EKI Energy Services Incorporates New Venture for Backward Integration of Carbon Credit Supply
In a bid to expand footprints in the global carbon markets, EKI Energy Services Ltd (EKIESL), also popularly known as EnKing International, has incorporated a new venture called GHG Mitigation Technologies Pvt Ltd for backward integration of carbon credit supply.
January 07, 2022. By Manu Tayal
The newly formed entity would oversee end-to-end management of the carbon offset supply chain in a phased manner, and would manage the backward integration of the carbon credit supply chain through EKIESL’s community development project ‘Green Cooking initiative’.
Under the Green Cooking initiative, the company replaces traditional inefficient mud stoves with improved cookstoves free of cost to economically weaker families in remote locations across the globe.
In the first phase, GHG Mitigation Technologies will manage the manufacturing and distribution of improved cookstoves.
Over the subsequent phases, the newly formed company will oversee and manage the generation and supply of carbon credits to companies across the world in close consultation with EKIESL.
Commenting on the formation of a new venture, Manish Dabkara, CMD and CEO of EKI Energy Services Ltd, said, “as a brand, we are consistently innovating to develop sustainable solutions to mitigate carbon emissions on the planet. The new company is a strategic step in this direction that will enable us to holistically manage the backward integration of carbon credits. We plan to first generate credits through the cookstoves and then supply them to companies globally to achieve their climate ambitions. With the strategic management of the carbon credit supply chain, we will now be able to further enhance our leadership position in the global carbon markets.”
However, the new group company will be co-owned by EKIESL with a 49.5 per cent stake and the remaining 50.5 per cent will be held by corporate/individual investors.
The company will be registered with Indore (MP ROC) and will have its manufacturing unit in Nashik, Maharashtra.
As of now, EKIESL has distributed over 80,000 cookstoves and plans to scale the initiative to 2.5 million cookstoves in the next 6 months which can help offset millions of metric tons of carbon footprint.
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