Japanese insurance giant Sompo is joining forces with Israeli startup Momentick in an effort to combat greenhouse gas emissions. The partnership aims to leverage Momentick’s innovative satellite-based technology to monitor and measure emissions from Japanese energy production assets, including offshore rigs and gas pipelines. The collaboration comes as Japan intensifies its participation in global efforts to reduce carbon footprints and mitigate climate change. By providing accurate emissions data, this initiative seeks to help Japanese companies navigate increasingly strict international regulations while contributing to environmental protection efforts.
“We are very happy to lead this partnership between Sompo in Japan and Momentick in Israel,” commented Yinnon Dolev, Sompo Digital Lab Israel CEO. “We see this partnership as creating value in areas that affect the environment, in a way that complements our insurance policies. Also, Japan’s joining the global fight against greenhouse gas emissions creates an opportunity for large investments in technologies that support the struggle to improve the quality of the environment and the war against global warming. I am confident that the Japanese market will find that there are quite a few Israeli technology companies that will be able to assist it in this process.”
The partnership addresses a growing challenge faced by Japanese companies operating energy facilities beyond their national borders. These firms are increasingly exposed to potential fines and sanctions from host countries that are tightening their stance on greenhouse gas emissions. Sompo, with its significant market presence and $21 billion market capitalization, is well-positioned to offer solutions to this complex issue. The company is utilizing its Tel Aviv innovation center to spearhead this collaboration, demonstrating its commitment to leveraging cutting-edge technology for environmental and business benefits.
Currently, Sompo is conducting a comprehensive demonstration of Momentick’s technology, with a particular focus on its ability to detect methane emissions through satellite imagery. The accuracy of Momentick’s analysis has been rigorously tested and validated through comparisons with data from advanced airborne sensors, establishing its credibility as a reliable tool for emissions monitoring. This testing phase involves collaboration with several Japanese government entities, including the Ministry of the Environment and the National Institute for Environmental Studies.
To ensure the technology’s effectiveness across various scenarios, Sompo is extending invitations to both Japanese and international energy companies to participate in the verification process. This inclusive approach aims to refine the technology’s applications in real-world settings. If the demonstration proves successful, Sompo plans to integrate Momentick’s services into its comprehensive risk management offerings. This integration would provide Sompo’s clients with valuable tools for emissions monitoring and environmental compliance, potentially revolutionizing how companies approach their environmental responsibilities.
Founded in 2020, Momentick has developed a sophisticated solution that offers precise, autonomous capabilities for identifying and measuring greenhouse gas emissions on a global scale. With applications spanning various industries including energy, waste management, and finance, Momentick’s technology addresses a critical need in the market. The startup is backed with $7 million in seed funding from notable investors such as Chartered Group Japan and TAU Ventures.
