BOULDER — LongPath Technologies Inc., a Boulder startup that has developed emissions-monitoring technology, has received a conditional commitment for an up to $189 million loan guarantee from the U.S. Department of Energy’s Loan Programs Office.
The loan commitment is subject to the company meeting certain milestones, including technical, legal, commercial, and contractual conditions.
The funds would accelerate LongPath’s development of its Active Emissions Overwatch System, which would monitor methane emissions across U.S. oil and gas production basins, including the Denver-Julesburg Basin in Colorado.
LongPath will use the funds to install 1,000 remote methane monitors across Texas, Oklahoma, Kansas, Colorado, North Dakota and New Mexico.
“This is Made-in-USA technology resonates with our nation’s commitment to both environmental stewardship and technological leadership,” LongPath chief financial officer Sam Cummings said in a written statement. “As we scale our network across key basins, we’re poised to set a new standard for emissions detection, localization, and quantification.
“At a time when policy makers are keenly focused on actionable, measurable solutions, LongPath stands as a compelling example of how American ingenuity can drive meaningful progress in methane emissions reduction. The support from an innovative capital provider to scale this emissions network is a testament to that,” Cummings added.
LongPath’s technology was developed in partnership with the University of Colorado Boulder and the National Institutes of Standards and Technology, with support from the DOE’s Advanced Research Projects Agency.
The LongPath project is expected to generate 35 construction jobs and 266 operations jobs at its peak.