EKI Energy Services Ltd. bags contract as carbon credit service provider from Indore Smart City Development Ltd. (ISCDL) for the latter’s aggregator business model – EQ Mag Pro

• EKIESL will now assist ISCDL to monetize the carbon credits generated by its numerous green initiatives

• This is the second contract that EKIESL has won from ISCDL after the successful generation of additional revenues of approx. Rs. 8.34 crores within FY 21-22 under the existing contract

• EKIESL has also enabled ISCDL to become the first Municipal Corporation in India and Asia to monetize its climate initiatives under the existing contract

• With this win, EKIESL has further enhanced its position as a market leader for climate solutions

India: EKI Energy Services Ltd. (EKIESL), a leading developer and supplier of carbon credits in the World, today announced that it has won a tender from Indore Smart City Development Limited (ISCDL), a “Special Purpose Vehicle” (SPV) formed under the Smart City Mission of the Govt. of India.

As part of the contract, EKIESL will offer a comprehensive bouquet of end-to-end consulting services for carbon credit solutions to ISCDL. With this, EKIESL will enable ISCDL to elevate its aggregator business model through which it offers sustainable solutions to urban and rural governance bodies enabling other smart cities to become climate compliant.

With the help of EKIESL, Indore Smart City Development Ltd. will also be able to monetize emission reductions and realize additional revenue which it can use to support and fund its multiple welfare and developmental initiatives. Consequently, local bodies of other cities who join hands with ISCDL will also be able to monetize their climate initiatives.

EKIESL will offer its sustainable and profitable solutions for greenhouse gas (GHG) mitigation including – validation and registration of projects eligible for carbon credits, verification of the projects in compliance with the guidelines followed by International Carbon Credit Mechanisms and finally monetization of the carbon credits.

Mr. Manish Dabkara, CMD & CEO, EKI Energy Services Ltd. said, “This second contract that we have won from ISDCL is a testament for our commendable trajectory of consistently delivering state-of-the-art climate solutions. We are really excited and would like to thank the Govt. for trusting us yet again as their preferred partner. This win has enhanced our leadership as a climate change expert both Nationally as well as globally. All of us at team EKIESL are geared up continue offering our strategic solutions for mitigation and emission reduction”.

Mr Sunil Dubey, Executive Engineer, Indore Smart City Development Ltd.(ISCDL) said “We have a strong ongoing relationship with EKI Energy Services Ltd. since the last three years. Their strong performance and phenomenal service offerings have enabled us to fast-track our green initiatives and also monetize them for additional funds to support other projects. We are happy to extend our partnership with EKIESL as our climate finance enablers and together work towards the common goal of making the environment safer”.

EKIESL offers ISCDL an extensive bouquet of strategic technologies and solutions for monetization of its numerous green initiatives including – Compost formation, Biomethanation, Energy Efficient Lighting, Sewage Treatment Plant, Retrofitting fossil fuel driven Buses to run on CNG, Electric Vehicles and Charging Stations, Forestation activities, Bio-remediation of legacy waste, decentralized composting initiatives etc. EKIESL can easily replicate these technology interventions for other municipal corporations and companies enabling them to reduce their carbon footprint and also generate an additional revenue source.

Under its ongoing contract, EKIESL enabled ISCDL to realize additional revenues of up to Rs. 8.34 crores in the current financial year. EKIESL also enabled ISCDL to become the only Municipal Corporation in India and Asia to generate carbon finance through its sustainable initiatives. EKIESL’s advisory services for climate solution adoptions also significantly contributed in ISCDL’s initiatives to establish the city as India’s cleanest city for the fifth year in a row under the rankings by Swachh Survekshan 2021.

The company has also helped ISCDL to register its project under VCS (Verified Carbon Standard, USA) making it the first Asian Municipal body to have its sustainable projects registered under VCS.

With an aim to build a sustainable planet, EKIESL offers a comprehensive bouquet of end-to-end solutions for climate actions, enabling companies to achieve their climate goals. The company recently expanded its global footprint with an establishment in Dubai. EKIESL recently also entered into a partnership with Shell Overseas Investments B.V. (a unit of Royal Dutch Shell plc) to launch a joint venture to work on reducing carbon emissions in India through Nature based solutions.

The company recently also announced the incorporation of a new associate – GHG Reduction Technologies Pvt. Limited. for the backward integration of carbon credit supply through its Green Cooking initiative. The new company will oversee the end-to-end management of carbon credit supply chain in a phased manner.

About EKI Energy Services Limited (EKIESL)

EKI Energy Services Limited is a leading Carbon Credit Developer & Supplier in the World. Founded in 2008, the Bombay Stock Exchange listed company is more popularly known as EnKing International. EKIESL has been passionately working towards rehabilitating planet Earth to a future of net-zero carbon emission. The company offers sustainable solutions for climate change and carbon offsets with global standards like CDM, VCS, Gold Standard, GCC, IREC, TIGR and others. With an aim to contribute for the development of a climate resilient global economy, the company offers strategic solutions to businesses and organizations globally to achieve their climate ambition.

The company has incorporated a new associate – GHG Reduction Technologies Pvt. Limited. for the backward integration of carbon credit supply. EKIESL also has a partnership with Shell Overseas Investments B.V. for Nature based Solutions. The company also has a wholly owned subsidiary – ‘Enking International FZCO’ in Dubai free zone. EKIESL has over 2500 clients across 40+ countries worldwide and has supplied over 150 million offsets as on date.