South Pole Accelerates Clean Energy Procurement With Strategic Investment in Pioneering Platform “Renewabl”
ZURICH, July 7, 2023 /3BL/ - South Pole, the globally leading climate company, today announced its strategic equity investment in Renewabl, an innovative tracking and trading platform specialising in the procurement of hourly matched Energy Attribute Certificates (EACs). This strategic investment aims to fuel the acceleration of clean energy procurement in the UK, Europe and beyond.
Many companies are working towards establishing renewable electricity strategies and achieving 100% renewable electricity targets. Innovative organisations have recognised that adopting a 24/7 carbon-free electricity procurement strategy can significantly increase their environmental impact and contribute to the expansion of renewable energy capacity in the grid, and additionally enhance their brand.
Unlike the traditional annual matching approach, Renewabl's innovative tracking and trading platform will enable hourly matching of Energy Attribute Certificates (EACs), which means that supply and demand is aligned on an hourly basis. Similar to how annual matching of the supply and demand of EACs propelled wind and solar PV from expensive alternatives into affordable mainstream energy solutions, the approach to hourly matching is poised to drive a significant breakthrough in the adoption of new technologies, such as storage and demand response, and an increase in the share of renewable electricity in the grid.
The hourly granularity of EAC prices will facilitate the transfer of surplus renewable electricity from peak hours and months to periods of shortage as well as the shaving of peak hours. For businesses, the shift towards procuring 24/7 clean electricity is the crucial next step towards a zero-emissions future.
Patrick Horka, Global Director of Renewable Energy Solutions at South Pole, said, "We are excited to partner with Renewabl and will leverage their infrastructure and our global team of renewable energy advisors to support companies on their journey to reach a 24/7 carbon-free electricity target. This collaboration will empower our clients to make a tangible difference and contribute to fighting climate change."
Juan Pablo Cerda, CEO of Renewabl, added: “We are excited to get started and address the questions that a lot of the corporate sector are asking right now: where do my certificates come from? Will they count towards my sustainability targets? Are they impactful? Can they be matched to my exact consumption? This is why Renewabl was born."
"This collaboration will empower our clients to make a tangible difference and contribute to fighting climate change." - Patrick Horka, Global Director of Renewable Energy Solutions at South Pole
Energy Attribute Certificates: Driving Renewable Energy Adoption
Energy Attribute Certificates (EACs) are tools that verify the production of renewable electricity. They certify that specific electricity has been generated from clean and sustainable sources like wind or solar power. Accredited bodies issue these certificates, with each one representing a unit of renewable electricity produced. EACs are often bought and sold independently of the consumption of the corresponding physical electricity. This characteristic allows a wide array of organisations – from businesses to governments – to support renewable energy production without directly consuming the physical electricity related to the certificate. Many corporations aspire to showcase their dedication to renewable electricity, but procuring the actual physical renewable electricity, e.g through an on-site solar PV rooftop, may not be immediately feasible or practical. In such cases, purchasing EACs enables these organisations to support the green energy sector, help fund it and scale it, and make legitimate renewable energy claims.
EACs offer an avenue towards a more sustainable future. They funnel financing to renewable energy projects, enhance transparency in renewable energy and emission reduction claims, foster the acceptance of green power, and provide a flexible way to support the growth of renewable energy, regardless of an organisation's ability to directly consume the related physical electricity. This creates a pathway for all types of organisations to transition towards cleaner and greener sources of energy.
Enabling corporates to develop and implement renewable energy strategies
Renewabl's cutting-edge platform aligns with South Pole's impact-driven mission of providing companies and governments worldwide with usable climate solutions that help solve the climate crisis. South Pole's investment as part of £1.1 million pre-seed round in Renewabl paves the way for a unique digitised portfolio management solution and marketplace, enabling seamless and efficient trading of hourly time-stamped EACs. This game-changing investment is a milestone in South Pole's ambition to help corporates develop and implement renewable energy strategies, including the delivery of EACs. The investment also underpins South Pole's efforts to respond to the growing demand from clients for a 24/7 carbon-free electricity scoring and the supply of hourly-time stamped EACs.
Renewabl will use the very latest technology and draw upon extensive market knowledge and industry experience. This is particularly valuable for organisations looking for a traceable and hourly time-stamped solution to guarantee the origin of their certificates, as well as compliance with emission reduction initiatives like the Carbon Disclosure Project and RE100, the global initiative that brings together businesses committed to 100% renewable electricity.
