Spectaire Holdings Inc., a company offering environmental measurement technology, has launched its new carbon credit trading platform, www.AireCoreX.com. The platform’s first carbon credit transaction was sourced directly from measured diesel engine emissions using Spectaire’s AireCore technology.
Brian Semkiw, CEO of Spectaire, informed that with over 10 million diesel engines worldwide that can benefit from emissions mitigation technology, there is a significant opportunity to generate substantial carbon credits for those trucking fleets, oil and gas companies and ship owners that take steps to mitigate emissions.
He said, “Each engine has the potential to produce at least 100 carbon credits annually. We believe that measured emissions will create carbon credits that are more valuable, and having a platform to transact carbon credits will make the market more accessible. As the carbon credit market has seen prices exceed $100 per credit, our AireCore and AireCoreX platforms are uniquely poised to address a potential addressable market greater than $100 Billion.”
AireCoreX offers a comprehensive and intuitive experience for carbon credit market participants. The platform provides a seamless online interface for purchasing existing credits and pre-purchasing future credits. Users can customise their credits based on location and industry, tailoring their carbon offset strategies to specific requirements. Each transaction is supported by blockchain certification and detailed data, ensuring full transparency and auditability.
The role of carbon credits in corporate net-zero strategies has grown significantly. In 2023, the global market expanded by 58%, reflecting the rising demand for credible and impactful climate actions. Over 70% of Fortune 500 companies have incorporated carbon credits into their sustainability strategies, highlighting their critical role in achieving emission reduction goals.
The company informed that current market challenges, such as reliance on future reduction projections and lack of auditability, often compromise the credibility of carbon credits and AireCoreX addresses these issues through direct field measurements of CO2e gases, ensuring the accuracy and reliability of each credit and offering a robust solution to the inconsistencies found in traditional methods.
However, Spectaire’s recent business achievements have not met Nasdaq’s listing requirements. On August 5, 2024, the Company received a notice from the NASDAQ Hearings Panel, indicating that following the Company’s hearing on July 23, 2024, NASDAQ has decided to delist the Company’s common stock. Trading in Spectaire’s securities will be suspended from NASDAQ at the opening of trading on August 7, 2024. The Company’s stock is expected to begin trading on the over-the-counter market under the symbol “SPEC” from August 7, 2024.
Brian Semkiw commented, “While we are disappointed to receive this notice, we view this as a transitional phase in our journey. Our commitment to driving innovation in air quality and emissions reduction technology remains unwavering. We are excited about our future prospects and will continue to focus on executing our long-term strategy, including exploring new markets and expanding our product offerings. We believe that trading on the OTC Markets Group platform will provide our investors with a continued trading venue as we work towards achieving our business objectives.”