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Sustainable Technology News 07 June 2024: Freshworks, Device42, SAP, Tech Mahindra, More

June 7, 2024 by Joe Panettieri

Here is today’s sustainability news, research and analysis for technology partners, renewable energy consultants and green IT service providers. Today's sustainability news also involves management consultants, CIOs, chief sustainability officers (CSOs), c-suite members and climate accounting professionals.

A. Sustainable Technology, Talent, Partnerships and Green IT Alliances

1. Green IT Services Market Growth Forecast: The global green IT services market will reach $33.64 billion in 2031, up from $13.72 billion in 2022, according to Astute Analytics. That's a 10.48% compound annual growth rate (CAGR), the researcher said.

2. IT Consulting - Sustainability as a Service: Tech Mahindra, the major IT consulting firm in India, is pitching sustainability as a service capabilities to customers...

3. Enterprise Applications and ERP: SAP announced multiple applications and tools to help customers address AI and sustainability.

4. Sustainable AI Data Centers: ZutaCore and NeevCloud are partnering to "drive sustainable AI throughout India. The strategy: NeevCloud will deploy ZutaCore's HyperCool technology in all of its data centers to "enable the country to harness the power of AI, but with a focus on sustainability by preserving power, energy, and water," the firms said.

5. Research - CEO Perspectives: Sixty-nine percent of CEOs view sustainability as a leading business growth opportunity in 2024, Gartner reported.

6. Net Zero Buildings: The U.S. Department of Energy (DOE) announced a National Definition of a Zero Emissions Building amid the effort to decarbonize the buildings sector -- which represents one-third of total U.S. greenhouse gas emissions.

7. Lawsuit - Who Owns OpenAI's Name?: OpenAI is facing pushback in the trademark infringement and fraud case that it waged against an identically-named but unaffiliated third party in 2023, according to this report.

8. AI - Antitrust Investigations: The U.S. Justice Department and the Federal Trade Commission have reached a deal that clears the way for potential AI antitrust investigations into the dominant roles that Microsoft, OpenAI and Nvidia play in the artificial intelligence industry, Reuters reported.

B. Sustainability M&A, Investments, Funding and Green IT Business Launches

1. M&A - IT Asset Management: Freshworks has acquired Device42 as part of a deeper push into IT Asset Management (ITAM) solutions. Financial terms of the deal were not disclosed.

2. M&A - Building Energy Management: nVent Electric is acquiring power and infrastructure specialist Trachte for $695 million, or roughly 12x anticipated 2024 adjusted EBITDA. Trachte makes custom-engineered control building solutions designed to protect critical infrastructure assets. Trachte, backed by roughly 500 employees, is based in Madison, Wisconsin. Trachte estimates 2024 revenues to be approximately $250 million.

3. Complete M&A List: Here's our database of all M&A deals involving green IT and renewable energy buyers, sellers and investors.

C. Regional and Global Sustainability Policies and News

1. United States - Trump on Climate Change: A slowly rising sea level "means basically have a little more beachfront property OK,” Trump said in an interview.

2. COP 29 - Renewable Energy: COP29 host Azerbaijan and the UAE unveiled plans for three large-scale solar and wind projects in Azerbaijan, totaling 1 GW capacity, during a ceremony held at the Baku Energy Forum, Euronews reported.

D. Sustainability and Green Technology Conference Calendar

  1. Regional Grey to Green Chicago Conference 2024 (June 6-7, Chicago)
  2. European Sustainable Energy Week 2024 Conference Dates (June 11-13, Brussels, Belgium)
  3. Responsible Business Europe 2024 (June 11-12, London, United Kingdom)
  4. Decarb Connect 2024 (June 11-13, Germany)
  5. International Conference on CSR, Sustainability, Ethics and Governance 2024 (June 12-14, Sibiu, Romania)
  6. Complete Calendar of Sustainability Conferences

E. Previous Updates & Future News

  1. Did You Miss Yesterday's Daily Update?: Here is our previous sustainability, green IT and renewable energy news for technology partners.
  2. Future Updates: If you have news to share then please email me the details.
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