Verofax is selected by PwC Middle East among Top Future50 climatech start-up
DUBAI, UAE, Nov 22, 2023 – (ACN Newswire) – Verofax a compliance and commerce SaaS solution provider has been selected among the top Future50 climate tech start-ups by PwC Middle East to help enterprises’ accelerate on their path to Net Zero.
PWC had scoured the region and short-listed from 500 businesses across 11 categories of impact. Verofax was selected among top 6 Climate Change Management and Report (CCMR) startups for its sustainable traceability solution to help decarbonize industries and enable validated exports in line with recent regulations like EU’s Carbon Border Tax (CBAM).
PwC Middle East revealed the 50 pioneering start-ups in the Middle East at Net Zero Future50′ launch event highlighting the groundbreaking technologies and achievements in climate management and carbon emissions reporting, in addition to opportunities and challenges in growing and scaling climate tech businesses.
Dr Yahya Anouti, Partner at Strategy& and Sustainability Leader at PwC Middle East, said: “Climate tech innovation in the Middle East is being driven by some of the most dynamic entrepreneurs in our region, championing new technologies to accelerate the path to net zero. As we stand just days away from the world’s most important climate conference — COP28, taking place here in the United Arab Emirates, we are excited to shine a light on regional innovators whose organisations, we feel, are making the biggest difference in reducing emissions and accelerating decarbonisation in our region. The PwC Net Zero Future50 – Middle
East report identifies leading organisations in this space, and discusses the challenges they face in their ambition to grow and scale. Their range and diversity highlights the vibrancy of the start-up and small companies scene in the region. “
Verofax’s automates compliance, traceability and verification
As more countries are looking to decarbonize their economy, the EU and US have recently introduced regulations to curb imports of high-emission commodities such as steel, Aluminum, cement, fertilizers, chemicals and energy. The EU Carbon Border Tax regulation came into effect on August 17 and reporting became mandatory for exporters on October 1st. Existing ERP systems are not built to aggregate data across supply chain and prevent double counting. Thus compliance with operational standards for measuring and reporting in accordance with ISO 14064 standards becomes an unsurmountable challenge for exporters needing to have their multi-tier supply chain comply with such operating procedures, which increases cost significantly. Not complying is also not an option with up to 35% of revenue in tariffs levied at
European Union border customs. The problem necessitates commodity passporting and emissions tracking without the risk of double counting.
Wassim Merheby, CEO of Verofax, said, “Existing ERP systems are siloed by design, which hinders the capability of having immutable data and certifications verified on interoperable system for all stakeholders from material collectors to recyclers, exporters, customs and clients. Verofax offers an award-winning Digital Passporting and traceability solution for multi-tier supply chain verification, enabling seamless compliance and verification of Carbon emissions. The Gulf region trails behind India and other markets that recycle up to 80% of targeted commodities. Recycling can reduce emissions by up to 95%, thus markets with lower recycling threshold are at risk of being priced out of the EU market. The UAE for example, exports $1.5B to the EU mainly Aluminum, and recycles under 10% to date. With Verofax emission verification and commodity passporting, exporters have a great opportunity to trail a path towards export growth.”
Patricia Keating, Scale Lead at PwC Middle East, mentioned “In our analyses of the Middle East climate technology landscape, we see the founders of climate tech companies driving innovation that’s helping to reduce emissions and accelerate decarbonisation. We found that the largest share of our NetZero Future50 companies are working ontechnologies within the sectors responsible for most GHG emissions: With Industry, Manufacturing and Resource Management contributing 29% of Middle East GHG emissions and Energy at 46%.”
Verofax Digital passporting & Traceability solution for compliance verification automation ensures the validation of commodities emissions, commodity provenance, prevent recycling double counting, across tiered supply chain. By calculating and verifying low carbon emissions from mining or waste material collection, Recycling, repurposing and transportation, exporters will lower their costs and increase market access to EU & US in compliance with regulations.
About PwC
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 152 countries with nearly 328,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
Established in the Middle East for 40 years, PwC Middle East has 30 offices across 12 countries in the region with around 10,000 people. (www.pwc.com/me)
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
About Verofax
Verofax is a compliance and commerce SaaS solution provider, validated by Microsoft and holding PCT patents on Digital passporting, computer vision and AI analytics that enable intelligent supply chain and operations. Fortune 100 enterprises across 50 markets have adopted Verofax solutions for securing their supply chain and connecting directly to customers. Verofax is committed to achieving Net Zero by 2025 and promotes global offset and community relief projects across the globe. Visit https://verofax.com.
For media inquiries, please contact: Wassim Merheby, CEO, Verofax Email: info@verofax.com
Topic: Press release summary
Japan – MHI Selected as Technology Licensor for EET Industrial Carbon Capture Targeting UK’s First Low Carbon Refinery
Mitsubishi Heavy Industries, Ltd. (MHI) has been selected as licensor of CO2 capture technology for the project known as EET Industrial Carbon Capture which is underway at the Stanlow Refinery, owned and operated by Essar Oil UK Limited in Cheshire County in northwest England. Essar Oil UK is the UK arm of the Essar Group, a multinational conglomerate based in India.
The project at Stanlow will capture CO2 emissions from the fluid catalytic cracker in the refinery process. This contributes to Stanlow becoming the UK’s first low-carbon refinery. Once it is built, it will capture approximately 860,000 tons of CO2 per year. The project is supported by HyNet, the carbon capture, utilization and storage (CCUS) cluster in northwest England. The captured CO2 will be permanently sequestered into depleted gas fields under the sea in Liverpool Bay.
MHI, as a licensor of the project’s CO2 capture technology, will support the project by providing the basic engineering design package (BEDP) applying its “Advanced KM CDR Process™,” CO2 capture technology jointly developed with The Kansai Electric Power Co., Inc.
The British Government has set a target to achieve net zero carbon emissions by 2050. In line with this initiative, the requisite infrastructure, including formation of CCUS clusters, is being developed to carry out all related processes – from CO2 capture to transportation and storage – at each of the country’s targeted industrial zones.
In October 2021, then the Department for Business, Energy and Industrial Strategy (BEIS) designated two CCUS clusters, HyNet and East Coast. This is still being supported by the subsequent new department, the Department for Energy Security and Net Zero (DESNZ). The project at Stanlow targets 2028 as the start of operations of EET Industrial Carbon Capture.
Essar Oil UK is actively advancing the decarbonization of its refinery and putting it at the forefront of UK’s energy transition. In order to commit this, the company is investing US$1.2 billion over the next five years to lower emissions from the refinery.
MHI Group has formally declared its intent to achieve carbon neutrality by 2040, and the Company is now working strategically to decarbonize both the energy demand and supply sides. A core element of the Company’s “Energy Transition,” which targets decarbonization on the energy supply side, is the development of a CO2 solutions ecosystem integrating diverse sources of carbon emissions with modes for carbon storage and utilization. Through provision of the carbon capture technology at Stanlow, the Company will contribute to execution of the project and realization of the UK’s first CO2 capture for a refinery, and thereby boost its presence within the UK’s CCUS market. Going forward, MHI Group will continue to respond to the decarbonization needs of diverse industrial sectors.
About MHI Group’s CO2 capture technologies
MHI Group has been developing the KM CDR Process™ (Kansai Mitsubishi Carbon Dioxide Recovery Process) and the Advanced KM CDR Process™ in collaboration with The Kansai Electric Power Co., Inc. since 1990. As of November 2023, the Company has delivered 16 plants adopting the KM CDR Process™, and two more are currently under construction. The Advanced KM CDR Process™ adopts the KS-21™ solvent, which incorporates technological improvements over the amine-based KS-1™ adopted at all 16 of the commercial CO2 capture plants delivered to date. The advanced version offers superior regeneration efficiency and lower deterioration than the KS-1™, and it has been verified to provide excellent energy saving performance, reduce operation costs, and result in low amine emissions.
For further information on MHI Group’s CO2 capture plants: www.mhi.com/products/engineering/co2plants.html
About MHI Group
Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.
Copyright ©2023 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.
Japan – Pajero Selected as Historic Car by the Japan Automotive Hall of Fame
Mitsubishi Motors Corporation (hereafter, Mitsubishi Motors) announces that the first generation Pajero1, launched in 1982, has been selected by the Japan Automotive Hall of Fame2 (hereafter, JAHFA) as one of its Historic Cars for its superb contributions to Japanese automotive history.
The first Pajero was launched in 1982 as a full-fledged off-road 4WD vehicle that combined excellent off-road handling with the ease of use of a passenger car. It has enjoyed the support of countless customers and established a solid position as one of the leaders of the recreational vehicle and 4WD booms in Japan. A total of 3.25 million Pajeros were manufactured across its four generations until production came to an end in 2021. It has been exported to over 170 countries and is loved by fans around the globe. In Japan, the Pajero became one of Mitsubishi Motors’ iconic series, adding models such as the Pajero Mini kei-car3 to the lineup in 1994, the Pajero Junior compact SUV in 1995, and the Pajero iO compact SUV in 1998.
In the motor sports arena, the Pajero competed for the first time in the Dakar Rally, which has the reputation to be the world’s toughest rally raid, starting in 1983, and claimed an overall victory in 1985, the first ever for a Japanese vehicle. It competed in the rally 26 times in the years leading up to 2009 and took a total of 12 overall victories, including seven consecutive wins, demonstrating its excellent road handling and durability. The know-how obtained through its motor sports experience was leveraged to improve the product appeal of the Pajero and other production models. Its all-wheel control technologies as well as durability and reliability technologies live on as core technologies that make Mitsubishi Motors vehicles what they are.
Today, the Pajero Sport cross-country SUV carries on the pedigree of the Pajero and is sold in over 80 countries around the world. Based on its reliability backed by technologies that provide environmental friendliness, safety, peace of mind and comfort, Mitsubishi Motors will continue to offer fulfilling mobility lifestyles that awaken the adventurous spirit of drivers.
1. Sold as Montero in some markets
2. As a non-profit organization, JAHFA’s mission is to praise the achievements of people who contributed to building and development of today’s Japanese automotive industry as well as those who promoted the industry’s science and culture. JAHFA inducts such people to its Hall of Fame to hand their achievements on to future generations. Website: https://www.jahfa.jp/
3. Kei-car is a vehicle category in Japan for microcars.
About Mitsubishi Motors
Mitsubishi Motors Corporation (TSE:7211) —a member of the Alliance with Renault and Nissan—, is a global automobile company based in Tokyo, Japan, which has about 30,000 employees and a global footprint with production facilities around the world. Mitsubishi Motors has a competitive edge in SUVs, pickup trucks and plug-in hybrid electric vehicles, and appeals to ambitious drivers willing to challenge convention and embrace innovation. Since the production of our first vehicle more than a century ago, Mitsubishi Motors has been a leader in electrification—launched the i-MiEV –the world’s first mass-produced electric vehicle in 2009, followed by the Outlander PHEV –the world’s first plug-in hybrid electric SUV in 2013.For more information on Mitsubishi Motors, please visit the company’s website at https://www.mitsubishi-motors.com/en/
Copyright ©2023 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.
Japan – JOGMEC selected a feasibility study on the establishment of an overseas CCS value chain in the “Survey on the Implementation of Advanced CCS Projects”
Mitsubishi Corporation, Nippon Steel Corporation and ExxonMobil Asia Pacific Pte. Ltd. have been commissioned to conduct a feasibility study on the establishment of an overseas CCS value chain targeting CO2 emissions from multiple industries in the Ise Bay/Chubu region (hereinafter referred to as the “Study”) by the Japan Organization for Metals and Energy Security (JOGMEC) in an open call for the FY 2023 Study on the Implementation of Advanced CCS Projects (hereinafter referred to as the “Call”).
The Call was conducted by JOGMEC based on business support for the launch of CCS business by 2030 at the CCS Long-Term Roadmap Review Committee organized by the Ministry of Economy, Trade and Industry in accordance with the Japanese government’s carbon neutral target of net zero greenhouse gas emissions by 2050. As a result of the review, 7 projects including this Study were selected as candidates for the “Japanese Advanced CCS Projects” in June of this year,
In Japan, approximately 1.1 billion tons of CO2 equivalent greenhouse gases are emitted annually, and in order to realize a carbon-neutral society by 2050, it is necessary not only to implement low-carbon energy such as the introduction of renewable energy, but also to remove carbon equivalent to the greenhouse gases expected to be generated. CCS is attracting attention as a technology for storing CO2 removed over a long period of time.
Following the conclusion of the Joint Study Agreement, the three companies will examine specific CO2 separation and recovery destinations, overseas storage destinations and related technologies as a supplement to domestic CO2 storage, and the establishment of value chains necessary for commercialization, utilizing their respective expertise.
(*) Nippon Steel, Mitsubishi Corporation and ExxonMobil to Evaluate and Establish CCS Value Chains in the Asia Pacific Region | Mitsubishi Corporation (mitsubishicorp.com)
For further information, contact:
Mitsubishi Corporation, Press Relations Team, Corporate Communications Dept. Tel: 03-3210-2171
Nippon Steel Corporation, Public Relations Center Tel: 03-6867-2977
ExxonMobil Asia Pacific Pte. Ltd. Tel: +65 6885 2389
Vacatia Selected to Manage Endless Mountain Resort
Vacatia Inc., a leading provider of innovative, customer-centric solutions for timeshare resorts, has been awarded the management contract for Endless Mountain Resort in Union Dale, Pennsylvania.
The formerly self-managed resort selected Vacatia for its custom approach to on-site management, along with its sales and rental programs, which will help sustain its vibrant owner community. “We are excited for the future of Endless Mountain Resort now that we are backed by the resources only Vacatia can provide,” said David Glenwright, board president.
For Vacatia, the resort will be a welcome addition to its network of timeshare properties. “With skiing, trails for biking and hiking, golf, and other attractions nearby, Endless Mountain has four-season appeal,” said Michelle DuChamp, head of partner services at Vacatia. “We will leverage our marketing expertise to help Endless Mountain monetize non-performing inventory, while our resort management expertise will provide a superior hospitality experience to both current and potential new owners who visit through the rental program.”
Situated on 58 secluded hilltop acres, Endless Mountain Resort overlooks Elk Mountain Ski Resort, touting some of the best skiing in Pennsylvania. The RCI Hospitality award-winning resort features an indoor heated pool, hot tub, game room, fitness center, playground, picnic area with grills, tennis, basketball, minigolf, badminton, and croquet. Golfers of all abilities will find a course that suits them perfectly within a 10-minute drive.
In the past few years, Vacatia has grown its management services to 28 timeshare associations nationwide. The company has more than 750 industry partners, including some of the largest timeshare companies that rely on them for rental and resale services. Vacatia’s products drive owner engagement, improve cash flow, attract new members, and finance needed property renovations. To learn more about Vacatia’s rental, resale, and property management services, as well as its subscription membership product, call (720) 449-6738 or visit vacatia.com/partnerservices.
Vacatia
Michelle DuChamp
305-903-9399
vacatiapartnerservices.com
Contact
Pennsylvania’s Endless Mountains
Pennsylvania’s Endless Mountains provide four seasons of outdoor entertainment. Endless Mountain Resort, which recently chose Vacatia as its management company, provides access to all the nearby activities as well as onsite resort amenities.
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