M&A: Carbon Accounting Software Provider Green Project Technologies Buys Emitwise

Green Project Technologies, part of ACT Group, has acquired Emitwise. The deal reinforces continued consolidation in the highly fragmented carbon accounting software market -- which is growing but faces some geopolitical and market education headwinds. Financial terms of the deal were not disclosed.

Green Project Technologies, founded is 2021, is based in New York. The company has roughly 600 customers and 60 employees worldwide. Green Project's software helps enterprises measure, manage and reduce emissions across their operations and supply chains, the company asserts. Key partners include Microsoft in the small business market.

ACT Group has owned Green Project since 2023. Parent ACT Commodities Group, founded in 2009, is based in Amsterdam, the Netherlands. The company had 599 employees listed on LinkedIn as of July 2025. ACT specializes in such areas as carbon credits, energy efficiency projects and certificates, renewable fuels, emission allowances, and renewable electricity and gas markets.

Emitwise, founded in 2019, is based in London, England. The company's software helps customers to measure and manage supply chain emissions, while also allowing suppliers to calculate product carbon footprints (PCFs).

Emitwise raised $10 million in Series A funding in March 2022. The company had 31 employees listed on LinkedIn as of July 2025. Emitwise co-founders Ben Peddie and Eduardo Gomez are joining Green Project. Also, several Emitwise employees -- including commercial, customer success and engineering team members -- will join Green Project. But actual headcount figures associated with the M&A deal were not disclosed.

In a prepared statement, Green Project CEO Sam Stark said: "Emitwise and Green Project's market offerings could not be matched better. Joining Emitwise's automated, broad supplier offerings with Green Project's audit-grade accounting, ACT's global reach, and an existing suite of decarbonization products undeniably positions us as the solution to beat for supply chains."

Added Jop Gerritsen, managing director of ACT Digital: "We're thrilled to welcome the talented Emitwise team to Green Project and ACT. Their expertise will help drive our next chapter of climate innovation." 

Climate Tech and Carbon Accounting Software: Market Challenges?

The M&A deal surfaces at a key time. Dozens of climate tech startups are struggling to find new funding and new customers amid recent geopolitical headwinds.

Indeed, the U.S. federal government has rolled back and/or abandoned various climate initiatives since President Donald Trump's second term began in January 2025.

As a result, many venture capitalists (VCs), private equity firms and angel investors have hesitated to fund existing or new climate tech startups. The geopolitical headwinds could force some climate tech businesses to shutter and/or sell their intellectual property at steeply discounted valuations.

M&A Activity: Carbon Accounting Software Platform Acquisitions

M&A activity involving carbon accounting software startups has been steady -- though in most cases we don't know if the deal valuations were strong. Example business combinations include:

• May 2025: Asuene acquired NZero, a software company that allows organizations to "operationalize and optimize energy use, cost, and emissions," the buyer said.
• February 2025: Ecologi acquired Net Zero Now, a carbon accounting software platform provider. Financial terms of the deal were not disclosed.
• September 2024: Gevo acquired CultivateAI to further focus on carbon accounting software and data in the agriculture market. Gevo paid $6 million in cash, with additional earn-out payments potentially possible, the buyer said.
• August 2024: Asuene acquired CoRocket and launched an associated business called Asuene Veritas. Financial terms of the deal were not disclosed.
• June 2024: Workiva acquired Sustain.Life for $100 million.

Also of note: Private equity firm Thoma Bravo may be seeking to sell ESG software provider Cority for roughly $2 billion, Reuters reported in mid-2024. No buyer for Cority has emerged as of July 2025.

Meanwhile, multiple carbon accounting software startups received funding ahead of Donald Trump's return to the White House in January 2025. Trump's economic strategy and rollback of multiple Biden Administration climate policies have made some climate tech investors nervous.