ShiftCarbon (CSE:SHFT), formerly TraceSafe, has announced its first revenue-generating engagement with Saudi Arabian tech giant solutions by stc.
The Internet of Things (IoT) platforms provider and innovator in end-to-end decarbonization solutions said the first phase of revenue from this project is estimated to be US$5 million, with the potential for additional revenue in the form of a long-term supply of goods as the smart city becomes operational.
“We are grateful to have been selected to participate in such a massive undertaking that aims to set new standards in sustainable development and further strengthen the position of the Kingdom of Saudi Arabia on the global tourism map,” ShiftCarbon (CSE:SHFT) CEO Wayne Lloyd said in a statement.
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“We are thrilled to have our vision for smart cities embraced by the most valuable telecom brand in the Middle East,” Lloyd added.
ShiftCarbon noted that in August 2022, it announced its partnership with Saudi Arabian's publicly-listed technology giant to build and offer innovative technology solutions to customers across the Kingdom of Saudi Arabia.
It added that the two companies have now started working together to deliver a full suite of Smart City infrastructure to one of the most ambitious luxury regenerative tourism destinations in the world that aims to set new standards in sustainable development.
ShiftCarbon provides an innovative platform for carbon accounting, offsets, and Measurement, Reporting and Verification (MRV) automation. ShiftCarbon Offset provides enterprises with powerful APIs that allow customers to embed carbon offsets into their business.
ShiftCarbon also operates TraceSafe, a leading IoT cloud platform that uses sensor technology to deliver precise and timely information, powering safer and smarter enterprise environments.
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