The International Tracking Standard Foundation (I-TRACK Foundation) is pleased to announce that REDEX Group Pte Ltd (REDEX), an I-TRACK Foundation Accredited Platform Operator, holds the first approved Verification Label under the International Attribute Tracking Standard (Standard) – our main governing document for the development of attribute tracking systems.
What is a Verification Label?
A Verification Label is a Labelling Scheme that provides a supplementary or separate methodology used by Issuers as supporting evidence for Facility Verifiers or Production Auditors.
A Verification Label will, primarily, be used for verification and auditing of small Production Facilities. Registering production devices and requesting issuance for I-REC(E) or I-TRACK(E) has historically been challenging for smaller devices due to financial costs and required documentation associated with the device onboarding and each issuance request. Approved Verification Labels such as REDEX can support Registrants by collecting and verifying data through a standardized methodology that can be used by Issuers to approve these requests in bulk. This will allow these devices to benefit from I-REC(E) markets worldwide.
REDEX
Headquartered in Singapore, REDEX offers a one-stop ecosystem for Renewable Energy Certificates (RECs), supporting clients through the full REC lifecycle, and are committed to accelerating the global transition towards renewable energy. REDEX’s REHash system streamlines asset registration and facilitates market access, which allows large volumes of distributed RE assets, including residential rooftop assets, to participate in the I-REC(E) market.
As an I-TRACK Foundation Accredited Platform Operator for the I-REC for Electricity [I-REC(E)], REDEX operates a key marketplace for I-REC(E) in Asia, with supply coming from 10 countries in the region.
REDEX’s I-TRACK Foundation Approved Verification Label
The development of the REDEX Verification Label is the first of its kind for the I-TRACK Foundation. As such, REDEX carried out a lengthy phased process with Evident, the Accredited Code Manager and Registry Operator of the I-REC(E) Code for Electricity, to ensure the verification process worked properly and accurately with the integrity of the I-REC(E) system.
The focus of REDEX’s Verification Label is to provide small devices (<250 kW) with a better opportunity to benefit from the I-REC(E) market. This will be done by having more automated registration and verification processes in place that are approved by the I-TRACK Foundation and Evident.
REDEX Founder and CEO, Jen Wee Kang 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.”