ShiftCarbon (CSE:SHFT) said it has agreed to terminate its previously announced non-binding letter of intent (LOI) with Zero Carbon Technologies Limited.
The Internet of Things (IoT) platforms and end-to-end decarbonization solutions provider said the business transformation steps that had been designed to facilitate this transaction, including the IoT Spin-Off and Carbon Trading Spin-Off, are placed on hold.
As a result, Zero Carbon will further concentrate its efforts on industrial facility development around the globe with a primary focus on battery recycling, while ShiftCarbon (CSE:SHFT) will continue to focus on delivering pioneering carbon management solutions to connect the world's carbon markets and help organizations meet their rapidly evolving decarbonization goals.
ShiftCarbon noted that it and Zero Carbon Technologies remain committed to a shared vision of a sustainable future and will continue to explore collaborative opportunities that align with both organizations' offerings and market objectives.
As well, ShiftCarbon stated it will soon provide updates on its latest product initiatives aimed at bringing the company's measurement reporting and verification (MRV) approach to the global battery market.
The company added that, with its expertise in IoT and emissions tracking, it has been developing a solution to address vital technological gaps in battery performance and lifecycle management, with efforts that are aimed at helping energy sector customers more accurately insure their assets while contributing to a more sustainable and accountable energy ecosystem.
Furthermore, ShiftCarbon reported that its Tracesafe Asia Pacific Pte Ltd subsidiary will be winding down operations, which will allow the company to focus on opportunities that align more closely with its long-term strategic vision and the role of decarbonization solutions.
ShiftCarbon, formerly TraceSafe, provides an innovative platform for carbon accounting, offsets, and MRV (Measurement, Reporting and Verification) automation. The company also operates TraceSafe, a leading IoT cloud platform.
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