CFEX in Partnership to Streamline Renewable Energy Procurements
In an effort to help the business develop scalable operation infrastructure to accelerate the pace of decarbonization
SAN FRANCISCO–(BUSINESS WIRE)–#carbonfree–CFEX, Inc. announced today that it has been selected by a leading big box retailer to develop a renewable asset operation platform to power the growth of its renewable procurements and accelerate the pace of its decarbonization of energy-related emissions.
Procuring renewable energy and the associated Energy Attribute Certificates (EACs) is a proven and effective way for businesses to reduce their energy-related carbon emissions. However, almost all the business processes involved are manual, which is labor-intensive, error-prone, and hampering continued growth. CFEX has developed a suite of cloud-based applications to help businesses automate their end-to-end business processes.
“We are honored to be selected to help the Fortune 500 client build out a scalable operational platform to accelerate its decarbonization journey,” said Jian Zhang, Founder and CEO of CFEX. “The use of EACs to decarbonize energy-related emissions was standardized by the GHG Protocol almost a decade ago. However, most of the business processes involved are highly inefficient. We have developed software to automate the end-to-end business processes and make them more efficient and scalable.”
At the core of the ongoing EAC procurements is the management of Power Purchase Agreements (PPAs) to ensure their compliance with both financial and non-financial terms. Due to the complexity and variability of PPA contracts, it has been a major challenge to manage them symmetrically. To address this challenge, CFEX has developed the industry’s first PPA Contract Management System (CMS) to model and maintain any complex PPA contracts, automate the business processes to track obligations throughout the contracts’ lifetimes, and reconcile monthly invoices from renewable developers. By automating these otherwise manual processes, CFEX minimizes EAC transaction costs, reduces billing errors and disputes, and increases transaction accuracy and auditability.
About CFEX, Inc.
CFEX partners with buyers and sellers of Carbon-Free Energy worldwide to efficiently and scalably decarbonize energy-related emissions. The company’s Carbon Free Energy Cloud application suite automates the end-to-end business processes for the buyers and sellers to operate renewable generation assets, centralizes the management of EAC inventories from these assets, allocates them to offset energy-related emissions, and tracks residual Scope 2 and 3 emissions. CFEX is the trademark of CFEX, Inc. For more information, visit www.CFEX.cloud.
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