Join us at Foresight for a virtual road trip across Canada in our annual series Cleantech Coast to Coast. From the nation’s largest urban centres, to remote pockets of innovation, we’ll celebrate Canada’s inspiring innovators at every stop.
Buckle up, and come along with us as we visit some of the change-makers and cleantech leaders who are deploying impactful climate solutions, and moving the needle toward net zero. Our next stop: Cochrane, AB.
Every year, the inventory of inactive oil and gas wells grows steadily. Many of these wells are left uncapped, and passively emit methane into the atmosphere, sometimes as much as eight tonnes per year. As the world moves away from oil and gas, toward renewable energy sources, it's more important than ever that a process to effectively evaluate and execute closures of these sites is developed and implemented.
Closure Liability Management Inc. (Closure LM) is committed to reducing the number of these uncapped wells, and stemming the flow of CO2e they emit. Their mission is simple: To use their proprietary platform, Praedico, to scale up the capacity of the professionals tasked with tackling this growing problem.
Praedico is a workflow software solution focused on end-of-life site restoration for oil and gas wells. The process of plugging open wells and moving through the restoration and remediation process is extremely complex, data, and time intensive. Praedico assesses each site, analysing the unique complexities and risks associated with each uncapped well, and enables the users to generate predictable execution and budget plans.
Collectively, the leadership team of Closure LM, including CEO Albert Lee, have 70 years of experience in the upstream oil and gas industry. Through the years, they could see the growing number of uncapped wells presented a major, imminent problem for the industry with immense environmental impacts. A collective desire grew among the founders of Closure LM to help the industry clean up these derelict sites.
A member of the 2023 Earth Tech Cohort, Closure LM is gearing up to launch Praedico this summer after three years of dedicated development. Their target market is primarily producing oil and gas companies and the related consulting companies that may be doing well-site restoration and remediation. There are 400,000 wells in Western Canada, 150,000 of which are non-productive. Closure LM has their work cut out for them, but their experienced, highly qualified team is ready for the challenge.
Earth Tech is a six-month accelerator delivered in partnership between SI Canada and Foresight Canada that supports the commercialization of companies led by committed teams driven by environmental impact. The program supports early-stage companies to validate their solutions and business models, advance their technologies, raise funding, and create meaningful impact.
Ready to accelerate your venture? Apply to Accelerate from Anywhere, or contact us to learn more.
Earth Tech, along with support for Accelerate from Anywhere, is made possible with the generous support of the RBC Foundation, Peter Gilgan Foundation, and Bullfrog Power.