LongPath Technologies Secures Up To $189M Conditional Loan Commitment from U.S. Department of Energy for USA Methane Emissions Monitoring Network

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DENVER, Jan. 5, 2024 ~ LongPath Technologies, Inc. (LongPath) has received a conditional commitment for an up to $189 million loan guarantee from the U.S. Department of Energy's (DOE) Loan Programs Office (LPO). This landmark financial backing aims to accelerate the Made in USA procurement, assembly, and installation of LongPath's Active Emissions Overwatch System across key U.S. oil and gas production basins.

LongPath's technology offers reliably accurate continuous monitoring and quantification of methane emissions—a greenhouse gas up to 80x more potent than carbon dioxide—in real-time. The loan will support the scaling of LongPath methane detection and quantification technology to include 1,000 large-area remote methane monitors across Texas, Oklahoma, Kansas, Colorado, North Dakota, and New Mexico. This technology is designed to fill gaps in traditional methane monitoring which often relies solely on infrequent flyovers and optical gas imaging (OGI) cameras which are significantly less effective and leave gaps in time and fidelity of intermittent and super-emitter leak detection. LongPath's Active Emissions Overwatch System is set to redefine the standards of methane monitoring and measurement with the potential to reduce greenhouse gas emissions by approximately 90% compared to incumbent methods, as well as 10x greater detection levels and 2-3x accuracy vs point sensors.

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Sam Cummings, CFO LongPath Technologies said "With our rigorously accurate, real-time methane monitoring system, we are not just theorizing solutions but actively implementing a scalable and effective approach to a pressing environmental challenge." He added that this is Made-in-USA technology resonates with our nation's commitment to both environmental stewardship and technological leadership.

The project is expected to create 35 construction jobs and 266 operations jobs at its peak while also strengthening domestic supply chains for crucial energy technologies by sourcing components from suppliers across the United States. It could also play a vital role in helping the United States meet its ambitious net-zero targets while advancing environmental justice efforts under the Biden-Harris Administration's Justice40 initiative.

The conditional commitment is subject to final approval dependent on LongPath meeting specific milestones including technical, legal, commercial, and contractual conditions. The technology was developed in partnership with the University of Colorado, the National Institutes of Standards and Technology (NIST), with support from DOE's Advanced Research Projects Agency – Energy (ARPA-E) MONITOR program as well as follow-on SCALEUP programs before being commercialized in 2020.

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LongPath's breakthrough technology embodies the art of the possible in American climate innovation as it stands as a compelling example of how American ingenuity can drive meaningful progress in methane emissions reduction at a time when policy makers are keenly focused on actionable measurable solutions. The support from an innovative capital provider to scale this emissions network is a testament to that according to Cummings who concluded that they are poised to set a new standard for emissions detection localization and quantification as they scale their network across key basins
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