Momentick is a climate tech company that provides precise, autonomous solutions for detecting and quantifying methane and other greenhouse gas emissions on a global scale. By harnessing a diverse range of multi-satellite imagery, Momentick enables point source monitoring of specific gas and oil facilities as well as entire regions or countries. Momentick also provides comprehensive company-wide assessments for Scope 1 emissions (from sources controlled or owned by an organization) to support risk management and ESG reporting.
Background
Earth’s average temperature has been steadily increasing since 1850, in the pre-industrial era. Scientists concur that a temperature increase of more than 1.5°C will accelerate the climate crisis and result in irreversible damage. They also maintain that human-induced greenhouse gas emissions from all sectors are the primary drivers of climate change. The silver lining is that any reduction in emissions will positively affect the planet and our quality of life. The Intergovernmental Panel on Climate Change (IPCC) urges to reach a 50% reduction in greenhouse gas emissions across all sectors and a one-third reduction in methane emissions by 2030. It also calls for a sixfold increase in investments in this mission.
To effectively combat climate change, we must focus on urgent actions to reduce near-term warming. While carbon dioxide (CO₂) has been the primary focus, attention has now shifted to methane (CH₄), a far-greater contributor to accelerating global warming in the short term. Due to its unique molecular structure, methane traps heat approximately 80 times more effectively than carbon dioxide and takes approximately 12 years to break down in the atmosphere compared to carbon dioxide, which remains in the atmosphere for hundreds or even thousands of years.
Urgent action to reduce methane emissions could slow the rate of global warming by up to 30% by mid-century and significantly mitigate the short-term, severe consequences of climate change, such as the extreme weather events experienced worldwide. Accurately identifying and quantifying greenhouse gas emissions is crucial for humanity’s effective response to the climate crisis and for minimizing its devastating consequences. Accurate data on emission levels will enable the precise targeting of global efforts and resources for this mission, focusing mitigation efforts on the right places, assessing the effectiveness of environmental policies, monitoring industries, and developing effective reduction strategies. Transparency will drive industry and nations to take responsibility for the public and the environment and create effective strategies to reduce emissions.
The Challenge
Oil and gas facilities are responsible for 30–40% of global methane emissions and are dispersed across vast and often remote areas. There are over 500,000 kilometers of natural gas pipelines extending across expansive and isolated regions in the United States alone. Methane leaks, the primary component of natural gas, occur during production, processing, and transportation, and is the cause of significant environmental damage that results in substantial economic losses in the energy sector, estimated at $60 billion annually.
International reports, including NASA studies, reveal significant discrepancies of hundreds of percent between reported and actual atmospheric methane emissions. These discrepancies highlight the critical need for advanced methane monitoring solutions that provide accurate and reliable real-time data.
Detecting and monitoring methane emissions presents a significant technological challenge. Methane is a colorless, odorless, and non-toxic gas that is invisible to the naked eye, making it extremely difficult to detect using traditional methods. The remote location of many oil and gas facilities further complicates this challenge. As a result, oil and gas companies require advanced solutions for continuous and effective monitoring, with global coverage and accurate reporting capabilities.
Regulatory trends also support action in this area. For example, a United States law that came into effect on January 1, 2024 imposes fines on methane emissions from oil and gas production facilities. These fines are expected to increase in the coming years. The PIPES Act of 2020 and updates from the Unites States Pipeline and Hazardous Materials Safety Administration now require more frequent reporting and encourage the use of satellite technology for pipeline inspections.
The Solution
Using its proprietary algorithm which combines image analysis and deep-learning technologies applied to satellite imagery, Momentick provides its clients with a comprehensive and highly accurate picture of greenhouse gas emissions from oil and gas facilities. These include targeted monitoring of specific facilities and extensive coverage of geographic areas, including gas pipelines and production facilities located in remote and inaccessible regions, eliminating the need to engage with various suppliers in each geographic area.
Using satellite-based greenhouse gas emissions monitoring technology, Momentick aims to introduce a unique insurance framework that assesses the risk level of energy companies based on their greenhouse gas emissions, a first-of-its-kind risk management service that is a historic milestone in addressing climate change risks for energy companies.
Momentick’s insights enable the assessment of energy companies based on their emission risk profile, addressing a critical gap in the industry: the need for reliable and comprehensive data. The technology ensures global coverage and accuracy in underwriting insurance policy processes, empowering companies to proactively reduce their emissions.
Founded in 2020, Momentick provides an autonomous, cost-effective, and user-friendly Software as a Service (SaaS) solution that enables clients to define the frequency and location of monitoring and receive customized reports, whether these are large infrastructures and facilities such as power plants, offshore gas platforms, and factories, or entire geographic areas including gas fields, landfills, waste disposal sites, cities, and even entire countries. Momentick’s high-accuracy, remotely applied technology identifies methane and other greenhouse gases in every pixel of a satellite image, and traces them back to the source of the emission or leak. This allows companies to provide autonomous monitoring of specific facilities, such as unique pipeline segments requiring the detection of small or medium-sized emissions, eliminating the need for on-site crews, equipment installation, or maintenance. In addition to comprehensive assessments and risk management for ESG reporting, the data’s accuracy and detail also enable companies to respond quickly, capture the gas and reduce emissions.
In 2023, Momentick took a groundbreaking step, leveraging its pioneering approach to address a critical gap in the market: providing reliable and comprehensive data for assessing emissions risk within the global regulatory and insurance landscape. After a year-long intensive collaboration with Japanese insurance giant Sompo, Momentick demonstrated a proof of concept for a world-first service promising data-driven insurance policies that reflect actual risks. In January 2024, Momentick launched a $5 million funding round led by FinTLV Ventures and The Menomdin Foundation to expand its operations in this field. The investors are confident that providing such powerful and reliable tools to insurers will motivate entire industries to take immediate and tangible actions leading us toward a sustainable, zero-emission future.
