-tracking system provides a low-cost, automated, and continuous measurement for various systems and technologies.
Honeywell Ventures is the venture arm of Honeywell that invests in disruptive technology companies that accelerate the commercialization of critical breakthroughs in IoT sensing, predictive analytics, and decarbonization solutions.
“As a global leader in gas detection and industrial controls systems, Honeywell helps enable worker, asset, and environmental safety with ready-now solutions,” says Sarah Martin, president, Honeywell Sensing and Safety Technologies. “Our partnership with NevadaNano will leverage our combined capabilities and innovations to create advanced gas leak detection technology, helping mitigate the global warming impact from methane and other refrigerant greenhouse gases released from commercial and industrial sources.”
Embedded in an Industrial IoT solution, NevadaNano sensors and SaaS analysis tools quantify and accurately show the location of fugitive emissions, allowing operators to implement immediate repair and mitigation actions and reduce emissions by up to 99%. These same tools calculate total emissions to enable companies to track their progress toward their emissions goals.
Emerson Ventures is Emerson’s corporate venture capital arm.
“NevadaNano’s alignment with our strategic focus on environmental, social, and governance principles makes the company an ideal fit for us,” said Thurston Cromwell, vice president of development and innovation and head of Emerson Ventures. “The team’s continuous monitoring solution provides quantifiable, actionable information to help tackle methane emissions and corresponds well with Emerson’s focus on disruptive measurement technologies.”
For more information, reach out to NevadaNano at info@NevadaNano.com.
NevadaNano provides ESG solutions for some of the world’s largest corporations, with advanced multi-gas sensing products and continuous IoT monitoring systems that detect harmful gases and quantify and reduce greenhouse gas emissions. For information, please visit NevadaNano.com or connect on LinkedIn.
Honeywell (www.honeywell.com) delivers industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.
Emerson (NYSE: EMR) is a global technology and software company providing innovative solutions for the world’s essential industries. Through its leading automation portfolio, including its majority stake in AspenTech, Emerson helps hybrid, process, and discrete manufacturers optimize operations, protect personnel, reduce emissions, and achieve their sustainability goals. For more information, visit Emerson.com.