Flyscan Systems Announces that Marathon Petroleum Joins its Strategic Investor Group alongside Hatch, Enbridge and BDC

Rhea-AI Summary

Marathon Petroleum joins strategic investor group of Flyscan Systems to support its advancement and growth.

Positive

• Marathon Petroleum's investment will enable Flyscan to accelerate commercialization and scale-up of its operations.
• Flyscan's technology enables early detection of hydrocarbon leaks, providing environmental benefits for its clients.
• The funding will help reduce unwanted leaks, reduce costs, and enhance safety for Marathon and other operators in the industry.

Negative

• None.

Leading U.S. energy company to bring key expertise, best practices, and development of new capabilities to accelerate market growth.

QUEBEC CITY, QC, Sept. 19, 2023 /PRNewswire/ - Flyscan Systems announced today that Marathon Petroleum (NYSE: MPC) is joining strategic investors Hatch, Enbridge (TSX: ENB) (NYSE: ENB) and Business Development Bank of Canada's (BDC) Cleantech Practice to support the company's continued advancement and growth. The funding will enable Flyscan to accelerate commercialization and scale-up of its operations as it continues to enter into commercial agreements with multiple energy companies in North America. 

"We have been working closely with Marathon over the past year, and we really appreciate their collaboration and support and their commitments to safety, innovation, and enhancing how right-of-way inspection is done today. We are privileged to have them join us as an investor and development partner," said Eric Bergeron, Founder and CEO of Flyscan.

"Flyscan's technology enables early detection of hydrocarbon leaks using its patented aerial inspection system, providing environmental benefits for its clients, such as Marathon, in the energy industry and for our country as a whole," said Pascal Lanctot, Partner, Climate Tech Fund, BDC Capital. "BDC is built to support companies like Flyscan who have innovative technologies and the ambition to keep reducing GHG emissions, and become Canadian and global champions."

"Flyscan's technology will detect potential leaks as well as physical threats more effectively, efficiently and safely, enabling Marathon and all operators across the industry in their missions to reduce unwanted leaks, reduce the costs to meet regulatory obligations and keep facilities, staff and neighboring communities safer.   Using innovation and technology to do so aligns completely with Hatch's manifesto and our goal of positive change," said Robert Francki, Global Managing Director, Energy, Hatch Ltd.

Flyscan Systems Inc. is a spin-off from Canada's National Optics Institute founded in 2015. Its mission is to help energy companies and all operators of long linear critical infrastructure to better protect their assets, the public and the environment with a positive financial return. 

About Marathon Petroleum

Marathon Petroleum is a leading, integrated, downstream energy company headquartered in Findlay, Ohio. The company operates the nation's largest refining system. MPC's marketing system includes branded locations across the United States, including Marathon brand retail outlets. MPC also owns the general partner and majority limited partner interest in MPLX LP, a midstream company that owns and operates gathering, processing, and fractionation assets, as well as crude oil and light product transportation and logistics infrastructure. More information is available at www.marathonpetroleum.com.

About Hatch

Hatch is a global engineering, project management, and professional services firm. Whatever our clients envision, our professionals can design and build. With over six decades of business and technical experience in the energy, infrastructure, and mining sectors, we know your business and understand that your challenges are changing rapidly. We respond quickly with solutions that are smarter, more efficient and innovative. We rely upon our 10,000 staff with experience in over 150 countries to challenge the status quo and create positive change for our clients, our employees, and the communities we serve.

Find out more on www.hatch.com.

About BDC Capital

BDC Capital is the investment arm of BDC, Canada's business development bank. With over $6 billion under management, BDC Capital serves as a strategic partner to the country's most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity as well as ownership transition solutions, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.

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SOURCE FlyScan Systems Inc.