Everimpact, a new company providing a carbon monitoring, reporting, and verification platform, has closed on a $1.4 million seed funding round.
The financing will help the company, which was started by former United Nations executives and located in Paris, enhance its platform which will help businesses, organizations, and governments better measure carbon emissions. The company says the information will also give cities and high-emissions emitters access to climate financial tools to help fund sustainability projects.
The round of funding was led by Motion Ventures and includes international organizations, transportation companies, and impact investors. The European Union Commission, Asian Development Bank, Transport Capital, IMC Ventures, and Rainmaking Impact were among those involved with the financing.
Everimpact’s carbon monitoring, reporting, and verification Internet of Things platform measures greenhouse gas emissions in real-time with satellite, ground sensors, and artificial intelligence data. The company says it will help companies and organizations report their emissions more often with accurate information and not just estimates.
The company also certifies carbon emissions and sequestration data to help industries and municipalities better identify reduction opportunities as well as access carbon finance tools to help fund projects that will improve sustainability.
Monitoring, reporting, and verification is a tool that cities and industries can use to lower emissions and be compliant with increasing emissions regulations. In 2021 the EU made legislative proposals to help achieve carbon neutrality by 2050, and among those is requiring industries to have an approved plan to monitor and report emissions each year.
Everimpact is working with cities in France and the United Kingdom to track carbon emissions and says communities involved with Europe’s Net Zero Cities program have expressed interest to use the system with funding for sustainability projects such as transportation and building decarbonization. The company also has a partnership with Hitachi Systems in Japan to monitor carbon sequestration in municipal forests.
The platform is also supported by maritime and supply chain operations and Everimpact plans to install the system on vessels to help them measure carbon. The company says that will be key as the European Union adds shipping to its Emissions Trading Systems in 2024.
