Kontrol Technologies (NEO: KNR) has won a contract with an unnamed Ontario municipality to deliver a net zero emission and climate action plan.
Describing itself as a leader in smart buildings and cities through internet of things (IoT), cloud and software as a service (SaaS) technology, Kontrol was the contract winner after a competitive bidding process.
While the municipality remains unnamed, Kontrol disclosed it has “hundreds of buildings under management” and aims to reach its target of net zero emissions by 2030.
Kontrol chief executive officer Paul Ghezzi said to win the contract was significant and a testament to the company’s quality.
“This is a new opportunity, which establishes Kontrol as a solution provider for municipalities which we believe is a growing market,” he said.
“To win a competitive bid against established industry participants is a credit to the quality of our team and solutions.”
The Canada-based company provides solutions and services in an effort to improve energy management, reduce greenhouse gas emissions and accelerate sustainability of buildings.
“This is an important win for Kontrol as we continue to scale our net zero emission solutions,” Mr Ghezzi said.
Kontrol aims to continue to scale its technology globally and is deemed to be one of the Canada’s fastest growing companies.
Kontrol Carbon Platform continues to grow
Kontrol has, through its subsidiaries, developed the Kontrol Carbon platform, which executes initial design, feasibility, implementation and potential carbon credit monetisation.
Mr Ghezzi said winning of the contract with the Ontario municipality is another step towards growing the platform.
“Kontrol is well-positioned to continue to grow our Kontrol Carbon platform and we look forward to executing on this new opportunity as well as establishing the company as a leading ESG solutions and technology provider,” Mr Ghezzi said.
According to the International Energy Agency, in order to reach net zero emissions by 2050, annual clean energy investment worldwide needs to increase more than three times by 2030 to C$4 trillion.