Novisto bets on ESG’s future

TECH

Novisto bets on ESG’s future with $37.7M Series C

What happened: Montreal’s Novisto raised $37.7 million in Series C funding led by Inovia Capital to scale its ESG reporting platform across Europe. 

The tech: Novisto’s platform helps large enterprises collect, verify and report on their ESG data. Companies can build a centralized system of record for their ESG data, aligned with global standards like GRI or TCFD, and generate sustainability reports, dashboards, or regulatory filings.

Why it matters: More ESG disclosure and reporting rules are coming into place around the world, and companies are facing stakeholder pressures to measure and disclose their progress. Over 50,000 companies will soon be required to publish ESG reports under the EU’s CSRD. 

But it can be an onerous process for companies who need to gather data that’s buried in different systems across their business (and suppliers) and turn it into useful - and reliable - disclosures. 

Yes, but: An anti-ESG backlash could make companies less likely to invest in ESG reporting. 

• 20 US states have introduced “anti-ESG” bills to limit ESG considerations 

• Record amounts of capital are pulling out of ESG funds 

• Canada and the EU delayed their climate and ESG disclosure rules

Despite these recent moves, investments in ESG have some long-term tailwinds. Europe and Asia are pushing forward with regulations and investors are seeking assets that are effectively managing important issues like climate risk, adaptation and human rights. 

What’s next: While ESG disclosures might have some short-term turbulence, Novisto is getting ready to accelerate. The company will use this fresh capital to expand in Europe where new ESG rules are coming online, add GenAI capabilities and enhanced analytics, and aim for profitability.

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IN THE FIELD

🏭 Carbonity launched Canada’s first large-scale biochar plant in Quebec, a joint project from Airex Energy, Groupe Rémabec, and SUEZ, producing 30,000 t/yr by 2026. 

💨 Carbon removal developer CO280 secured a 450,000 tonne offtake agreement with JPMorgan at $200/tonne, one of the lowest prices for engineered carbon removal.

♻️ Sustane Technologies announced a strategic partnership to use Pyrovac's advanced reactor technology to upcycle plastics and reduce landfill waste by up to 90%.

🐟 New School Foods scored national distribution deals with Gordon Food Service and Bondi Produce to bring their plant-based whole cut salmon to more markets.

🌋 Goethermal utility Diverso Energy partnered with Mattamy Homes to provide geothermal services and fully electrified, emissions-free heating and cooling for residential developments across Canada. 

🚤 Electric watercraft maker Taiga restarted production with a new, “vertically integrated advanced manufacturing system” after almost running out of cash in October.

🌊 MarineLabs will test its hyper localized forecasts with the Vancouver Fraser Port Authority.

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ECOSYSTEM VIEW

Bulletin Board

We’re highlighting asks & insights across our climate tech community. Have an ask for the community or something to share? Let me know!

✋ Mapleview Energy is repurposing EV batteries for energy storage. They’re looking to connect with folks in grid operations, energy infrastructure, manufacturing, and energy project development—especially those working on projects that could benefit from more affordable energy storage solutions. Connect with Nick.

💰 Are you angel investing in climate tech? I often talk with companies looking to raise their first round. If you’d like to see deals from founders working on real-world decarbonization, let me know here and I’ll loop you in.

🎧️ How do we build more homes without locking in emissions? OD Krieg, President at Intelligent City, shares his insights on industrializing home building with mass timber and pre-fabricated construction. Listen on Spotify and Apple!

NEWS

📡 Signals & Currents

🏛️ Big, beautiful bill takes a sledgehammer to clean energy

Cuts to clean energy tax credits introduced in the Inflation Reduction Act turned out to be deeper than expected. The bill requires projects to start construction in 60 days to be eligible and will block credits for projects with any ties to China - including supplies and parts. Solar, wind, EV and hydrogen are among the impacted sectors.

💰 Ontario budget boosts critical minerals - includes $3B for Indigenous participation and a $500M fund to back strategic projects.

🌊 Nova Scotia sues feds for climate adaptation costs - a strip of land linking NS and NB could be wiped out by flooding and rising sea levels.

🤐 CPP goes quiet on net-zero target - Anti-greenwashing laws will change how they talk about sustainability in their portfolio, but not the actual strategy.

📉 Climeworks cuts staff - The carbon removal leader cited reduced momentum for climate tech and headwinds for US projects.

⚡️ US could cut Energy Star standards - Canada’s version of the program relies on US standards and testing.

COMMUNITY

🚀 Industrial Transformation Challenge: Emissions Reduction Alberta is seeking projects to transform Alberta’s industrial landscape across emissions, water management, land use and more. Apply by June 12th.

➡️ Discover more funding opportunities.

🗓️ Turning Food Waste into Value: Join me for an in-depth discussion with FoodCycle CEO, Bradley Crepeau, on building circular food systems. May 29th, Ottawa.

➡️ Discover more climate events.

🧑🏻‍💻 Novisto is hiring a Vice President of Sales, North America to drive the company’s sustainable growth across North America.

➡️ Find more open roles.