The Biden-Harris Administration has announced a $162.4 million loan guarantee to LongPath Technologies, Inc., through the U.S. Department of Energy's Loan Programs Office. This initiative is part of the administration's broader Investing in America agenda and is backed by the Inflation Reduction Act. The funds will support the construction and installation of over 1,000 remote monitoring towers as part of a real-time methane emissions monitoring network across major U.S. oil and gas production regions.

U.S. Secretary of Energy Jennifer M. Granholm emphasized that "preventing harmful greenhouse emissions from entering our atmosphere is a key pillar" of the administration’s agenda to improve public health and combat climate change.

U.S. Senator John Hickenlooper highlighted Colorado's leadership in methane regulation, stating, “We’re building on that leadership to create real-time methane emissions monitoring for the rest of the country thanks to these Inflation Reduction Act investments and our homegrown innovators like LongPath.”

The project aims to cover up to 24,000 square miles with monitoring technology expected to prevent methane emissions equivalent to six million metric tons of CO2 annually. This effort could be comparable to removing 1.3 million gasoline-powered vehicles from roads each year.

LongPath's Active Emissions Overwatch System utilizes advanced laser technology developed with contributions from the University of Colorado and other institutions. This system continuously identifies and quantifies methane emissions more efficiently than traditional methods.

Additionally, this development aligns with President Biden’s Justice40 Initiative, which seeks to ensure disadvantaged communities benefit from federal investments in clean energy and climate initiatives.

This financing comes under LPO’s Title 17 Clean Energy Financing Program, expanded by the Inflation Reduction Act, supporting innovative energy projects nationwide.