Stock Report

EKI Energy Services Ltd launches India's first ever INR 1000 crores Climate Impact Fund

Posted On : 2022-10-18 11:22:41( TIMEZONE : IST )

EKI Energy Services Ltd. (EKI), a leading developer and supplier of carbon credits across the globe, today announced that it will invest up to INR 200 crores as part of an INR 1000 crores (125 million USD) climate impact fund that it has launched in partnership with Impact Capital Asset Management Pte. Ltd. (ICAM), a Singapore-based Fund Management company.

The INR 1000 crores (125 million USD) fund is India's first ever climate impact fund. EKI will invest up to INR 200 crores in a phased manner in this fund with an aim to empower GHG Mitigation projects across the country and internationally. The Fund will specifically focus on high impact community development projects such as clean cooking through large scale deployment of energy efficient improved cook stoves (ICS), access to clean drinking water through water filtration systems and energy-saving lighting solutions like LED Bulbs and waste management amongst others, to meet its objectives of improving lives while also greening the planet.

This initiative will enhance EKI's global reach and strengthen its network of global clientele. The projects would generate high quality carbon credits for its investors by delivering significant emission reductions, which, the investors can use to offset their own carbon emissions subject to the local law or earn monetary benefits by selling the carbon credits in different carbon markets like CORSIA, domestic emission trading scheme, Article 6.2 / Article 6.4 of Paris Agreement, international voluntary markets subjected to relevant host country approvals. Geographically, the projects will be deployed across remote locations in India and select countries in Africa, Asia and LATAM.

Mr. Manish Dabkara, Chairman & MD, EKI Energy Services Ltd. said, "The world is fast striding towards a net-zero future. We, as climate warriors want to empower this journey with focused investments in climate projects globally. We also want to strengthen our focus on community development. We are delighted to take a significant and concrete step forward toward ensuring increased climate mitigation in India and other parts of the world. We promise to continue developing projects that address larger community issues while also enabling nature restoration".

Mr. Deepak Mawandia, Founder & CEO - ICAM, said "Focussed on the Planet, its People and Profit (for investors and stakeholders), at ICAM, we are delighted to be partnering with EKI Energy Services Ltd., the leading player globally in the Climate Change/Carbon Offset development space. We look forward to collectively doing our bit to address the challenges of Climate Change by leveraging on our experience to accelerate investments into high impact GHG mitigation and community upliftment projects and initiatives while delivering superior and sustainable risk adjusted returns for our investors".

EKI offers climate change and sustainability solutions to businesses to help them achieve their carbon neutrality goals. The company provides consultancy/advisory services for the end-toend management of carbon assets including carbon credit generation, supply, monetization, and offsetting.

Community upliftment has been a core focus area for EKI. In line with this, the company launched its Green Cooking initiative in 2018 to replace the inefficient traditional mud/three stone fire cook stoves with improved cookstoves that are safer and fuel efficient in India. EKI empowers rural homes globally through this initiative. The company has also established a subsidiary - GHG Reductions Technologies Pvt. Ltd. for the end-to-end management of the initiative starting from manufacturing to the distribution of the improved cookstoves. The company recently announced that its manufacturing plant, located in Nashik, now, has a capacity to manufacture 5 million improved cookstoves per year, the highest ever in the biomass category.

In addition to improved cookstoves, the company also has a strong focus on GHG mitigation projects that contribute towards community development and upliftment. These projects include LED projects, water filters and Nature-based Solutions (NBS).

Shares of EKI Energy Services Ltd was last trading in BSE at Rs. 1679.90 as compared to the previous close of Rs. 1785.60. The total number of shares traded during the day was 45662 in over 5113 trades.

The stock hit an intraday high of Rs. 1795.00 and intraday low of 1666.00. The net turnover during the day was Rs. 77885058.00.