Irish company Proveye to advance remote measurement and monitoring of nature-based solutions for carbon removal in the world’s grasslands.
Irish remote sensing business Proveye has won a lucrative €900,000 contract with the European Space Agency as part of a major environmental initiative.
Proveye has been awarded a second contract with the European Space Agency (ESA) under the ARTES Business Applications and Space Solutions Programme.
“This contract with ESA marks a significant milestone in our mission to help deliver nature-based solutions that drive climate resilience and sustainable food production”
The contract valued at just under €900k will enable Proveye to further develop its pioneering platform that integrates satellite and drone image processing and AI technologies for high-precision, metric-based measurement and monitoring of land use, carbon sequestration and biodiversity in the world’s grasslands.
Proveye was awarded €225,000 funding in 2022 from the European Space Agency (ESA), through the ARTES 4.0 Downstream Applications Demonstration Fund
Regenerative grazing
Proveye’s innovative remote sensing platform enables the measurement of the performance and risk in nature-based solutions projects that look to increase biodiversity and carbon sequestration through regenerative management of grassland ecosystems.
According to the Rangeland Atlas 54% of the world’s land surface is covered by grass, shrubs or sparse, hardy vegetation storing over 20% of the Earth’s soil carbon as well as playing a key role in global food production.
The world’s grasslands are seen by many to be an undervalued source of climate resilience and food production primarily, due to difficulty of measuring and monitoring at vast scales.
By combining cutting-edge technology, the Proveye platform delivers stakeholders in nature-based solutions and regenerative grazing, such as farmers, project owners, buyers of carbon credits, natural capital investors, food processors and insurance firms, the trusted data to confirm and deliver on claimed activities and targets to create high-integrity nature-based credits.
An eye for detail
Proveye, headquartered at NovaUCD in Dublin, was founded by Jerome O’Connell and Professor Nick Holden as spin-out from University College Dublin.
“This contract with ESA marks a significant milestone in our mission to help deliver nature-based solutions that drive climate resilience and sustainable food production,” said Jerome O’Connell, CEO, Proveye.
“We are excited to build on our previous success with ESA and continue advancing our technology to support the pressing need to produce more food in a more sustainable manner. Grassland ecosystems are under significant pressure from climate change and intensive agriculture. Our platform empowers farmers to manage grasslands more efficiently, give actionable insights to project owners and provide investors and corporates with empirical evidence on the impact of their nature capital investments.”
“Frequent and accurate metrics are critical to the widespread adoption of nature-based solutions and given the lack of significant financial commitments being secured at COP29 highlights even more the pressing need for platforms such as ours to give investors the assurance of impact on their investments.”
Paul Kennedy, CCO, at Proveye, added: “Proveye’s second collaboration with ESA highlights the company’s pivotal role in shaping the future of sustainable food production and climate resilience. This contract is expected to have far-reaching impacts, not only in Europe but globally, by driving efficiencies in habitat and grassland management and contributing to broader sustainability targets for all stakeholders in food production, natural capital and biodiversity restoration.”
Main image at top: Jerome O’Connell, CEO, Proveye
-
Bank of Ireland is welcoming new customers every day – funding investments, working capital and expansions across multiple sectors. To learn more, click here
-
Listen to the ThinkBusiness Podcast for business insights and inspiration. All episodes are here. You can also listen to the Podcast on:
-
Spotify
-
SoundCloud
-
Apple
