Position Green acquires Morescope in bid to conquer Europe’s crowded ESG market

Malmö-based Position Green has acquired Oslo-based carbon management startup Morescope for an undisclosed sum. 

Under the deal, Morescope will continue to operate under its own brand within Position Green. The company’s existing backers – including Nysnø Climate Investments, SINTEF Venture, and EV Private Equity – will join Position Green as shareholders.

Carbon tracking

Morescope helps companies see how much carbon they’re emitting across their supply chains. Then it shows them practical ways to cut it, such as installing solar panels, cutting food waste, or switching to electric vehicles.

The company was originally called xIQ when it was founded in 2021, but rebranded In 2023 after a merger with a technology spinout from Norwegian state research institute Sintef.

"This is a very exciting company that has built a very nice product for 'carbon management' that is AI-driven and automated,” Daniel Gadd , CEO of Position Green, tells Impact Loop.

“Since it is a spinoff from Sintef, it is very evidence- and technology-based,” he continues. “It fits perfectly into our product portfolio.”

Position Green also tracks carbon emissions but focuses on broader sustainability metrics, compliance, and overall climate strategy for larger corporations.

Consolidation in ESG

The deal comes amid a wave of consolidation in sustainability reporting as smaller startups get snapped up by larger rivals.

Position Green has acquired a number of companies in the space in recent years, and that's part of its strategy, explains Gadd.

"A few years ago, sustainability reporting was a bit like AI is now,” he says. “So, a lot of ESG companies popped up – some good, some opportunistic."

Gadd believes the pool of ESG companies will shrink in the coming years. “There's gonna be a big consolidation,” he says. “There are over 200 companies in Europe today, and that number will drop significantly. We want to be among the strong ones and pick up the gems.”