Bridger Photonics, Inc., Home-Grown High-Tech Methane Detection Company, Receives $55 Million Investment From Montana-Based Group
Bridger Photonics, Inc. (Bridger) announced that Beaverhead Partners LLC, a Montana-based syndicate, has invested $55 million in the business to support its rapid expansion.
The syndicate comprises Madison Valley Partners, Carica Sustainable Investments, and Next Frontier Capital. Each investor has strong ties to Montana and establishes core positions in climate-focused technology companies. This minority-share investment in Bridger is the largest of its kind for each of the investors.
Bridger invented Gas Mapping LiDAR™, a methane detection system that has revolutionised how the oil and gas sector monitors and manages emissions.
Bridger's laser sensors are placed on small aircraft, and it scans oil and gas infrastructure, providing gas plume photos, GPS locations, and exact quantification of methane leakage across the whole natural gas value chain.
This data is utilised by energy companies to effectively minimise methane emissions. While Bridger's team and manufacturing are centred in Bozeman, the company scans for pollutants in all of North America's main oil and gas production basins.
Bridger also scans natural gas transmission pipes and utility distribution service networks. ExxonMobil, Southern California Gas Company, Diversified Energy, Devon Energy, Cenovus Energy, Chesapeake Energy, and many others are among the major clients relying on the company to detect methane leaks to reduce greenhouse gas emissions and satisfy sustainability targets.
Bridger’s strong growth history and growth potential, combined with the unique competitive positioning of Gas Mapping LiDAR in the methane detection space, made Bridger a compelling opportunity for the syndicate. The fit with Bridger’s Montana roots and values-based mission formed a natural partnership between the parties.
Madison Valley Partners, the syndicate's co-lead investor, is a Bozeman-based investment group managed by Steve Burke, the former CEO of NBCUniversal. Mr. Burke is an avid outdoorsman who spends a lot of time in Southwest Montana. Carica Sustainable Investments, the syndicate's other co-lead investor, is led by Ham James and Wallace Henderson, both of whom have significant family ties to Montana and a history of sustainable energy investments. Next Frontier Capital, based in Bozeman and directed by Will Price and Richard Harjes, has been instrumental in increasing venture capital investment in Montana tenfold in its first five years of operation.
Bridger’s CEO, Pete Roos, said:
“We are beyond excited to share the next stage of our journey with investors from right here in Montana that share our passion for sustainability. This group of investors knows how to guide Bridger to the next level. And you know, this group just feels right."
Source: Bridger Photonics