France's Greenly buys climate-data firm Normative for €64M
What's the deal? France's Greenly has acquired Swedish climate-data company NormativeDealroom has a profile for this one. Try Dealroom → for just over €64 million (about SEK 700 million), according to Impact Loop, which cited a source with knowledge of the deal and official documents filed in France.
What's the response? Normative chief executive officer Sebastien Blanc neither confirmed nor denied the acquisition. Chair Kasper Hulthin also declined to comment, telling Impact Loop, "I can't comment on anything right now" (translated from Swedish).
What each side does? Both companies build software that helps businesses measure and report their carbon emissions, making them direct competitors in Europe's climate-tech market.
The financials: Normative was founded 12 years ago and has raised SEK 657 million in total, per ownership-data service EivoraDealroom has a profile for this one. Try Dealroom →. In its most recent reported financial year, 2024, it posted revenue of SEK 88 million and a loss of nearly SEK 165 million — almost double its sales.
Why now? The deal follows a fundraise of more than SEK 100 million that Normative closed after that heavy loss, suggesting a sale rather than continued independent growth.
The signal: The acquisition points to consolidation in European climate tech, where firms selling carbon-accounting tools face mounting losses and thinning capital, pushing rivals to combine rather than compete.
Image credit: normative
