TraceSafe Inc. (CSE:TSF) has announced that its official corporate name will change to ShiftCarbon on the Canadian Securities Exchange and on other corporate materials to reflect the company’s increasing focus on climate action.
An announcement will be made in the near future on the date at which the new ticker symbol will take effect, the Vancouver-based company said.
"Since inception, we have created valuable solutions that make a real difference to customers. We introduced health tech to make hospitals efficient and then, safety tech that enabled people to come together during the pandemic. Decarbonization is the next frontier that will bring together our expertise in creating tailored solutions using IoT for our global customers,” Wayne Lloyd, TraceSafe CEO said in a statement.
“The name change solidifies our commitment in this direction, as we seek to bring highly credible technology-based solutions to the carbon markets," he added.
READ: Tracesafe enters non-brokered private placement to raise up to $650,000
Earlier this year, the company announced the launch of ShiftCarbon as a unique platform leveraging IoT for Measurement, Reporting and Verification (MRV) of greenhouse gas emissions and giving organizations access to 'fractionalized' carbon credits based on their business objectives.
ShiftCarbon will employ the organization's existing IoT technology - sensor technology, antenna and cloud platform to automate or digitize MRV processes for enterprise customers across the globe.
The market for decarbonization solutions is growing exponentially, the company said. A recent World Bank report estimated that global investors have closed as many climate-focused funds in 2021 as the previous five years combined, it noted.
"The timing of our evolution couldn't be better as companies across the world are mandated to measure and offset carbon emissions. Our solutions will provide a scalable way to reduce the impact of emissions across industries. More to come soon!" Lloyd said.
The name TraceSafe will continue to be used to create and market the company's safety and efficiency solutions based on IoT Technology and wearables. It will also retain its subsidiary names TraceSafe Technologies Inc, TraceSafe Canada, and TraceSafe Asia Pacific Pte. Ltd.
Meanwhile, the company announced that Qayyum Rajan will take on the role as head of Carbon Products, while Dennis Kwan will no longer be serving as the CEO of TraceSafe Technologies Inc but will stay as an advisor.
TraceSafe provides Internet of Things (IoT) solutions transforming large-scale industrial and enterprise operations with unique wearables, industrial-grade sensors and award-winning analytics platform.
With presence across North America, Asia and Europe, TraceSafe's solutions are trusted by leading organizations in healthcare, hospitality, construction, events, education and government. It recently refreshed its brand identity to reflect its updated offerings in IoT. See here.
As part of the company’s strategic focus towards 'managed decarbonization' to help companies take credible climate action using high-quality offsets, TraceSafe acquired an offset marketplace and launched a new website for its full suite of carbon management solutions.
Contact the author at jon.hopkins@proactiveinvestors.com