BP Ventures is a venture capital firm that identifies and invests in private and high-growth technology companies. BP Ventures was set up more than ten years ago to identify and invest in private, high growth, game-changing technology companies, accelerating innovation across the entire energy spectrum. Since then, they have invested over $400 million in technology companies across more than 40 entities with more than 200 co-investors. Venturing plays a key role in BP’s strategy to tackle the dual challenge of meeting the world’s need for more energy, while at the same time reducing carbon emissions. They will do this by leveraging their investments across a portfolio of relevant technology businesses that will help BP transition to a low carbon company.

BP Ventures

Avista Corporation (Avista Corp.) is an energy company engaged in the generation, transmission and distribution of energy, as well as other energy-related businesses. The Company operates in two business segments: Avista Utilities and Ecova, Inc. (Ecova). Avista Utilities is an operating division of Avista Corp. that comprises of its regulated utility operations. Avista Utilities generates, transmits and distributes electricity and distributes natural gas. The utility also engages in wholesale purchases and sales of electricity and natural gas. Ecova is an indirect subsidiary of Avista Corp. (79% owned as of December 31, 2012) provides expense management services for utility and telecom needs, as well as strategic energy management and efficiency services that include procurement, conservation, performance reporting, financial planning, facility optimization and continuous monitoring, and energy efficiency program management for commercial enterprises and utilities.

Avista

Asia Pacific Ventures Ltd. provides consulting services for businesses in North America and Asia.

Asia Pacific Ventures

S&P Global offers financial information and data analytics services to provide transparent and independent ratings. The company's information and data analytics services offer market intelligence reviews, ratings, benchmarks, analytics, and data that enable the capital and commodity markets to avail the intelligence necessary to make decisions with conviction.

S&P Global

ThirdStream Partners is an investment firm that invests in venture and strategic opportunities in financial technologies (FinTech) and financial services. They make proprietary investments in a broad spectrum of companies, ranging from early-stage startups to late-stage private companies. It was founded in 2014 and headquartered in San Francisco, California.

Thirdstream Partners

Energy Innovation Capital is the premier capital provider for innovators serving the energy industry. EIC provides early and growth-stage funding for visionary entrepreneurs tackling global energy challenges with transformative, market-leading solutions. EIC's team leverages its industry expertise, networks and collaborative approach to help talented entrepreneurs push the boundaries of what's possible and build great companies. To learn more, visit www.energyinnovationcapital.com.

Energy Innovation Capital

The Goldman Sachs Group, Inc. provides investment banking, securities, and investment management services, as well as financial services to corporations, financial institutions, governments, and high-net-worth individuals worldwide. Its Investment Banking segment offers financial advisory services, including advisory assignments concerning mergers and acquisitions, divestitures, corporate defense, risk management, and restructurings and spin-offs; and underwriting services comprising public offerings and private placements of a range of securities, loans, and other financial instruments, and derivative transactions. The company’s Institutional Client Services segment provides client execution services, such as fixed income, currency, and commodities client execution related to making markets in interest rate products, credit products, mortgages, currencies, and commodities; and equities related to making markets in equity products, as well as executes and clears institutional client transactions on stock, options, and futures exchanges. This segment also engages in the securities services business providing financing, securities lending, and other brokerage services to institutional clients, including hedge funds, mutual funds, pension funds, and foundations. Its Investing and Lending segment originates longer-term loans; and invests in debt securities, loans, public and private equity securities, real estate, consolidated investment entities, distressed assets, currencies, commodities, and power generation facilities. The company’s investment management segment provides investment products and services, as well as offers wealth advisory services, including portfolio management and financial counseling, and brokerage and other transaction services.

Goldman Sachs

Bank of America is a financial institution, serving individual consumers, small- and middle-market businesses, and large corporations with a full range of banking, investing, asset management, and other financial and risk management products and services. They serve approximately 51 million consumer and small business relationships with approximately 5,300 retail banking offices and approximately 16,350 ATMs and award-winning online banking with 30 million active users and more than 13 million mobile users. It offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America is a wealth management company specializing in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions, and individuals around the world. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange. It was founded in 1998 and is headquartered in Charlotte, North Carolina, United States.

Bank of America

Xpansiv

Xpansiv ingests data sourced from each commodity’s lifecycle and converts it into intelligent commodities and digital assets. It serves as a global market infrastructure for registering, managing, trading, settling, retiring, analyzing, and reporting an infinite array of data-driven environmental commodities in an intuitive, user-friendly environment.

Xpansiv is a carbon and ESG commodities exchange that connects buyers and sellers by providing market-driven data insights for voluntary carbon offsets, renewable energy credits, and low-carbon fuels. The company was acquired by CBL Markets in June 2019; hence, it operates as a separate business entity. Xpansiv’s core business units include CBL (the largest spot exchange for environmental commodities), H2OX (spot exchange for water), XSignals (daily and historical market data), EMA (multi-registry portfolio management system for all environmental commodities), and APX (registry infrastructure for energy and environmental markets). In November 2022, the company launched <a href="https://sp-edge.com/updates/14972">CBL Auctions</a> to trade carbon credits. In September 2023, Xpansiv launched <a href="https://sp-edge.com/updates/22093">live bids and offers</a> on its CBL to accelerate price discovery and liquidity formation.

New technology allows individuals and organizations to become carbon intelligent

Carbon Management Software

Xpansiv is a carbon and ESG commodities exchange that connects buyers and sellers by providing market-driven data insights for voluntary carbon offsets, renewable energy credits, and low-carbon fuels. The company was acquired by CBL Markets in June 2019; hence, it operates as a separate business entity. Xpansiv’s core business units include CBL (the largest spot exchange for environmental commodities), H2OX (spot exchange for water), XSignals (daily and historical market data), EMA (multi-registry portfolio management system for all environmental commodities), and APX (registry infrastructure for energy and environmental markets). In November 2022, the company launched <a href="https://sp-edge.com/updates/14972">CBL Auctions</a> to trade carbon credits. In September 2023, Xpansiv launched <a href="https://sp-edge.com/updates/22093">live bids and offers</a> on its CBL to accelerate price discovery and liquidity formation. In August 2022, Xpansiv acquired APX, a provider of registry infrastructure, where the company acquired a 20% minority stake previously in March 2022. In January 2023, Xpansiv also completed the acquisition of Evolution Markets, a financial services provider, post the deal closure, Evolution Markets operated as a wholly owned subsidiary of Xpansiv. Funding and financialsXpansiv’s most recent funding round was in January 2023, where the company raised <a href="https://sp-edge.com/updates/15652">USD 125 million</a> led by existing investor Blackstone Energy Partners, and this funding was linked to the <a href="https://sp-edge.com/updates/11495">USD 400 million</a> private equity raise in July 2022, led by the same investor. The funds were used to support the growth of the company, with organic initiatives and new acquisitions.

<div>
 
 Circular IQ is a Netherlands-based digital platform that offers SaaS-based solutions for businesses to assess their circular performance through smart data-gathering and analytics. Circular IQ collects and analyzes supplier-specific data and provides tailor-made reports for businesses about the circularity of their operations.&nbsp;
 
 
 Circular IQ offers three main services 1) Circular Procurement Program, a service that monitors and reports the circular performance of a business&rsquo;s existing supply chain, 2) Product Circularity Improvement Program, a service in collaboration with KPMG to identify areas where the circularity of an existing supply chain can be improved, and 3) Circular Transition Indicators (CTI) Program, a service that supports and guides businesses through circular transition. The monthly subscription for CircularIQ&rsquo;s services is EUR 5,000 (USD 5,960).&nbsp;
 
 
 In June 2023, Circular IQ reported more than 2,000 CTI customer accounts. 
 KPMG, Whirlpool, Saudi Aramco, Aptar, Rabobank, and Royal DSM are some of Circular IQ&rsquo;s high-profile clients.
 
</div>

Circular IQ

<div>
 
 Cloverly offers an application programming interface (API)-based business-to-business carbon offset solution that can be integrated into existing e-commerce, rideshare, aviation, fintech, enterprise resource planning, and shipping platforms. Cloverly offsets emissions on a per-transaction basis, which gives businesses the option of transferring the cost of offsetting to customers. For instance, a business using Cloverly can ask the customer to pay slightly extra to offset the carbon footprint of that particular transaction at checkout.&nbsp;
 
 
 Cloverly determines the amount of carbon emitted by a transaction based on data such as package weights and transportation destinations and matches it with carbon offset projects located as closely as possible to the location and the source of the initial carbon-producing activity. After which, Cloverly purchases verified carbon offsets or Renewable Energy Credits (RECs) from the matched carbon offset projects in the amounts needed to cover the carbon footprint of the transaction. As of March 2021, Cloverly charges a service fee of USD 0.25 per transaction.
 
 
 As of March 2021, Cloverly&rsquo;s main focus has been e-commerce by allowing merchants to add Cloverly to their Shopify, BigCommerce, and Magneto stores. The online gift card company, Instagift, also allows its customers to offset emissions through Cloverly.&nbsp;As of February 2020, Cloverly had facilitated 150,000 transactions offsetting nearly 11 million pounds of carbon. In November 2021, Clovery partnered with Diversifi to launch a service that offsets the crypto-carbon footprint.&nbsp;In May 2022, Cloverly also partnered with 
 <a href="https://sp-edge.com/updates/11507">
 BeZero Carbon
 </a>
 to obtain third-party ratings and independent quality assessments and 
 <a href="https://sp-edge.com/updates/11506">
 Redwood Logistics
 </a>
 to measure freight emissions and offset those via carbon credits in July 2022.&nbsp;
 
 
 
 
 Cloverly&rsquo;s most recent funding was in May 2023, when it raised USD 19 million in a 
 <a href="https://sp-edge.com/updates/18533">
 Series A funding
 </a>
 round led by Grotech Ventures. 
 In July 2021, Cloverly raised USD 2.1 million in a seed funding round led by TechSquare Ventures. As a part of the transaction, Cloverly was also spun out from Southern Company, an American gas and electric utility where it was incubated.
 
</div>

Cloverly

<div>
 
 UK-based Giki offers two mobile apps to reduce the personal carbon footprint of its users:  
 
 
 Giki Badges is an app that allows users to find sustainable and healthy products in supermarkets through 15 unique badges to UK supermarket products based on sustainability, health, and fairness. Customers can scan the product barcode to find the badges that are being awarded to the product. As of March 2021, Giki Badges reported awarding badges to over 280,000 supermarket products.
 
 
 Giki Zero is an app that allows users to calculate and reduce the personal carbon footprint. Giki Zero estimates the personal carbon footprint of a user based on a lifestyle survey (a set of detailed questions about the user’s lifestyle) and provides customized advice to reduce the user’s carbon footprint. Giki Zero Pro is an extension of the same product for businesses which allows employees to monitor and reduce their carbon footprint. 
 
 
 In April 2018, the software company Simpleweb invested an undisclosed amount in Giki in what is the company’s only funding round.
 
</div>

Giki

<div>
 
 Canada-based Metrio primarily offers SaaS-based Environmental, Social and Governance (ESG) reporting solutions for businesses. Metrio allows companies to monitor their ESG performance in real-time using dashboard tools to create customized reports based on any standard ESG framework. In addition to ESG reporting, Metrio also offers ESG industry benchmarking, supply chain ESG monitoring, and ESG investment management services. 
 
 
 As of June 2021, Metrio reported over 5,000 clients including 75 multinational companies such as Target, Air Canada, Decathlon, and Aldo.
 
</div>

Metrio

<div>
 
 Proof of Impact (POI) is an Impact-as-a-Service (IaaS) company based in the Netherlands. POI offers a range of SaaS-based digital tools for businesses and investors to collect, verify, and analyze real-time sustainability data from community assessments, Internet of Things devices, and corporate disclosures. The company also verifies and secures them using blockchain technology and presents them in a quantifiable form for sustainable decision making. 
 
 
 POI’s services include: 1) Digital consultancy–digital assessments to create and deploy a company’s sustainability strategy, 2) Impact dashboard–an end-to-end solution to collect, verify, analyze, and report sustainability data, and 3) Impact Catalyst Cloud–cloud-based tools and application programming interface (API) solutions for tracking, verifying, and investing in sustainability projects. 
 
 
 POI also operates a marketplace for sustainability projects where investors may directly select, and fund verified sustainable projects. 
 
 
 POI’s most recent funding was in August 2022, when it raised USD 6 million in a 
 <a href="https://sp-edge.com/updates/12037">
 pre-series A funding
 </a>
 round led by Rakuten Capital. Previously in 
 December 2021, when it raised USD 2.3 million in a seed funding round led by Altera Investments. 
 
</div>

Proof of Impact

Solutions used improve carbon tracking transparency across internal and external business operations

Provides tools to monitor and offset CO2 emissions using reforestation, renewable energy credits, etc

Some carbon trading marketplaces are blockchain based (e.g., Nori)

Some carbon tracking companies use AI to measure and report CO2 emissions (e.g., Persefoni)

Carbon trading marketplaces that allow individual and business users to buy and sell carbon offsets.

Xpansiv

EDGE Insights

Carbon Management Software (Q1 2023): SEC ruling delayed; funding rebounds amid slowdown in activity

2023 Climate Tech hotspots: battery, carbon accounting, biojet fuel, and fusion

Carbon Management Software Q3 2022 update: Big Tech’s big move into carbon accounting

Recent Updates

Xpansiv appoints new CFO

Xpansiv launches live bid option for trading carbon credits

Puro.earth and Xpansiv partner to scale up carbon removal credits market

Xpansiv acquires Evolution Markets and closes its USD 125 million capital raise

Xpansiv launches CBL Auctions to trade carbon credits

Xpansiv raises USD 400 million

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