DeepMarkit Announces Strategic Initiative to Explore the Minting of Renewable Energy Certificates
• Renewable Energy Certificate market size was valued at US$12.7 billion in 2021, which is projected to reach US$100 billion by 2030
• The Company’s MintCarbon.io platform has the capability of seamlessly facilitating the minting of RECs into NFTs as with carbon credits
Calgary, Canada – April 20, 2022 / CNW / – DeepMarkit Corp., (“DeepMarkit” or the "Company") (TSXV: MKT) (OTC: MKTDF) (FRA: DEP), a company focused on transitioning the global carbon offset market to the more accessible digital economy by minting credits into non-fungible tokens (“NFTs”), is pleased to announce that it has embarked on a strategic initiative to explore the minting of Renewable Energy Certificates (“RECs”) into NFTs via its proprietary MintCarbon.io platform. RECs, also known as green tags or tradable renewable certificates, are non-tangible energy commodities that represent proof that one megawatt hour (“MWh”) of electricity was generated from an eligible renewable energy source. The global REC market was valued at US$12.7 billion in 2021 and is projected to reach US$100 billion by 2030.1 By comparison, the voluntary carbon credit market surpassed $1 billion in market value in November 2021.2
The increase in demand for electricity around the world and company policies to reach certain renewable energy consumption targets, combined with the increase in renewable energy market share, are driving growth in the REC market. Until recently, the market’s growth has been restrained by opaque regulations, general inaccessibility and the lack of awareness by developing countries that could benefit from a transparent and accessible platform like the MintCarbon.io platform. MintCarbon.io is expected to play an important role in assisting projects by providing an additional avenue of monetization, while better articulating a project’s story and enabling new forms of engagement.
Management Commentary
“RECs represent a significant market segment for DeepMarkit. Based on input from our corporate development team, the MintCarbon.io platform’s ability to seamlessly integrate RECs, combined with positive feedback received from renewable energy sector participants, make our decision to explore entering into this market an easy one, while remaining fully committed to our current carbon credit minting model,” said Ranjeet Sundher, Interim CEO of DeepMarkit.
ABOUT DEEPMARKIT
DeepMarkit Corp. is a company focused on democratizing access to the voluntary carbon offset market by minting credits into non-fungible tokens (“NFTs”). Its common shares are listed on the TSX Venture Exchange under the “MKT” stock symbol. DeepMarkit’s wholly owned subsidiary, First Carbon Corp. (“FCC”), is a software infrastructure company operating in the tokenization vertical of the blockchain. FCC's primary asset, MintCarbon.io, is a web-based, software-as-a-service platform that facilitates the minting of carbon credits into NFTs (based on the ERC-1155 standard) or other secure tokens (based on the ERC-20 standard). MintCarbon.io is currently undergoing testing and FCC anticipates an official launch of the platform in the near future.
On behalf of:
DEEPMARKIT CORP.
"Ranjeet Sundher"
Ranjeet Sundher, Interim CEO
For more information, please contact:
Ranjeet Sundher, Interim CEO
Tel: 403-537-0067
Email: corp@deepmarkit.com
Web: www.deepmarkit.com
Twitter: @DeepMarkit
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
CAUTIONARY STATEMENT
Statements in this press release may contain forward-looking information. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements, including statements relating to the Company's business and corporate plans, and statements with respect to the Company's intentions to enter the REC market. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of DeepMarkit. Factors that could cause the actual results to differ materially from those in forward-looking statements include, but are not limited to, a change in the Company's business strategy, or failure to enter the REC market for regulatory or other reasons.. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this press release are made as of the date of this press release and DeepMarkit does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.
ENDNOTES
1. “Renewable Energy Certificate Market Size Worth Around US$ 100.96 Bn by 2030”, Precedent Research, accessed on April 18, 2022, https://www.globenewswire.com/news-release/2021/12/15/2352850/0/en/Renewable-Energy-Certificate-Market-Size-Worth-Around-US-100-96-Bn-by-2030.html
2. “Voluntary Carbon Markets Top $1 Billion in 2021 with Newly Reported Trades, a Special Ecosystem Marketplace COP26 Bulletin”, Ecosystem Marketplace, accessed on April 18, 2022, https://www.ecosystemmarketplace.com/articles/voluntary-carbon-markets-top-1-billion-in-2021-with-newly-reported-trades-special-ecosystem-marketplace-cop26-bulletin/
SOURCE: DEEPMARKIT CORP