Azora acquires strategic stake in tech-enabled carbon procurement company Abatable with $13.5 million investment
- Abatable provides a procurement platform for companies to connect and transact with carbon project developers to execute on ambitious sustainability strategies
- Investment will accelerate Abatable’s growth strategy and fund the acquisition of Ecosphere+, a leading nature-based carbon credits procurement platform
- This represents the second deployment that will form part of Azora’s new European Climate Solutions private equity strategy, targeting businesses with decarbonisation solutions for the real economy
- The deal strengthens Azora’s position as a trusted value-add partner for companies with clear decarbonisation strategies for real assets
- Combination of Abatable’s access to 2,000+ carbon project developers with Ecosphere+’s procurement expertise and extensive corporate buyer relationships to create one of the largest technology enabled carbon procurement platforms
Madrid, April 13th, 2023 – Azora announces that it has invested $13.5 million to acquire a strategic minority stake in Abatable, the London-based carbon procurement and market intelligence technology company that helps businesses connect and transact with carbon project developers to offset their carbon emissions. This investment will form part of Azora’s European Climate Solutions private equity strategy which targets growth companies providing decarbonisation solutions for real assets.
Abatable’s mission is to help companies tackle their hard-to-abate emissions by executing science-aligned carbon procurement programmes, delivering long-lasting and measurable environmental and social impact beyond their value chain.
Azora’s investment will accelerate Abatable’s growth strategy by funding the strategic acquisition of Ecosphere+, a leading nature-based carbon credits provider. Together the combined business will be able to reach and support a broader portfolio of corporate clients to achieve their net zero plans. Abatable will also benefit from Ecosphere+’s track record and data of over 45 million carbon credits transacted since founding in 2016.
The investment represents Azora’s second deployment of its new strategy, supporting businesses that provide decarbonisation solutions for real assets, where it can also facilitate growth by leveraging its own portfolio and contact base in the real estate and energy sectors.
Santiago Olivares, Managing Partner at Azora, commented: "This investment will help accelerate Abatable’s growth strategy by enabling it to acquire Ecosphere+ and enhancing its ability to provide impactful decarbonisation strategies across a broader range of companies and industries. Having long taken an integrated approach to sustainability and responsible investing, we remain committed to becoming a strategic partner of companies promoting decarbonisation solutions for real assets, where we can provide financial support and facilitate growth by leveraging our own expertise and opportunities across Azora’s portfolio and contact base.”
Valerio Magliulo, Co-founder of Abatable, said: "We are thrilled to have the support of Azora as we accelerate our growth plans to support an increasing number of businesses taking climate action for their hard to abate emissions.”
Maria Eugenia Filmanovic, Co-founder of Abatable, added: Ecosphere+ has pioneered best-in-class carbon procurement programs since 2016 and we’re excited to combine their access and expertise with our digital solutions to establish the largest tech-enabled carbon procurement platform."
Azora consolidates its position in the logistics sector, closing 2022 with 8 assets that represent a total investment of c. €100M
Azora strengthens its position in the US with $78M commercial portfolio acquisiton
AEDAS Homes delivers a sustainable, 128-unit Build to Rent development in Alcalá de Henares to Nestar