Press release | New York, London, Stockholm & Paris, September 15, 2026 - Leading carbon accounting platforms Greenly and Normative today announced they are merging to create the world's largest climate software provider, triggering the consolidation of a fragmented market. The combination unites the two largest emissions datasets into a single system of record, giving businesses the most accurate view of their Scope 3 supply-chain emissions, and giving the new entity a data scaling advantage that compounds with every company it onboards.
The combined company aims to grow ARR from €30M to €50M over the next three years in pure software, expanding across carbon accounting, life-cycle assessment, supply chain and energy management - helping businesses not just manage compliance at global scale, but turn the energy transition into a growth opportunity. A profitable business that makes sustainability sustainable.
Consolidating a fragmented carbon accounting market to offer a one-stop-shop for sustainability
By joining forces, Greenly and Normative are creating the leading climate software platform, aiming to become the global standard for corporate climate action and compliance.The group will combine Normative’s recognized scientific rigour, methodological depth and enterprise expertise with with Greenly's broader product suite, AI capabilities, international reach, and a scaling engine built on both automation and a strong network of implementation partners who deliver autonomously on the platform. Together, the group will support 4,000 customers across more than 30 countries. It will already manage 500 million tonnes of CO₂, targeting one billion by 2030. The combined group will have offices in Paris, London, New York and Stockholm for strong local support.
For customers, the combination creates a more complete platform, delivered by a world class professional services team and a network of certified implementation partners, spanning corporate carbon accounting, supplier engagement, product footprints, life-cycle assessment and multi-framework ESG reporting. Greater scale will also improve the quality of the underlying data: as more companies and suppliers participate, emission factors become more reliable, benchmarks more meaningful and reporting more robust under audit and regulatory scrutiny.
The timing reflects a climate software market entering a new and more competitive phase. Demand is shifting from annual compliance exercises towards continuous carbon management across complex value chains, driven by Scope 3 requirements, evolving regulations and a growing need for product-level data to drive meaningful action. Regulatory drivers including the renewed implementation of the CSRD, California’s SB 253 and SB 261, and product-level rules such as CBAM and the Digital Product Passport, are accelerating this shift. Greenly-Normative’s new scale, breadth and data quality will be providing a decisive advantage to unify carbon accounting.
While Watershed has built a strong position in the US, Asuene in Asia and One Click LCA in construction product life-cycle assessment, the Greenly–Normative combination creates a uniquely positioned transatlantic, multi-category platform spanning Europe and North America, effectively the global category leader.
Normative's shareholders, including Blume Equity, Horizon, ETF and 2150, join Greenly's existing backers, among them EIP, XAnge and 7Ridge, alongside the founders. The group remains founder-led and entrepreneurial, with the resources to keep investing in product, service and growth, and to continue consolidating the market.
Building the AI-native system of record for carbon data & products
Greenly and Normative will not just be building another carbon-accounting tool, but more ambitiously, a global system of record for carbon data: a shared, auditable infrastructure through which companies measure emissions, verify reductions and manage the transition across organisations, products and supply chains.
In practice, the combined platform will consolidate data from hundreds of thousands of customers and suppliers, complementary methodologies and more than 5 million emission factors. In complex sectors such as automotive, chemicals, agri-food, construction, logistics, retail and industrial manufacturing, this will provide customers a shared view of emissions across their ecosystems, enabling them to benchmark suppliers and products, identify reduction opportunities and coordinate action across value chains.
The combined group will step up investment in Greenly’s AI-native platform, whose specialised agents are already available to customers. The Architect can map the entities of a multi-country group and apply more than 200 automated quality checks; the Scope 3 Scout expands supplier-level coverage; the Environmental Engineer scales life-cycle assessment across product portfolios; and the Strategist turns the resulting data into board-ready decarbonisation plans aligned with reporting frameworks.
Combining assets, data and teams, the group intends to lead in product investment, methodological rigour, and offer the largest shared dataset, to deliver increasingly accurate insights over time, bringing carbon information closer to the completeness and operational maturity expected of financial data.
Linking climate performance to financial performance
Together, Greenly and Normative will offer an integrated platform spanning corporate carbon accounting across Scopes 1, 2 and 3, supplier engagement, life-cycle assessment, product footprinting and multi-framework compliance, including CSRD, IFRS, SEC and SBTi.
The combined company will extend the platform with software products that connect climate data directly to operational and financial performance. Within its ESG and CSRD suite, Greenly will expand its climate-risk engine to model physical hazards and quantify the growing cost of extreme weather across sites, assets and supply chains. Utility-management capabilities will unify energy consumption, procurement and cost data with decarbonisation plans, helping companies optimise spend, reduce exposure and track climate performance in real time. The goal is to move climate software beyond disclosure, towards a decision platform for resilience, margins and competitiveness.
Climate-risk and utility-management products will extend the platform beyond reporting into operational and financial decision-making, helping companies quantify physical risks, reduce energy costs and align resilience, margins and decarbonisation. The group’s ambition is to manage one billion tonnes of CO₂ by 2030 and build the global reference platform through which companies measure risk, verify progress and manage the transition.
The combined platform, which already supports organisations including Amazon, Veolia, AXA, BNP Paribas, Sony, Porsche, Toyota, Eurostar, the Bank of England, Hitachi, Vodafone, Forvia, Nexans and Bureau Veritas, will pursue its expansion alongside a strong network of implementation partners. Through Greenly Pro, consultancies and enterprise clients gain the advanced capabilities to run carbon accounting engagements autonomously and at scale. This makes global partners such as Schneider Electric Advisory Services, R3, Guidehouse, ClimeCo, McKinsey, Dekra, Quantis, Wavestone, Sia Partners and NATIVA, among others, a genuine force multiplier for adoption.
“When we look back from 2050 at what made global decarbonization possible at scale, I believe we will see the emergence of a common language and source of truth for carbon as a defining moment — much as double-entry bookkeeping helped unleash modern finance during the Renaissance. We will not reach Net Zero through thousands of disconnected spreadsheets, surveys, methodologies and competing ledgers. Before companies can decarbonize at scale, they need a shared infrastructure for understanding where emissions come from, and whether they are actually falling. That is bigger than a competition between software companies. Someone has to do the hard work of building the carbon infrastructure of the twenty-first century: a trusted system capable of measuring emissions consistently across companies, products and supply chains, and ultimately of turning carbon reduction into something as measurable and accountable as financial performance. By bringing Greenly and Normative together, we are laying the first foundations of that infrastructure. Our ambition is not simply to build a larger company, but to help create the accounting system for the decarbonized economy.”
“Achieving real change in how companies deal with climate risks will require more than scientific credibility, trusted data and commitment to customers. It will require platforms that have the breadth and depth of features and services to handle all of their clients' needs in 1 place, across multiple regions, methodologies, requirements or needs, without sacrificing the quality of the work. Greenly and Normative's team share the same mission, culture and goals and, together, we can turn methodological rigour into real climate and economic impact at scale.”
About Greenly - Greenly is one of the world’s most widely deployed climate-management suites. Its technology platform supports organisations of every size, from global enterprises to small and medium-sized businesses. Greenly enables companies to manage their decarbonisation with granular Scope 3 measurement down to the product level, while automating compliance with demanding regulatory frameworks such as CSRD, CBAM and EUDR.
With strategic hubs in Paris, New York and London, Greenly combines local regulatory expertise with a technology infrastructure designed to adapt to the requirements of each market. This global operating footprint enables the company to support more than 4,000 organisations worldwide.
Greenly’s customers include global leaders such as AXA, Veolia, Fnac Darty, Forvia, Nexans, Stellantis, HSBC, Sony, Shimano, Pentax, Fruit of the Loom, Ubisoft, Bureau Veritas and Villeroy & Boch.
Greenly has raised a total of €75 million from leading investors, including Fidelity International Strategic Ventures. This backing supports continued product innovation and methodological robustness, validated by AFNOR Certification, and positions Greenly as a trusted partner for turning climate requirements into drivers of business performance.
About Normative - Normative is a Stockholm-based carbon accounting company, with additional offices in London. Its science-based platform helps companies measure, report and reduce their emissions across Scopes 1, 2 and 3, with a focus on methodological rigour and audit-ready data that supports compliance with demanding frameworks such as the CSRD.
Normative supports more than 300 major European companies across banking, retail, telecommunications, software and manufacturing, including Nordea, Flying Tiger, Vodafone, Typeform and Hitachi. The 170-person company has raised over €40 million from leading European climate investors, including 2150, ETF Partners, Blume Equity and Horizons.
About XAnge - XAnge is a BCorp-certified early-stage investment fund managing €800 million, with offices in Paris, Berlin, and Brussels. The fund backs European founders who aim to transform daily life through technology, investing between €1 million to €15 million from from Seed to Series B. XAnge invests in Deep Tech (Aerospacelab, Ledger), SaaS (Odoo, 360 Learning, Skello), AI (Gleamer, Tomorro), energy transition (Greenly, Greenfusion), digital finance (Lydia) and healthcare sectors. XAnge is the innovation-driven venture capital brand of the Siparex Group.
