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Here is today’s sustainable IT services news, research and analysis — written for technology partners, green IT service providers, CIOs, chief sustainability officers (CSOs) and climate accounting professionals.
1. AI and Sustainable IT Services: Roughly 27% of organizations already apply generative AI in their sustainable IT initiatives, and 63% of respondents plan to follow suit by the end of 2024, an IBM survey found.
2. IT Services and Software Sustainability: Through collaborations with the Green Software Foundation (GSF) and the introduction of Green FaaS (Function as a Service) concept, NTT Data is “paving the way for a more sustainable future in software development,” the global IT services company asserts.
3. SEC Investigates EV Maker: The Securities and Exchange Commission (SEC) sent several subpoenas to EV maker Fisker, SeekingAlpha reported, as part of an SEC investigation into the bankrupt automaker.
4. Energy Transition Pivot: Fossil fuel giant BP has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back BP’s energy transition strategy to regain investor confidence, Reuters reported.
1. Startup Funding: Submer has raised $55.5 million, led by M&G. Additional investors include Planet First Partners, Norrsken VC and Mundi Ventures. Submer develops sustainable immersion cooling solutions for data centers.
2. Business Spin-Off: Jacobs Solutions completed the spin-off of various IT and cyber solutions to Amentum. The spin-off allows Jacobs to further sharpen its focus on science-based consulting and advisory solutions that address critical infrastructure and sustainability challenges.
3. M&A – Solar Installation Services: UK renewable energy supplier Good Energy Group has acquired Amelio Solar Energy for £5.5 million (US$7.2 million) in cash, and a potential earn-out of £500,000 (US$654,000) if Amelio Solar hits profit targets for fiscal year 2024. In 2023, Amelio Solar revenue was £7.1 million (US$9.3 million) and pretax profit was £1.4 million (US$1.8 million). The deal’s valuation therefore is roughly 4X to 5.6X Amelio Solar’s 2023 pretax profit.
4. M&A: Xpansiv has acquired certain assets from PineSpire, a provider of revenue management services for low-carbon fuels in California, Washington, Oregon, and Canada. Financial terms of the deal were not disclosed.
5. Complete M&A List: Here’s our database of all M&A deals involving green IT and renewable energy buyers, sellers and investors.
1. United States – Another Hurricane Approaches Florida: Hurricane Milton is expected to strike Florida’s west coast on Wednesday evening, October 9. To track the storm and associated emergency news, check out the the Florida Division of Emergency Management (FDEM) website.
2. United States – California Climate Disclosure Policies: California in 2023 enacted three statutes requiring climate-related disclosures: the Climate Corporate Data Accountability Act (SB 253), the Climate-Related Financial Risk Act (SB 261), and the Voluntary Carbon Market Disclosure Act (AB 1305), law firm Perkins Cole notes. Here’s a status update on those California climate statutes, according to the law firm.