Abatable, a tech company from London that specializes in carbon procurement, got $13.5 million from Spanish investor Azora Capital. They then used some of these funds to buy Ecosphere+, an organization that produces nature-based carbon credits.
Abatable will employ the capital they have secured to expand their customer base and consequently aid more companies in meeting their zero-emission objectives.
With the assistance of Ecosphere+, Abatable will be able to extend its corporate clientele and gain access to the 45 million carbon credits contained in their database. This organization dedicates itself to reforestation, lowering deforestation rates, and supporting local communities.
The London-based firm Abatable, with access to more than 2000 carbon project developers, and Ecosphere+, with its procurement experience and corporate buyers base, have united to create the largest technology-enabled carbon procurement platform, according to the firm.
According to a report, the value of carbon credit trading platforms is expected to reach $201B by 2027. This was published by Carbon Herald.
Walker, CEO of Ecosphere+, expressed enthusiasm for the new venture, noting that their acquisition by Abatable symbolizes the union of different missions and respective strengths. She believes the Abatable platform will be a catalyst for their collective influence and ultimately, a way to speed up action towards protecting the environment, nature, and people.
Azora's latest injection of capital into Abatable is part of their European Climate Solutions growth equity strategy, which is designed to back companies that have the capacity to help Europe reduce its carbon footprint.
Santiago Olivares, Managing Partner at the Spanish firm, explained that this investment will provide Abatable with the opportunity to acquire Ecosphere+ and advance its decarbonization strategies to a broader range of businesses and sectors. This, in turn, will expedite Abatable's growth strategy.
Abatable's platform offers carbon intelligence and facilitates the acquisition of premium carbon credits to help customers reach their climate objectives.