Greenly acquires Normative

● STRATEGIC | ENERGY/UTILITIES · Carbon & Sustainability

SEPTEMBER 9, 2026

Greenly acquires Normative

TARGET

Science-based carbon accounting platform calculating Scope 1, 2, and 3 emissions for 350+ enterprise customers across Europe, with GHG Protocol-certified advisors and CSRD-ready reporting.

Deal value	Est. €64M deal value
Revenue	SEK 88 million
Ownership	VC-backed · Blume Equity, Horizons Ventures, ETF Partners, 2150, Future Five +3 more
Capital raised	SEK 657 million
Headcount	182 FTEs
Headquarters	Stockholm, Sweden
Leadership	Sebastien Blanc, Chief Executive Officer Kasper Hulthin, Chair
Sell-side advisor	—

ACQUIRER

Greenly

Carbon accounting and sustainability software platform for SMBs and mid-market companies

Ownership	VC-backed · Fidelity International Strategic Ventures, Benhamou Global Ventures, Move Capital, HSBC, Hewlett Packard Enterprise, XAnge, Energy Impact Partners +2 more
Capital raised	$75M
Headcount	~250 FTEs
Headquarters	Paris, France
Leadership	Alexis Normand, CEO & Co-Founder
Buy-side advisor	—

Share deal Copy details View press release ↗

Greenly -> Normative  (2026-09-11)
strategic_acquisition | Energy/Utilities | €64M | announced
Target: Science-based carbon accounting platform calculating Scope 1, 2, and 3 emissions for 350+ enterprise customers across Europe, with GHG Protocol-certified advisors and CSRD-ready reporting.
Website: normative.io | Buyer site: greenly.earth
HQ: Stockholm, Sweden | Ownership: vc-backed | Buyer ownership: vc-backed
Advisors - not yet credited
Source: Thematic - https://thematichq.com/software/d/greenly-normative.html

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