TIDMQBIT
RNS Number : 8406U
Quantum Exponential Group PLC
04 August 2022
4 August 2022
Quantum Exponential Group plc
(the 'Company' or 'Quantum Exponential')
Quantum Exponential Invests in QLM Technology Ltd
Quantum Exponential Group plc (AQUIS: QBIT), a company focused
on investing in quantum technology, is pleased to announce that it
has invested GBP450,000 (the 'Investment') as part of a
GBP12,000,000 Series A funding round in QLM Technology Ltd ('QLM'),
a UK based photonics hardware and technology development company
that has developed a cutting-edge gas imaging camera based on
quantum technology termed a Quantum Gas Imaging Lidar. The funding
round was led by Schlumberger Oilfield UK Limited ('Schlumberger')
and included new investment from existing investors Green Angel
Syndicate, Enterprise 100 Syndicate, the Development Bank of Wales,
Newable, BritBots, and BPEC.
Highlights
-- QLM is a UK-based company focused on revolutionising gas
sensing in the oil and gas industry and other industries with
quantum solutions for continuous greenhouse gas emissions
monitoring
-- QLM has secured GBP12,000,000 in a funding round as part of a
strategic collaboration with lead investor, Schlumberger
-- QLM's Quantum Gas Imaging Lidar technology will be integrated
into Schlumberger End-to-end Emissions Solutions ('SEES'), a
business dedicated to eliminating the oil and gas industry's
methane and routine flaring emissions
-- Repeat investors in QLM include - Green Angel Syndicate,
Enterprise100 Syndicate, Newable Venture Fund, Development Bank of
Wales, Britbots S eed Fund and Bristol Private Equity Club.
-- The funding will be used to further develop QLM's Quantum Gas
Imaging Lidar technology and the new strategic collaboration with
Schlumberger will help to introduce and distribute QLM's quantum
cameras across the global oil and gas market
-- The lidar technology has demonstrated industry-leading
greenhouse gas quantification performance and can be rapidly
cost-reduced to enable widespread deployment in GHG intensive
industries
Following the Investment, Quantum Exponential will hold
1,203,208 B Ordinary Shares at a price of GBP0.374 in QLM
representing 1.6% of QLM's fully diluted share capital.
Commenting on the investment, CEO of Quantum Exponential Group,
Steven Metcalfe said:
"QLM is our fourth investment into the Quantum sector and brings
with it further diversification to the Company's investments. With
QLM's focus being on the detection and prevention of leaks from the
oil & gas industry it contributes to our efforts to create a
well-rounded portfolio of promising companies using quantum
technology in different sectors.
"The Quantum team and I are delighted to be joining Schlumberger
in supporting QLM and its unique cutting-edge quantum technology.
Schlumberger is a leader in the oil and gas industry and a pivotal
partner for QLM particularly as it plans to integrate QLM's
technology into Schlumberger End-to-end Emissions Solutions
business for the oil and gas industry enabling a wide deployment of
the technology from the beginning.
"With the events of COP-26, the UK's goal of reaching net zero
by 2050, and methane having more than 80 times the warming power of
carbon dioxide over the first 20 years, this innovative technology
couldn't come at a better time. It will enable companies to quickly
identify and stop any leaks, in a quicker and more reliable manner
than the methods currently utilised and will assist organisations
and governments to achieve the aim of reaching net zero."
Quantum Gas Imaging Lidar Technology
QLM's best-in-class gas imaging camera, the Quantum Gas Imaging
Lidar, will be used to monitor, detect, and accurately locate and
quantify greenhouse gas ('GHG') emission sources for rapid repair.
The capabilities of the QLM technology will allow its customers to
credibly certify their Responsibly Sourced Gas and increase the
speed at which they achieve their Environmental Social Governance
goals. The technology is groundbreaking in the emissions monitoring
marketplace in its potential to achieve the greatest amount of GHG
abatement at the lowest cost of ownership; the lidar technology is
inherently high-performance and scalable to low cost at high
volume, enabling wide deployment.
One of the main methods for detecting gas currently is the use
of infrared cameras which have several drawbacks that QLM's
technology avoids. Primarily infrared cameras require a high
initial investment cost and infrared images are difficult to
interpret since the images are sensitive to temperature differences
in the environment. QLM's technology has significant competitive
advantages in its accuracy, speed, and scalability in detecting and
prioritizing leaks at the lowest cost of ownership.
This announcement contains information that, prior to its
disclosure, was inside information as stipulated under Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310
(as amended).
The Directors take responsibility for this announcement.
**ENDS**
For more information, visit the Company's website:
www.quantum-exponential.co.uk or contact:
Steven Metcalfe, Chief Executive Officer c/o quantum@stbridespartners.co.uk
Novum Securities (AQSE Corporate Adviser) Tel: +44 (0)20 7399 9400
David Coffman, Lucy Bowden
Oberon Capital (Broker) Tel: +44 (0)20 3179 5344
Mike Seabrook, Chris Crawford
St Brides Partners Limited (Financial PR) quantum@stbridespartners.co.uk
Catherine Leftley, Ana Ribeiro, Isabelle Morris
Notes to Editors
About Quantum Exponential Group plc
Quantum Exponential is a first of its kind, AQSE Growth Market
enterprise company, focused on opportunities in quantum technology
and the wider quantum computing sector, with an advisory board made
up of industry advisors, entrepreneurs, and technology investment
professionals with broad access to quantum opportunities and
markets. Quantum Exponential's investment strategy is to assemble a
portfolio of minority investments in early-stage global quantum
technology companies, primarily in NATO-allied countries, offering
institutional and private investors access to revolutionising
technologies and industries in the realms of artificial
intelligence, manufacturing and healthcare.
Quantum Exponential trades on AQSE Growth Market under the
ticker symbol "QBIT'.
About QLM Technology Ltd
QLM is a UK-based photonics technology company with headquarters
in Cardiff and operations in Bristol and San Francisco, formed in
2017 with support from Bristol University's Quantum Technology
Enterprise Centre. QLM developed a new type of gas imaging camera -
based on quantum technology developed at the University of Bristol
- that combines lidar and gas absorption spectroscopy with
single-photon detection. This novel imaging technology can detect,
visualize, localize and accurately quantify emission rates of
greenhouse gases (GHGs). The solution has demonstrated
industry-leading quantification performance and enables customers
in GHG-intensive industries to identify and prioritize the most
consequential emitters for remediation in the most cost-effective
manner. QLM's lidar technology is inherently scalable to low cost
at high volume, enabling wide deployment.
For more information, visit the Company's website:
https://qlmtec.com/
About Schlumberger
Schlumberger (SLB: NYSE) is a technology company that provides
leading digital solutions and deploys ground-breaking technologies
to enable performance and sustainability that are crucial for the
global energy industry. Schlumberger's services represent over 160
nationalities, who collaborate to create technology that unlocks
access to energy for all. Schlumberger has expertise in more than
120 countries that partner with customers in close collaboration to
create industry-changing technologies focused on cleaner, safer
access to energy for every community. Schlumberger has an extensive
portfolio of Transition Technologies concentrated on reducing the
energy industry's carbon footprint and accelerating the path to net
zero.
About Schlumberger End-to-end Emissions Solutions (SEES)
In March 2022, Schlumberger launched a dedicated business (SEES)
to eliminate oil and gas industry's methane and routine flaring
emissions. This new end-to-end emissions solutions business offers
a range of solutions to help operators identify, quantify, report,
and eliminate emissions as they work toward their decarbonization
objectives.
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END
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