TraceSafe Inc. (CSE:TSF) has announced strategic business initiatives and expanded investment in energy management and decarbonization solutions to accelerate growth.
"This is the most important and exciting move we have made as an organization since pioneering proximity technology for enterprise safety. The transition to net-zero is inevitable and there is an urgent need for solutions that help companies reduce energy costs and find further business value in decarbonization. We are proud to be at the forefront of this new opportunity," Tracesafe CEO Wayne Lloyd said in a statement.
"With TraceSafe's proven success in connecting operational ecosystems along with new research and investments, we will help organizations transform their energy usage and accelerate their journey toward net-zero," he added.
READ: TraceSafe launches enterprise communication and workflow solution Tablio
The global energy management market was worth an estimated US$19.96 billion in 2019 and is projected to touch US$41.97 billion by 2027, registering a compound annual growth rate (CAGR) of 9.9% during the period, according to a recent report.
Industrial Energy Management Solutions will grow disproportionately owing to two key factors - an increased regulatory focus on carbon footprint, and rising energy prices that are driving high operational costs. TraceSafe noted that a deeper dive into the segment reveals that the solutions offering monitoring and control hold the larger share of the opportunity, led by advanced technologies such Internet of things (IoT), artificial intelligence (AI) and data analytics.
With the new business initiatives, TraceSafe said it will support organizations' environmental and business goals by monitoring and analyzing energy consumption leading to reduced costs and lower carbon impact. The solutions will be built on TraceSafe's proprietary platform that uses secure data from industrial grade gateways and sensors to present valuable insights on everything from people to processes to assets.
The platform will convert granular operational data into measurable carbon metrics to help asset-intensive companies gain visibility of their carbon footprint across the value chain, said the company.
Increased focus on the environmental impact of industrial energy use and greenhouse gas emissions has spurred huge capital investments in climate and ESG tech solutions. BlackRock Chairman Larry Fink's 2022 letter to CEOs called the decarbonization of the energy and industrial sectors: "the greatest investment opportunity of our lifetime."
TraceSafe said it will “prioritize” the investment and development of the vertical while continuing to strengthen its enterprise IoT wearable portfolio.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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