Hypercharge Launches Carbon Credit Program To Appeal To Real Estate Investors
HyperCharge Networks (NEO: HC) is attempting to enhance its appeal to real estate investors, announcing this morning it has begun the launch of a carbon credit program that is described as a means of growing the “earning potential” of commercial and multifamily properties.
The system is simple, in that the program will administer carbon credits every time a charger is used, although specifics on how many credits will be issued per charge were not provided. Instead, the company indicated that chargers will begin generating carbon credits immediately, accrue through the calendar year, and result in a payout of cash or equipment credit at the end of the year, the latter of which the company describes as potentially “expanding [the] earning potential further.”
The program is specifically geared towards commercial properties and multifamily buildings with five or more units, and is only available in British Columbia currently. The program is slated to expand across North America in 2024.
Hypercharge has indicated that it will handle all the admin tasks related to the credits, and that by doing so will be able to “boost credit accumulation” and secure better pricing for credits. The company has not indicated however what percent of the credits it will keep for administering the program.
READ: Hypercharge Reports Higher Margins But Still Posts A Loss
“By managing all of the complexities of carbon credit tracking, purchasing, and selling, we’re enabling our customers to effortlessly augment their charging revenue while making a positive impact on the environment,” commented Hypercharge’s head of growth and partnerships, Chris Koch.
The development notably follows the collapse of one of the largest single sources of carbon credits, the Kariba project in Zimbabwe.
Hypercharge Networks last traded at $0.30 on the Neo.
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