UAE AmanaSolar selects Blockchain Hedera Network CarbonCore solution

 

UAE Amana Solar has selected to work with KrypC, a global technology company automating carbon offset creation and distribution utilizing  CarbonCore, a solution running on the carbon-negative Hedera network that aims to make carbon trading markets more reliable, efficient, and inclusive.

CarbonCore stores, tracks and distributes carbon credits, and acts as an end-to-end carbon offset marketplace where industrial supply and demand meet. The application can be integrated with existing platforms to allow carbon emitters to easily purchase carbon offsets, and enables environmental projects to provide carbon credits to the market through a streamlined tokenization and minting process.

Amana Solar, a global leader in the installation of rooftop solar power, will work with KrypC and CarbonCore to develop advanced, highly granular Renewable Energy Credits (RECs), enabling the efficient tracking and offsetting of carbon emissions. Their critical strategic goal for the partnership is to utilize the CarbonCore market to issue their own Renewable Energy Certificates (RECs).

Riad Bsaibes, president and CEO of Amana Investments, said: “Amana is passionate about bringing efficient solar energy to our customers, and with the help of CarbonCore, we can go even farther. CarbonCore has streamlined the process of tokenizing carbon offsets, and we look forward to entering the fast-growing Web3 space to bring further innovation to the regional solar energy market.”

Ravi Jagannathan, Founder and CEO at KrypC, said: “A key part of KrypC’s mission is to help industry leaders like Amana and other enterprise customers of KrypC by building, deploying, and managing innovative distributed ledger solutions. CarbonCore, built on the Hedera network, is a ledger for creating the trust chain for the underlying VCUs/VERs/iRECs. By onboarding Amana and other enterprises to CarbonCore, we help large enterprises to go even further in their ESG journey to confidently offset, decarbonize and make a lasting impact on the global climate challenge.”

CarbonCore has been funded through a partnership with the HBAR Foundation’s Sustainable Impact Fund, created to provide funding for various Hedera-based solutions centered on environmental sustainability. KrypC’s decentralized architecture has capabilities for building tokenized assets markets on the network, significantly reducing the time for projects and developers to build on top of the network.

Wes Geisenberger, Vice President of the HBAR Foundation, said: “The HBAR Foundation Sustainable Impact Fund was created with a strategic goal of fostering transparency and accountability in environmental markets. We are excited to support the new partnerships that CarbonCore is building with Amana, and their customers, who have a wealth of knowledge in the industry. We are excited that KrypC and Amana share our values in bringing the balance sheet of our planet to the public ledger.”