Most industries aim to be more sustainable. After all, not only does it help the environment, but it’s good for business too. Indeed, our research on the topic found that companies invested $10.5 billion in sustainable technology within the first quarter of 2020. Late last year, their efforts proved to be useful as the Bank of America reported that companies with “below-medium ESG scores,” which sustainability is a big part of, saw fewer earnings. The case is especially true for the oil and gas industry, which expels a lot of waste.
To help with this is Forbes-honored Ohio startup Iconic Air and their revolutionary SaaS data analytics platform for oil and gas processes. Here’s what you need to know about them.
What does the platform do?
Iconic Air has created a data analytics platform that works with methane and environmental monitoring drones. The said drones are equipped with sensors, which use net ties to meet PCB requirements. By specifying the type field of the components’ properties, the system is able to collect real-time data, allowing oil and gas companies to automate their processes. But more than that, it continuously writes a comprehensive report that companies can use to monitor their processes and emissions. Beta users of the program have another name for it: the “Environmental Hub.”
“[It’s] because it combines leak detection, operations, and emissions targets used in data-driven reports that help organizations stay on track for emissions reduction goals,” CEO Kyle Gillis explains.
Plus, a separate article from the International Energy Agency notes how reducing methane leaks is the “single most important and cost-effective way” for oil and gas companies to reduce their emissions. With the data gathered from Iconic Air’s system, owners can more accurately determine where the system needs maintenance and if they remain below the recommended emission numbers.
Iconic Air and future plans
Iconic Air is recently formed by West Virginia University engineering graduates: James Carnes and Kyle Gillis. They have been working on the SaaS platform for around two years, but only managed to get major funding last year when the Country Roads Angel Network (CRAN) saw promise in their technology.
“Unlike any other solution currently on the market, Iconic Air differentiates itself by focusing on the core technology of leak emissions models and pairing the results with automated reports and notifications to best inform operators,” said CRAN Chairman Kevin Combs in an interview. CRAN granted Iconic Air their inaugural $135,000 grant, allowing the startup to push their invention farther than before. The company was also awarded a separate grant from the US Air Force Small Business Innovation Research, which was worth $700,000.
While the technology is still in its research and development phase, it has already green-lit several partnerships in three unrevealed oil and gas producing locations across the US. They will start integrating their platform sometime in 2021.
Subscribe to OILMAN Today, our industry newsletter covering oil and gas business news, events, information and trends shaping the market, delivered to your inbox.