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(CSE:TSF) TraceSafe Takes a Green Turn

TraceSafe (TSF.CN), an emerging global technology firm delivering hardware and software solutions to improve workplace efficiency, ensure health and safety measures, and streamline quarantine management, announced many updates between climate actions, new solutions, to partnering. For the last couple of months, the company turned from Covid solutions to carbon projects.

What is TraceSafe?

TraceSafe is a Canadian-based company with offices in Toronto, Singapore, India, and the United States. The company was first primarily focused on providing a full suite of real-time location management services and contact tracing solutions enabled through advanced low-power Bluetooth beacons and enterprise cloud management. Its answer, TraceSafe’s patented contact tracing bracelet, was handy during the pandemic and was deployed in mission-critical quarantine applications worldwide in partnership with leading governments. This solution brought solid revenues for the year 2021, but since the pandemic got better, revenues aligned to this sector subsequently decreased. The company decided to take an ecological turn and focus on carbon solutions. This path was recently highlighted by the company’s move to join the United Nations Accredited Climate Chain Coalition. This coalition is an open global initiative to support collaboration among members and stakeholders to advance blockchain (distributed ledger technology) and related digital solutions (e.g., IoT, big data) to help mobilize climate finance and enhance MRV (measurement, reporting, and verification) to scale climate actions for mitigation and adaptation. On September 21, the company partnered with Green Marine, a voluntary environmental certification program for the North American marine industry.

“We are honored and excited to become a partner member of Green Marine, a leader in environmental stewardship for the marine industry. Their participants represent the most important names in the marine and shipping industry in North America, and we can’t wait to help them reach their climate goals with ShiftCarbon.”

Wayne Lloyd, TraceSafe CEO.

Wayne Lloyd leads the company. Mr. Lloyed is a technology entrepreneur active in tech M&A. He serves as an investor, trader, board member, and advisor to several technologies and fintech startups.

TraceSafe’s solution: ShiftCarbon

Many countries aim to reduce their carbon emissions in the future, creating a vast market opportunity for climate companies. 49 countries and 93 Fortune 500 companies have committed to net zero targets, expanding market opportunities in climate tech.

In 2021, US VC investment in climate tech increased by 80% compared to 2020, reaching $56B, with energy and power experiencing the fastest growth.

TraceSafe took the initiative to launch ShiftCarbon, a comprehensive carbon management platform. It will consolidate critical climate data for Small & Midsize Businesses and help them reduce their carbon footprint using high-quality offsets. The platform will enable:

  • Transparent and credible offset purchases from verified projects across the world
  • Mitigation plan powered by asset-level data and insights using sensors and IoT
  • Reporting frameworks for compliance and stakeholder engagement
  • Measurement of Scope 1,2 and 3 carbon emissions across the supply chain

With the platform, the company announced the launch of ThermoSense. It is a sensor-based approach to a sustainable supply chain, followed by the acquisition of Offsety- a carbon offset marketplace for managed decarbonization and, most recently, the launch of its events emissions calculator that will help global sporting events reach net zero faster.

Share Structure/Financials

On August 26, the company released its financials for the period ending June 30. For the company’s balance sheet, it announced $67k in cash and $2.2M in investment for a total of $3.2M in total assets. Regarding liabilities, the company announced $5M for this period. TraceSafe generated $779k in revenue for Q2 and reported a $1.1M net loss after tax. This number is driven by personnel expenses which accounted for $777k, professional fees ($439k), and research & development ($337k). If these expenses are subsequent, they decreased by 50% ($5.8M in 2021 vs. $2.9M in 2022) for the last 6 months compared to the same period of the previous year. The company’s gross margin significantly increased to $779,177 compared to the 2021 period of $389,139. This was due to a shift in demand from lower margin to higher margin Service Income product line. The company announced on August 17 that it had secured financing to power new carbon products and growth. TraceSafe obtained $500k in exchange for 3.33M units at a price of $0.15. These units are entitled to a warrant at an exercise price of $0.3. With this financing, the company aims to take a new direction toward decarbonization following the launch of its comprehensive carbon management solution named ShiftCarbon.

“We have made significant progress on our growth plans that include the new decarbonization and net-zero focus in the last six months. With this financing, we will strengthen customer outreach for our carbon platform and geographic expansion of our IoT solutions in the Middle East.”

Wayne Lloyd, TraceSafe CEO.

Bottom Line

TraceSafe (TSF.CN) decided to take a green turn and makes the correct choices. The company augments its presence in the climate industry with the launch of its platform ShiftCarbon, its recent participation in the United Nations Accredited Climate Chain Coalition, and its recent partnering with Green Marine to strengthen its decarbonization offerings for the marine industry. The revenues have remained steady since the beginning of the year, but the new market opportunity chosen by the company will open new doors, resulting in new incomes for TraceSafe.

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