In general, the procurement of renewable energy is relatively straightforward in developed markets which are regulated with multiple purchasing options, such as Power Purchase Agreements (PPAs) and green tariffs, available for consumers to meet their renewable energy needs.
This stands in contrast with most of the Global South where renewable energy markets are still in their infancy, and procuring renewable energy or proof of it can only be done on the voluntary Renewable Energy Certificate (REC) market.
At REDEX, we have built a one-stop eco-system to manage the full REC lifecycle – asset registration, REC issuance, trading and redemption. Our ambition is to accelerate the global transition to net zero by enabling users to conveniently adopt renewable energy. Through developing innovative technological solutions, REDEX seeks to resolve the pain points experienced by participants in the voluntary REC market.
These pain points include:
Lengthy process to register assets and issue RECs: For renewable energy asset owners and generators, the process to register assets was both resource and time consuming, with asset onboarding taking as long as three months.
Lack of liquidity for issued RECs: There was little to no liquidity for the RECs market as there was a lack of a convenient avenue for sellers to reach out to a wide pool of buyers
Lack of choice and price transparency: It was challenging for buyers to shop for suitable RECs that meet their operational and financial requirements as there was no convenient avenue for buyers to compare various REC products and undertake price discovery.
Double-counting of voluntary RECs: Keeping track of RECs redemptions was a challenge as the process was manual, leading to double-counting and scepticism of RECs integrity.
Developing an Eco-system for the Voluntary REC Market
To promote the use of renewable energy and catalyse clean energy investment, REDEX was set up in 2018 to develop digital solutions that could empower electricity users to embrace and integrate renewable energy into their operations using RECs.
The goal was to bring together REC market participants onto a common platform where all their needs could be met. To this end, REDEX developed REHash, a one-stop shop to conduct the full spectrum of REC-related business.
Features of REHash include:
Streamlined asset registration and REC issuance: Digitising the asset registration and REC issuance process, REDEX has reduced the time taken to onboard assets from three months to two weeks.
Straightforward and convenient REC trading: REHash’s main function is a REC exchange. It brings sellers and buyers to a common marketplace. The user-friendly interface allows sellers to list RECs and buyers to procure RECs conveniently, improving REC liquidity for sellers and providing choice for end users to shop for the best deal that fits their needs.
In addition, REHash allows users to seamlessly import registered RECs for listing on the exchange. It also offers multiple ways to sell including auctioning, off-exchange transactions, spot trading and Standardised Forward Contracts.
API-integration with I-REC(E) Registry: REHash is API-integrated with Evident, the I-REC(E) Registry which “provides a fully auditable chain of custody record to support the trading of energy attribute certificates and uniquely verifiable claims of ownership by end-users”. I-REC(E) transactions which are performed on REHash are reflected in real-time on the Registry, preventing double-counting and ensuring REC integrity when making claims of clean energy use.
Innovating to Accelerate the Global Transition to Net Zero
REHash is currently Asia’s leading REC trading platform with users across more than 10 Asian countries. It will also be adopted by Latin America and the Middle East markets this year as more and more countries seek to reduce their carbon footprint and strengthen their REC markets.
Despite the success of REHash, REDEX is not resting on its laurels and is constantly innovating to develop new products and upgrade existing solutions.
To increase REC supply, REDEX developed REConnect, a mobile app that enables distributed solar owners to register their assets at no cost. Previously, it was not economically feasible for this group of owners to onboard their assets. With REConnect, rooftop owners are now able perform simple DIY asset registration, further monetising their solar assets and supporting the decarbonisation of energy.
REDEX also developed RESuite, an energy monitoring and renewable energy management platform for companies. It helps in Renewable Goal Performance tracking, supporting corporations in decarbonising their supply chains.
Dedicated to continuous innovation, REDEX is supporting corporations to conveniently adopt renewable energy and accelerating the global transition to net zero. Discover more at www.redex.eco.
