Momentick is an emissions intelligence company that has developed advanced algorithms, which unlock the power of multi-satellite imagery to detect, quantify, and monitor methane and other greenhouse gas emissions across the planet. Pulse 2.0 interviewed Momentick CEO and co-founder Daniel Kashmir to learn more about the company.
Daniel Kashmir’s Background
What is Daniel Kashmir’s background? Kashmir said:
“Prior to establishing Momentick, I spearheaded three tech ventures as their founder and CEO. My leadership spanned across all areas of operations, from product development and marketing to strategic initiatives.”
“With over a decade of immersion in tech realms, I hold a forward-thinking approach to leadership. At Momentick, where I serve as co-founder and CEO, I harness my wealth of experience to pioneer advanced technology aimed at measuring, monitoring, and mitigating greenhouse gas emissions through satellite imagery. My unwavering commitment revolves around realizing a net-zero future, driving me to assemble a diverse and collaborative team dedicated to our shared vision and principles.”
Formation Of Momentick
How did the idea for Momentick come together? Kashmir shared:
“My partners and I used our expertise in AI and computer vision to create a unique algorithm. We knew we had something very special in our hands and were debating how to use it. There are many use cases in which this algorithm can be effective, but we felt that climate was the most pressing issue the world is facing right now, so we decided to use our expertise and our algorithm to do good by detecting emissions via imagery.”
“Established in 2022 by myself, serving as CEO alongside Lev Oren as COO and Dr. Ophir Almog as Chief Scientist, Momentick embarked on its mission. Today, we deliver precise and autonomous solutions for identifying and quantifying methane and other greenhouse gas emissions globally. Through our robust emissions intelligence platform, we facilitate scalable monitoring, reporting, and verification.”
Core Products
What are Momentick’s core products and features? Kashmir explained:
“Harnessing proprietary algorithms across a spectrum of imagery sources, ranging from satellites to drones, our platform offers targeted monitoring tailored to individual energy facilities. Moreover, we extend our capabilities to encompass large-area monitoring, spanning vast geographical regions or entire pipeline networks.”
Challenges Faced
What challenges have Kashmir and the team faced in building the company?
“Undetected emissions, particularly from oil and gas assets, present a formidable challenge due to their undisclosed quantities. In the United States alone, boasting 300,000 oil and gas wells and a sprawling network exceeding 2 million miles of pipelines, fewer than 10% of gathering and transmission pipelines undergo routine leak inspections. This negligence contributes to methane leaks, estimated to surpass official EPA figures by 60%.”
“With approximately 630,000 leaks across U.S. natural gas distribution pipelines emitting methane, the financial repercussions are profound, resulting in escalated global warming and millions of dollars lost annually in revenue. The absence of precise data impedes the endeavors of industry stakeholders, governments, international organizations, and financial institutions to mitigate these emissions effectively.”
“I like to say, ‘If you can’t measure it, you can’t reduce it.’ Momentick’s intelligence helps energy companies measure their emissions, thus aiding them in reducing them.”
Significant Milestones
What have been some of the company’s most significant milestones? Kashmir cited:
“In recent times, Momentick has witnessed a surge in demand for its services, driven by evolving regulations mandating rigorous monitoring of greenhouse gas (GHG) emissions. These regulations, characterized by hefty fines and heightened reporting frequency, have spurred the adoption of advanced satellite technology for frequent inspections of gas pipelines and robust verification of emissions performance by operators.”
“Under the new regulatory framework, oil and gas companies are compelled, for the first time, to bear the cost of emitting methane. The ensuing penalties could amount to millions of dollars for these companies. In a bid to mitigate these emissions, the Environmental Protection Agency (EPA) will impose a fee on major energy producers, charging them $900 for every ton of methane emissions surpassing levels set by the federal government, commencing in the year 2024. This fee will increase to $1,200 in 2025 and to $1,500 per ton in 2026.”
Customer Success Stories
After asking Kashmir about customer success stories, he highlighted:
“Methane escapes into the atmosphere from various sources such as pipelines, drill sites, and storage facilities. Some producers resort to burning excess gas at production sites, a practice known as flaring, which releases carbon dioxide and, at times, methane.”
“Several months ago, our attention was drawn to a web signal originating from West Uzbekistan, near the Turkmenistan border, indicating emissions from an un-ignited flare in October 2020. Initially, it was presumed that the flare was malfunctioning, prompting us to launch an investigation to ascertain when this issue started and when it ended. However, upon closer scrutiny, two significant discoveries emerged. Firstly, it was revealed that the unignited flare was indeed functioning as intended. Secondly, we successfully identified ten additional emissions stemming from the same facility and production sites adjacent to the processing plant.”
Funding
When asking Kashmir about the company’s funding details, he revealed:
“We’ve recently revealed that we’ve secured $6.5 million in seed funding. Spearheaded by Chartered Group Japan and TAU Ventures, along with contributions from private investors, this round marks a significant milestone for our company. The allocated funds will fuel the continued refinement of our emission intelligence algorithm and bolster our efforts to broaden our market presence.”
Market Size
How big is the market size that Momentick is addressing? Kashmir assessed:
“Methane, the primary constituent of natural gas, is a silent and odorless gas, making emissions and leaks difficult to detect over extended periods. This invisibility contributes to global warming, substantial revenue losses, and susceptibility to regulatory fines. Methane is a potent heat-trapping gas, approximately 84 times more effective than carbon dioxide, and accounts for about 21% of total greenhouse gas emissions.”
“The Global Methane Pledge targets a 30% reduction in methane emissions by 2030, which alone could alleviate 0.2 degrees of warming by 2050. Recognized as the most cost-effective and rapid approach to combating global warming, methane plays a crucial role in international climate initiatives and objectives.”
Differentiation From The Competition
What differentiates the company from its competition? Kashmir affirmed:
“Firstly, we operate as a software company specializing in utilizing multiple satellites to generate insights into methane emissions. Our emissions intelligence platform offers extensive capabilities for scalable monitoring, reporting, and verification.”
“One of our distinguishing features lies in our utilization of proprietary algorithms on satellite imagery, enabling large area monitoring that spans broad geographical regions or entire pipeline networks. This approach sets us apart by providing comprehensive coverage and insights into methane emissions on a significant scale.”
Future Company Goals
What are some of the company’s future company goals? Kashmir concluded:
“We’ve developed a highly adaptable algorithm that lays the groundwork for our future endeavors. Our upcoming focus involves broadening our emissions intelligence to encompass not just methane but also other harmful gasses. While methane represents a significant challenge and addressing it can yield immediate benefits in tackling climate change, it’s crucial to acknowledge the impact of other gasses as well. Our commitment extends beyond methane to address the broader spectrum of harmful emissions, recognizing the importance of mitigating all contributors to climate change.”
