Kontrol Technologies Launches Carbon Credit Monetization Program
Carbon Offsets to Accelerate the Transition to Net Zero Emissions
TORONTO, Sept. 28, 2021 /PRNewswire/ - Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) ("Kontrol" or the "Company"), a leader in smart building technologies, launched its innovative carbon credit monetization program designed to accelerate the transition to net zero emissions and to meet corporate sustainability mandates through its technology platform.
"We are entering the carbon offset markets with a new and innovative program which seeks to monetize verifiable energy savings, from energy efficiency projects, with corresponding greenhouse gas emission reductions," said Paul Ghezzi. "Our propriety energy management technology will aggregate carbon credits on a building-by-building basis, while streamlining the monetization process for those credits as a voluntary carbon offset. We believe this direct extension of our existing technology platform offers a best-in-class solution in this rapidly growing market and look forward to providing meaningful value to new partners as well as our established customer base."
Addressing the Major Challenges of Energy Waste and Building Emissions
Buildings currently account for approximately 36 percent of global energy use and 39 percent of energy-related carbon dioxide emissions annually, according to the United Nations Environment Program. Solving energy waste through technology can deliver significant greenhouse gas emission reduction.
One Click Access to all Suites and All Buildings
The Kontrol energy management and emissions reduction platform provides for one click access to an entire portfolio at the suite and building level. Kontrol continues to develop additions to its current technology platform including new sensors and capabilities in order to accelerate energy savings in real-time and corresponding reductions in greenhouse gas emissions.
Entering the Carbon Offset Market
Carbon offsets allow organizations to make up for their unavoidable emissions by purchasing carbon credits generated by projects targeted at reducing greenhouse gas emissions. Companies can participate in the carbon offset market either individually or as part of an industry-wide aggregation.
Through its proprietary energy management technology, Kontrol will initiate energy efficiency projects that deliver verifiable and measurable energy savings over a ten-year period which will produce a corresponding greenhouse gas emission reduction. For each ton of avoided greenhouse gas emission, Kontrol will seek to establish one equivalent carbon credit which will then be monetized in the voluntary carbon offset markets.
"There is a growing shortage of verifiable and established carbon credits available for organizations to purchase to offset their carbon footprint or meet their net zero emission targets," continued Ghezzi. "We seek to make a significant difference in reducing greenhouse gas emissions by establishing a new source of carbon offsets. Participating economically with our customers in the monetization of credits allows this framework to optimize value and align incentives for all stakeholders. Our team is proud to be working at the forefront of energy management technology to address the climate-related challenges that faces our global community"
Growth of Carbon Offsets
The Taskforce on Scaling Voluntary Carbon Markets, sponsored by the Institute of International Finance with support from McKinsey, estimates that the market for carbon credits could be worth upward of $50 billion as soon as 2030. www.mckinsey.com
The primary drivers of this growth include corporate sustainability targets to achieve net zero emissions, government incentives to reduce reliance on fossil fuels, stakeholder engagement and shareholder activism, and consumers demanding more transparency around GHG emissions.
To learn more about the Kontrol Carbon Credit offset program visit www.kontrolcorp.com/carboncredits.
About Kontrol Technologies Corp.
Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) is a leader in smart buildings and cities through IoT, Cloud and SaaS technology. Kontrol provides a combination of software, hardware, and service solutions to its customers to improve energy management, air quality and continuous emission monitoring.
Additional information about Kontrol Technologies Corp. can be found on its website at www.kontrolcorp.com and by reviewing its profile on SEDAR at www.sedar.com
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Kontrol Technologies Corp.
Paul Ghezzi
CEO
Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy.
Where Kontrol expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that sufficient capital will be available to the Company and that technology will be as effective as anticipated.
However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking
statements. Such risks include, but are not limited to, that sufficient capital and financing cannot be obtained on reasonable terms, or at all; that those technologies will not prove as effective as expected; those customers and potential customers will not be as accepting of the Company's product and service offering as expected; and government and regulatory factors impacting the energy conservation and carbon credit industry.
Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. Kontrol does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.
SOURCE Kontrol Technologies Corp.
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