### **Overview** EKI Energy Services Ltd. is a globally recognized leader in carbon credit development, climate solutions, and sustainability services. Founded in 2008 as a sole proprietorship in Indore, Madhya Pradesh, the company has evolved into a multi-dimensional climate-tech enterprise listed on the BSE SME segment (2021) with aspirations for broader market leadership. EKI operates across over 16 countries and serves more than **3,500 clients in over 40 nations**, delivering over **200 million carbon offsets** to date. It is strategically positioned at the intersection of environmental impact, innovation, and market-driven decarbonization. The company adheres to international standards including the **Clean Development Mechanism (CDM), Verified Carbon Standard (VCS), Gold Standard, IREC, and TIGR**, and has pioneered several firsts in India’s carbon market—most notably, becoming the **first Indian company to register a plastic waste recovery project with Verra**, a globally recognized carbon crediting body. --- ### **Strategic Leadership & Governance** - **Chairman & Managing Director**: Mr. Manish Kumar Dabkara (M.Tech in Energy Management, BE in Electrical & Electronics Engineering) brings deep technical and strategic expertise to EKI’s climate business. - The company maintains strong corporate governance, with **50% independent directors on its board** and third-party audits conducted by Walker Chandiok & Co. LLP (statutory) and Protiviti India (internal). - EKI acquired GHG Reduction Technologies Pvt. Ltd. (GRTPL) in January 2022 and launched an **Employee Stock Option Plan (ESOP)** in 2021 to support talent retention and long-term alignment. --- ### **Core Business Segments** #### **1. Carbon Credit Development & Supply** Since 2014, EKI has been a major supplier of carbon credits, with peak sales reaching **over 40 million credits in FY 2019–20**. As of Nov 2024, cumulative supply exceeded **200 million carbon credits**. Revenue comes from: - **Spot and forward contracts** with global buyers. - A diversified portfolio across technologies: - Nature-Based Solutions (47%) - Energy (37%) - Community Projects (10%) - Green Fuels, Waste, Methane (5%) A significant strength lies in EKI’s **inventory management** (maintaining 10–12 million credits as of early 2024), enabling flexibility in monetization amid market volatility. #### **2. Sustainability Services & ESG Advisory** In February 2022, EKI launched a new vertical—**Sustainability Services**—to meet rising demand for ESG integration and net-zero roadmaps. This includes: - GHG footprint measurement and life cycle assessments - Science-based target setting and BRSR/GRI reporting - Carbon neutrality certifications (launched in 2024) - Climate risk analysis and decarbonization strategy consulting To strengthen delivery, EKI established **EKI Sustainability Services Private Limited (ESSPL)**, which employs over 40 professionals and has supported more than **350 ESG and sustainability projects** in its first year. #### **3. Project Portfolio & Innovation** EKI has built a robust and diverse project pipeline across: - **Nature-Based Solutions (NBS):** Afforestation, reforestation, mangrove restoration, sustainable agriculture - **Clean Cooking:** Over 2 million improved cookstoves (ICS) distributed, including the **GHG Oorja** model (80%+ emissions reduction) - **Plastic Waste & Circular Economy:** Plastics-to-carbon-credit projects registered with Verra - **Biogas, Pellets, Biochar, and Biomass Briquettes:** Backward integration into green fuel supply chains The company has also initiated projects in **green hydrogen, CCS/CCUS, and BECCS**, aiming to develop bankable carbon removal credits. --- ### **Global Expansion & Subsidiaries** EKI has significantly scaled its global footprint through subsidiaries in: - **Singapore (Enking International Pte Ltd)** – for Southeast Asia expansion - **Dubai, Turkey, Egypt** – serving MENA and Europe - **EKI One Community Projects Ltd (Demerged entity, Sep 2025)** – focused on community-based and owned carbon projects - **EKI Power Trading Pvt. Ltd. & Galaxy Certification Services Pvt. Ltd. (est. 2024)** – now contributing to consolidated revenue It also formed **CliaCool Projects & EduTech Ltd**, a joint venture with First Source Energy, as India’s first **Climate EdTech and Climate Finance Marketplace**, offering training in carbon markets, ESG, renewables, and green hydrogen. --- ### **Joint Ventures & Strategic Partnerships** EKI has forged powerful alliances to amplify impact and market reach: - **Shell Overseas Investments B.V. (Netherlands):** 50:50 JV for nature-based solutions (NBS) in India; target of 120 million carbon credits over 5–7 years - **Jospong Group (Ghana):** Partnership to secure **$1 billion in carbon finance** and create 1,000+ jobs in West Africa by 2030 - **Indian Oil Corporation Ltd (IOCL):** Co-development of **‘Surya Nutan’ indoor solar cooking devices**, with EKI holding exclusive carbon offset rights - **DNV (Norway):** Collaboration to bridge carbon finance with sustainable debt instruments - **FARI Solutions (Blockchain R&D):** End-to-end digital carbon credit lifecycle management, especially in Azerbaijan ahead of COP29 - **Inclusive Energy Ltd (UK):** Deployment of smart meters for D-MRV in biogas projects - **Thermax, WOCE, ICAM:** Partnerships across tech integration, market access, and fund management --- ### **Diversification & Vertical Integration** To reduce reliance on volatile carbon markets, EKI has pursued **backward and forward integration**, diversifying into: - **Manufacturing & Supply Chain:** - Bio-briquettes plant in Dindori, Nashik (800 MT/month, expandable to 1,200 MT) - ICS manufacturing at Nashik facility (5 million/year capacity) - Production of biogas, biochar, CNG, and green hydrogen - **Digital Solutions:** - **Digital MRV (Monitoring, Reporting, Verification)** systems for real-time, tamper-proof tracking - Launch of **‘esgpro.ai’**, an AI-powered ESG compliance platform - Collaboration with WOCE for IoT-enabled carbon footprinting - **New Verticals:** - **Power Trading**: EKI Power Trading Pvt. Ltd. holds CERC Category IV license and contributed **₹136.2 crore** to revenue in FY 2023–24 - **Carbon Neutrality Certification**: Launched in 2024 with four service categories - **Climate EdTech & Training:** EKI Academy launched in 2024 Total capital expenditure in community-based projects stood at **₹104 crore** through FY2023–24. --- ### **Market Position & Competitive Advantage** EKI leverages: - **15+ years of industry experience** in carbon markets - A global network of **over 700+ buyers** across 14+ countries - Proprietary methodologies and digital tools for higher credibility - Direct project ownership (backward integration) for stable supply - Access to climate finance via partnerships and its **$125 million (INR 1,000 crore) Climate Impact Fund** with ICAM Singapore (launched Nov 2022), where EKI is anchor investor and implementer It holds an estimated **15% share of the global voluntary carbon market** and maintains a diversified client base—over **95% of revenue from export markets** (Europe, US, Australia), reducing regional demand risks. --- ### **Regulatory & Market Trends (Sep–Nov 2025 Focus)** - **India’s Domestic Carbon Trading Scheme (CCTS)** launch in 2025 is expected to **boost national demand for credits**, positively impacting pricing and positioning EKI favorably due to its strong project pipeline and technical expertise. - EKI is aligning with **Article 6 of the Paris Agreement** and the **ICVCM Core Carbon Principles (CCP)** to ensure compliance and credibility in emerging compliance markets. - The company has implemented a **rigorous screening process with integrity ratings** to enhance trust in carbon offsets amid growing scrutiny on greenwashing. - Despite ICVCM’s rejection of certain legacy renewable energy methodologies (affecting emerging markets), EKI emphasizes that **financial incentives like CCP labeling are critical** for project viability and climate equity. --- ### **Innovation & Technology** EKI is at the forefront of **digital transformation in carbon markets**: - Full integration of **Digital MRV and DMVR systems** to ensure real-time, verifiable, and transparent carbon reduction tracking - Use of blockchain via FARI for end-to-end credit lifecycle management - AI and API-enabled meters through esgpro.ai for automated emissions reporting - Smart meter deployment in biogas projects for continuous verification This focus strengthens EKI’s role as a **shaper of digital carbon offset methodologies** and standards. --- ### **Financial Performance & Revenue Streams** - Revenue streams now include: - Carbon credit trading (spot + forward) - Sustainability consulting and ESG services - Power trading (green electricity supply to Indian industries) - Manufacturing (cookstoves, briquettes, biogas) - Certification and audit services - **Power trading alone generated ₹136.2 crore** in FY 2023–24 - Subsidiaries are increasingly contributing to consolidated performance, especially EPTPL and Galaxy Certification - EKI monetized its carbon inventory even during weak market phases (2022–23), showcasing financial resilience