February 2, 2023: Vancouver, BC – ShiftCarbon (formerly Tracesafe) (CSE: SHFT | OTCPINK: SHIFF) (the “Company”), a global leader in the Internet of Things (IoT) platforms and an innovator in end-to-end decarbonization solutions, is pleased to announce its partnership with Patch to expand access to ShiftCarbon credits
Patch is a platform scaling unified climate action by empowering companies of any size to help rebalance the planet while advancing their business objectives. The company recently announced $55 million in series B funding from Energize Ventures and has received backing from investors such as Coatue Management, Version One Ventures, Andreessen Horowitz, and others. Jointly headquartered in San Francisco and London, Patch democratizes access to the broadest selection of carbon credits available through product integrations, direct purchases, and multi-year offtake agreements.
Through this partnership, ShiftCarbon has listed its carbon credits from verified global projects on the Patch marketplace, which can then be sold to corporate buyers and platforms directly through the Patch API.
“We are thrilled to announce our partnership with Patch, a leading player in the climate tech space," said Wayne Lloyd, CEO of ShiftCarbon. "Patch is a trusted leader in the climate tech industry, and we are proud to be jointly driving the decarbonization movement and helping enterprises reach their sustainability goals."
Companies are increasingly committing to reducing their greenhouse gas emissions to combat climate change, but many struggle to fully eliminate or even significantly decrease their emissions. To offset their remaining emissions, many organizations turn to carbon credits, which are earned for reducing or removing carbon dioxide from the atmosphere. The Taskforce on Scaling Voluntary Carbon Markets estimates that demand for carbon credits could increase significantly in the coming decades, with a potential market worth of $50 billion by 2030 and up to $100 billion by 2050. The voluntary carbon market also directs private financing to climate action projects and supports investment in emerging climate technologies.
Shiftcarbon provides an innovative platform for carbon accounting, offsets, and MRV (Measurement, Reporting and Verification) automation. Businesses can use Shiftcarbon Measure to view a complete picture of their carbon emissions, without the need to hire external consultants or use manual calculations. Shiftcarbon Offset provides enterprises with powerful APIs that allow customers to embed carbon offsets into their business. Find more details on www.shiftcarbon.io.
ShiftCarbon also operates TraceSafe, a leading IoT cloud platform. The solution uses sensor technology to deliver precise and timely information, powering safer and smarter enterprise environments. With a presence across North America, Asia and Europe, TraceSafe is trusted by leading organizations in healthcare, hospitality, construction, events, education, and government. Find more details on www.tracesafe.io.
Patch is the technology platform making meaningful climate action a part of every business—no matter the size. Patch provides a growing cohort of carbon credit buyers with access to carefully vetted climate action projects across six continents. This enables buyers to confidently achieve climate impact they can trust, while project developers can scale their solutions at the critical pace the planet needs. To help rebalance the planet, visit patch.io.
For further information, please contact:
Wayne Lloyd, CEO
+1 (604) 629-9975
Mark Leung, CFO
+1 (778) 655-4242
The Canadian Securities Exchange has in no way approved or disapproved the contents of this news release. Statements in this news release may contain forward-looking statements that are based on ShiftCarbon’s expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to expectations regarding the ShiftCarbon assets and their application, future business plans and relationships, future developments in respect of carbon and climate risks and solutions adopted in response to climate change, and the deployment and acceptance of the ShiftCarbon technology. Although ShiftCarbon believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict, including the suitability of our products to help businesses and governments respond to climate change and impact of carbon emissions and government responses thereto and general economic and market conditions. Therefore, outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and ShiftCarbon undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances unless otherwise required to do so by law.