- ShiftCarbon (SHFT) has received a $5 million revenue award through its partnership with solutions by stc
- The companies have begun work on a suite of sustainable, smart city infrastructure in the Kingdom of Saudi Arabia
- Management sees the potential for additional revenue from a long-term supply of goods once the smart infrastructure becomes operational
- ShiftCarbon offers a platform for carbon accounting, offsets, and MRV (measurement, reporting and verification) automation
- ShiftCarbon (SHFT) is up by 23.08 per cent, trading at $0.08 per share
ShiftCarbon (SHFT) has received a $5 million revenue award through its partnership with solutions by stc.
solutions by stc is Saudi Arabia’s leading IT services provider.
The award stems from the initial phase of the companies’ first project, which offers the potential for additional revenue from the long-term supply of goods.
The companies have begun work on a suite of sustainable, smart city infrastructure for the Kingdom of Saudi Arabia aligned with Saudi Vision 2030, which involves a US$150 billion investment into local real estate projects that run solely on renewable energy.
According to Allied Market Research, the smart city market in Saudi Arabia is expected to reach US$14 billion by 2027, growing at a rate of 19.6 per cent from 2020 to 2027.
“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,” stated Wayne Lloyd, Founder and CEO of ShiftCarbon. “We are thrilled to have our vision for smart cities embraced by the most valuable telecom brand in the Middle East.”
ShiftCarbon offers a platform for carbon accounting, offsets, and MRV (measurement, reporting and verification) automation. The company also operates TraceSafe, a leading IoT cloud platform using sensor technology to deliver precise and timely information in healthcare, hospitality, construction, events, education and government.
ShiftCarbon (SHFT) is up by 23.08 per cent, trading at $0.08 per share as of 11:11 am EST.
