Covalent provides a platform that facilitates the collection and validation of emissions data from suppliers, ensuring compliance with the EU Carbon Border Adjustment Mechanism (CBAM). By standardizing data entry and automating report generation, the solution enhances operational efficiency and reduces the risk of non-compliance for importers.
Funding
$570K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
EU importers face challenges in collecting and validating emissions data from their suppliers, a requirement for compliance with the EU Carbon Border Adjustment Mechanism (CBAM). The process can be inefficient, error-prone, and increase the risk of non-compliance due to disparate data formats and incomplete information.
Solution
Covalent offers a platform designed to streamline CBAM reporting for EU importers by facilitating the collection and validation of emissions data directly from their suppliers. The platform provides a centralized system where importers can invite suppliers to input emission data using standardized templates aligned with CBAM requirements. Covalent automates much of the reporting process, reducing manual effort and the potential for errors. The system also includes an AI-powered tool that automatically screens emission data received from suppliers, cross-checking against multiple sources to ensure consistency and accuracy, adhering to CBAM GHG accounting principles.
Target Audience
The primary target audience includes EU importers subject to CBAM regulations who need a streamlined solution for collecting, validating, and reporting emissions data from their suppliers.
Features
- Integrated supplier hub for centralized management of supplier information and communication.
- Standardized emission data collection forms aligned with CBAM requirements.
- AI-powered data validation to automatically screen emission data for accuracy and consistency.
- Automated report generation for EU-compliant CBAM reports.
- Compliance management tools with step-by-step guidance and tracking of important deadlines.
- Supplier emission benchmarking against industry standards to identify emission reduction opportunities.
- Intuitive dashboard providing real-time insights into compliance status and upcoming deadlines.
- Comprehensive database of emission factors and relevant emissions data for various product categories.
- Multiple data upload options, including documents, spreadsheets, and API integrations with existing LCA software.
- Real-time feedback on emission data entries to identify and correct discrepancies before submission.
- Third-party verifier network to audit and certify emissions data.