EKI Energy Services rose 1.80% to Rs 700.30 after the company announced that it has signed an MOU with UK-based Inclusive Energy to further digital carbon MRV for energy projects in the voluntary carbon market.
Inclusive Energy (IE) is engaged in the business of manufacturing and supply of smart meters for biogas and DC solar systems, and associated software platforms.
The purpose of MOU is to deepen and strengthen the strategic partnership to further digital carbon monitoring, reporting and verification (MRV) for energy projects in the voluntary carbon market, EKI Energy said.
Smart biogas meters are specifically designed for small and medium-scale biogas plants and can enable digital - monitoring reporting and verification (D-MRV) to replace manual data collection which is often questioned for its integrity and costs. The biogas meters have been accepted by CDM and Gold Standard through two methodology deviations approved by CDM and Gold Standard.
Under the collaboration, EKI and IE will explore the opportunities for, and promote the use of, digital approaches to carbon MRV in the biogas market. EKI will also ensure feasibility analysis of carbon offsets certification with various international standards as per their existing rules & regulations, policy and market analysis. They will evaluate the risks and benefits of different international carbon offset standards, and end-to-end management of the carbon offset certification cycle including trading of offsets. IE will be responsible for the installation and monitoring of performance parameters of smart biogas meters within shared projects.
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Manish Dabkara, Chairman & MD, EKI Energy Services Ltd. said, Digital MRV of reductions in GHG emissions has been gaining momentum recently.
Digital innovations are being leveraged to drastically improve the efficiency, credibility and reliability of MRV activities and also play a key role in scaling carbon markets with integrity. Its benefits are significant, including increased efficiencies and accuracy of verification activities, improved data quality and comparability and near-real time issuances.
Through our collaboration with Inclusive Energy, we aim to strengthen digital approaches to carbon MRV in the biogas market to ensure comprehensive data collection and spur growth in voluntary carbon market.
EKI Energy Services is a leading carbon credit developer & supplier across the globe. The company's offerings span across carbon credit/asset management, carbon credit generation, carbon credit supply, carbon credit offsetting, carbon footprint management, sustainability audits, as well as carbon neutrality and climate positive initiatives. EKI is having around 15% global market share in carbon industry.
The company's net profit fell 76.3% to Rs 38.09 crore on 40.9% decrease in revenue from operations to Rs 406.57 crore in Q3 December 2022 over Q3 December 2021.
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