Innovation > Innovation
ADVICE, Copenhagen / EIVEE / 2023
Overview
Credits
Why is this work relevant for Innovation?
EIVEE can calculate a company's total CO2 footprint – including emissions from the supply chain – the so-called “scope 3 emissions”. The unique combination of technology and human expertise allows EIVEE to pull procurement data directly from companies' systems. Using AI and Machine Learning, this data is cleansed, normalized, and categorized. EIVEE's experts then establish unique connections between the data sources. Once the company's procurement data is consolidated, it serves as the foundation for calculating climate data by comparing emission figures
Background
Technological influences
We chose Webflow as our web development platform due to its tight integration with design, no-code capabilities, sustainability focus, and reliable hosting.
Context:
Starting from 2024, European companies are required to report their complete CO2 footprint to the EU's new CSRD legislation. The collective bill for the largest Danish companies alone amounts to more than DKK 1 billion for data collection and calculations. EIVEE handles the resource-intensive CO2 calculations, allowing companies to focus where it makes the most sense: setting up their CO2 goals and achieving their CO2 savings.
Limitations, restrictions, regulations:
Companies must report their environmental, social, and managerial data alongside their financial annual reports. The reports are audited by third parties for data integrity and accuracy. For the largest Danish companies alone, this translates to a bill of at least DKK 7 billion for data collection and processing. (Source: DI)
Budget 40.230 €
Please provide any cultural context that would help the jury understand any cultural, national or regional nuances applicable to this work e.g. local legislation, cultural norms, a national holiday or religious festival that may have a particular meaning.
EIVEE is a global service platform, so except for the EU legislation and new requirements that speed up the need for carbon accounting, no special regional aspects are relevant to stress here.
Describe the idea
Insights
Lack of digitalization
According to a BCG study, 86% of companies still collect their CO2 data manually and offline in Excel sheets, and data collection is the most significant barrier. Therefore, 91% of companies are unable to measure the full impact of their CO2 emissions. (Source: BCG)
Intention / purpose
To make it easier for companies to meet the rising demands and calculate their CO2 emission
Adaption of an existing platform or new innovation
It is based on a new innovation - webflow
What were the key dates in the development process?
June 21, 2021: Web kick-off meeting
July 15, 2021: Name workshop
Jul 20, 2021: Name approval
August 20, 2021: UX & wireframes approval
August 30, 2021: Design workshop
September 10, 2021: Copy approval
September 13, 2021: CVI approval
September 17, 2021: Webflow Development Review
September 30, 2021: Design Documentation approval
October 1, 2021: Redesign of dash board visuals
October 11, 2021: Tracking implementation
October 13, 2021: First launch
April 4, 2022: Implementation of 'Sustainable Procurement' page
April 7, 2022: Logo update
April 8, 2022: Launch of 'Sustainable Procurement' on website
June 22, 2022: Implementation of 'Ressources' page
July 15, 2022: Launch of 'Ressources' on website
August 10, 2022: Adjustment of tracking on website
November 28, 2022: Newsletter sign up implementation
January 12, 2023: Small adjustments on the website and implementation of pagination on the website
Describe the innovation / technology
EIVEE's CO2 calculation starts with a comprehensive mapping of the company's external costs (what is being purchased, from whom, and how much). EIVEE can calculate a company's total CO2 footprint – including emissions from the supply chain – the so-called “scope 3 emissions”. The unique combination of technology and human expertise allows EIVEE to pull procurement data directly from companies' systems. Using AI and Machine Learning, this data is cleansed, normalized, and categorized. EIVEE's experts then establish unique connections between the data sources. Once the company's procurement data is consolidated, it serves as the foundation for calculating climate data by comparing emission figures and calculations from recognized environmental databases. Additionally, this climate data is enriched with industry-specific expertise and the company's input from products, activities, and suppliers.
Components:
EIVEE is a unique blend of human and machine, able to deliver industry-leading data quality for a company’s entire carbon footprint across scope 1, 2 and 3 emissions.
Platforms:
EIVEE’s carbon solution is a one-stop tech platform enabling companies to be legally compliant and reduce emissions through actionable insights - with a full audit trail all the way down to product and material level.
What stage it is: Seed
Describe the expectations / outcome
• Long-term outcomes: We envision a world where CO2 data is easily accessible on all products and can be shared to customers directly on the invoice, creating new commercial opportunities for companies.
• Scalability: We expect to hit 2.9 mEUR in 2023 and 6 mEUR in 2024
• Industry relevance: We target the manufacturing industry which accounts for 20% of the world’s emissions and have a massive responsibility towards net-zero.
Result/Successes/developments to date
EIVEE was established in 2020 and has since onboarded leading Nordic and international companies as customers.
The company has so far raised 30 million DKK in growth capital (seed financing) and has expanded from 18 employees to over 50 in the past year.
The figures for 2022 show that:
• EIVEE's platform and team have handled procurement data for companies totaling over 46 billion DKK.
• Investment received: 4 mEUR from Seed Capital in 2022.
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