REDEX is pleased to share that it now holds the first approved Verification Label under the International Attribute Tracking Standard (Standard).
What is a Verification Label and its purpose?
A Verification Label is a Labelling Scheme that provides additional or separate third-party verification of energy production output. It can be used by Registrants (device owners) as evidence for I-REC(E) or I-TRACK(E) issuance.
For small renewable energy production devices (<250 KW), registering and requesting issuance for I-REC(E) has historically been unfeasible, economically and resource-wise.
The Approved Verification Label by REDEX aims to resolve the challenges in I-REC(E) registration and issuance for these small devices. Through automated data collection, registration and verification processes approved by the I-TRACK Foundation and Evident, registration and issuance requests can be approved in bulk. This reduces costs and documentary requirements for small devices, helping small devices owners to access and benefit from I-REC(E) markets worldwide.
First of its Kind
The development of the REDEX Verification Label is the first of its kind for the I-TRACK Foundation. REDEX carried out comprehensive studies and testing with Evident, the Accredited Code Manager and Registry Operator of the I-REC(E) Product Code, ensuring the verification process worked properly and accurately with the integrity of the I-REC(E) Product Code.
REDEX Founder and CEO Kang Jen Wee says, “REDEX is heartened to hold the first approved Verification Label under the International Attribute Tracking Standard. It affirms our ongoing effort to enable access to I-REC(E) issuance, enhance RECs supply, and empower device owners to further drive the energy transition. We will continue to work closely with Evident and I-TRACK Foundation to realise our shared ambition to democratise renewable energy.”
Ed Everson, CEO of Evident explains, “Evident is pleased to welcome REDEX as the first I-TRACK Foundation approved Verification Label. This milestone enhances market participation and ensures that renewable energy producers of all sizes can benefit from robust and transparent tracking mechanisms. We look forward to continuing our work together to expand access to I-REC(E) markets.”
Jared Braslawsky, Executive Director of the I-TRACK Foundation shared the excitement of this development, “This is a good development for the I-TRACK Foundation and Accredited Market Facilitators. We [the I-TRACK Foundation] are supportive of small devices taking part in the I-REC(E) market, and such Verification Labels further support consumer choice.”
REDEX is also an Accredited Platform Operator under the I-TRACK Foundation.
