NPST Announces Q4 And FY 2024 Results: Posts 216% Growth In YoY Revenue

Full Year 2024

Consolidated Annual Revenue: Rs 130.08 crore, up 216% YoY

Net Profit: Rs 26.71 crore, up 310% YoY

Fourth Quarter 2024

Revenue: Rs 44.71 crore, up 109% YoY

Net Profit: Rs10.02 crore, up 161% YoY

NPST, a leading provider of digital banking and payment technology solutions listed on the NSE SME exchange, announced strong fourth quarter and full-year results for FY 2024.  Buoyed by a winning combination of favourable growth in digital payments, as well as its innovative technology solutions and expanding customer base, NPST reported significant increases in both revenue and net profit.

The consolidated FY 2024 annual revenue surged by 216% to Rs 130.08 crore, up from Rs 41.13 crore in FY 2023. Additionally, net profit increased by 310% to Rs 26.71 crore, a substantial rise from Rs 6.52 crore in the previous fiscal year.

For the fourth quarter of FY 2024, NPST achieved revenue of Rs 44.71 crore, marking a significant 109% increase compared to the same quarter of the previous fiscal year. The company’s net profit also saw a remarkable increase of 161%, reaching  Rs 10.02 crore compared to the fourth quarter of the previous fiscal year.

In Q4, NPST secured significant orders for its Evok Payments Platform-As-a-Service (PPaaS) offerings from payment aggregators and incremental orders from existing banking clients. The company also diversified into offline payments with Qynx, its QR and SoundBox solution, securing orders from two major banks. Additionally, NPST secured an order for its ODR solution from DCB Bank.

Commenting on the results Ashish Aggarwal, Co-founder and Joint MD, NPST said; “We are proud to have delivered on our commitments, with a record-breaking performance across all metrics – organic revenue growth, PAT and earnings per share. These results reflect the strong fundamentals of our business. We anticipate continued positive momentum and are dedicated to maintaining our upward trajectory."

Commenting on the company’s performance, Deepak Chand Thakur, Co-Founder and CEO of NPST, stated; "NPST closed out 2024 with accelerated organic revenue growth of 216%, demonstrating a strong focus to delivering on our financial commitment. The results highlight our strong standing as a trusted technology partner to banks and Fintechs in the payments ecosystem. Our consistent performance is enabled by a combination of NPST’s unique business model, investments in technology, growing customer base and talented team. We are optimistic about our future and our ability to drive further innovation and value in the digital payments space.”

Future Growth

NPST sees substantial runway for growth through the long-term potential in person to merchant digital payments, and the opportunity to capture new payment flows and market segments. The company's distinctive business model bridges the gap between banks and Fintechs and positions it well for future digital opportunities.

To sustain growth, NPST will focus on a three-pronged approach: strengthening the technology core by investing in Innovation Labs with a focus on AI and ML technologies; layering additional overlay services on its EvoK PPaaS offering; and making significant investments in building a strong leadership pipeline to scale the organization and support enhanced business performance.

About NPST

Established in 2013, NPST, a Make in India company, is one of India's leading Fintech firms, with a listing on the NSE Small and Medium Exchange.

With a primary focus on UPI payments and digital banking solutions, NPST functions as a Technology Service Provider (TSP) and a Third-Party Aggregator Provider (TPAP), catering to stakeholders across the financial value chain, including banks, merchant aggregators, merchants and consumers. Committed to innovation and excellence, NPST' aims to bridge the gap between banks and Fntechs and foster the overall growth of the digital payments’ ecosystem.

Presently, NPST facilitates seamless money movement for over 100 customers, processing an impressive 60 million transactions daily, benefiting millions of businesses, merchants, and consumers nationwide.  For more information, please visit: https://www.npstx.com/

Tata Motors Accelerates Innovation: Record 222 Patents Filed And 333 Grants Secured In FY24

* Setting New Industry Benchmarks for Automotive Excellence

Tata Motors, India’s leading automobile company, has yet again achieved a significant milestone towards intellectual property rights (IPR) creation with a record-breaking number of 222 Patents and 117 Designs applications filed during the year FY24, highest in its history. These filings span across a wide spectrum of product and process innovations, addressing key automotive megatrends such as Connectivity, Electrification, Sustainability, and Safety (CESS). They also cover various vehicle systems such as powertrain, body & trim, suspension, brakes, HVAC, and emission control. Tata Motors also received its highest ever grant of 333 patents during the same period, taking its total tally of granted patents to over 850.

Tata Motors’ strong commitment to engineering excellence, cleaner powertrains, design, connectivity, and intelligent safety features ensures that its innovations seamlessly align with real-world needs. By prioritising both consumer well-being and environmental stewardship, the company’s purposeful research and innovation efforts have yielded more efficient, greener and safer vehicles, benefiting end-users and transforming the industry. In FY24, Tata Motors received five prestigious accolades and honors of global repute for its excellence in intellectual property rights (IPR).

Commenting on the milestone, Rajendra Petkar, President & Chief Technology Officer - Tata Motors expressed, "Tata Motors’ unwavering commitment to research and innovation has propelled us to new heights in innovation & value creation through intellectual property. With a record number of patents filed and granted, we continue to redefine automotive excellence. Our cutting-edge technologies, greener vehicles, and customer-centric approach position us as trailblazers in the industry. As mobility evolves, Tata Motors remains at the forefront, shaping a smarter, more connected future for all.”

About Tata Motors:

Part of the USD 150 billion Tata group, Tata Motors Limited (BSE: 500570 and 570001; NSE: TATAMOTORS and TATAMTRDVR), a USD 42 billion organization, is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks, and buses, offering an extensive range of integrated, smart, and e-mobility solutions. With ‘Connecting Aspirations’ at the core of its brand promise, Tata Motors is India’s market leader in commercial vehicles and ranks among the top three in the passenger vehicles market.

Tata Motors strives to bring new products that captivate the imagination of GenNext customers, fuelled by state-of-the-art design and R&D centres located in India, the UK, the US, Italy, and South Korea. By focusing on engineering and tech- enabled automotive solutions catering to the future of mobility, the company’s innovation efforts are focused on developing pioneering technologies that are both sustainable and suited to the evolving market and customer aspirations. The company is pioneering India's Electric Vehicle (EV) transition and driving the shift towards sustainable mobility solutions by developing a tailored product strategy, leveraging the synergy between Group companies and playing an active role in liaising with the Government of India in developing the policy framework.

With operations in India, the UK, South Korea, Thailand, South Africa and Indonesia, Tata Motors markets its vehicles in Africa, the Middle East, Latin America, Southeast Asia, and the SAARC countries. As of March 31, 2023, Tata Motors’ operations include 88 consolidated subsidiaries, two joint operations, three joint ventures, and numerous equity-accounted associates, including their subsidiaries, over which the company exercises significant influence.

A Higher Power: The First-Ever All-Electric BMW i5 M60 xDrive Launched In India

* Responsive power (601 hp) coupled with sublime driving dynamics: 0-100 km/hr in just 3.8 seconds.

* Dual-motor all-wheel drive with integral active steering for exhilarating performance.

* Modern interpretation of BMW’s signature twin headlights and illuminated kidney grille.

* M Specific displays on the BMW Widescreen Curved display with the new BMW Operating System 8.5

* Exemplary efficiency with driving range of up to 516 kilometres (WLTP).

* #BMWi5 #BMW #BMWIndia #MPerformance

The first-ever BMW i5 was launched in India today and will be available as an exclusive BMW M Performance model, BMW i5 M60 xDrive.

This all-electric sporty executive sedan leads with elegant presence, innovative technology, and dynamic performance. As a performance model from BMW M GmbH, the all-electric BMW i5 M60 xDrive comes as standard with specific exterior features that also visually underline its outstanding sport potential.

The first-ever BMW i5 M60 xDrive is available at all BMW dealerships across India as a Completely Built-Up Unit (CBU) model from today onwards.

Mr. Vikram Pawah, President, BMW Group India said, “With the first-ever BMW i5 M60 xDrive, you can expect nothing short of a completely electrifying experience. It brings together the legacy of eight generations of the sportiest executive sedan – the ‘5’, adrenaline laden performance of ‘M’ and the sustainability of ‘i’. As the sixth electric offering from BMW Group India, the BMW i5 M60 xDrive will further reinforce our leadership in the Indian luxury electric mobility segment. With uncompromised performance that defines exhilaration for the modern era, it is an experience engineered for unbridled excitement and unparalleled thrills.”

The first-ever BMW i5 M60 xDrive is available at an ex-showroom price of INR 1,19,50,000.

*Price prevailing at the time of invoicing will be applicable. Ex-showroom prices inclusive of GST (incl. compensation cess) as applicable but excludes Road Tax, Tax Collected at Source (TCS), GST on Tax collected at source, RTO statutory taxes/fees, other local tax cess levies and insurance. Price and options are subject to change without prior notice. For further information, please contact the local authorised BMW Dealer.

The first-ever BMW i5 M60 xDrive is available in Alpine White as non-metallic paintwork and in following metallic paintworks – M Brooklyn Grey, M Carbon Black, Cape York green, Phytonic Blue, Black Sapphire, Sophisto Grey, Oxide Grey, Mineral White. Following BMW Individual paintworks are also available as an option – Frozen Portimao Blue, Frozen Deep Grey, Frozen Pure Grey and Tansanite Blue. The standard interior trim is in Carbon Fibre and upholstery options include Alcantara / Veganza | Black. Veganza and Leather Merino upholstery are available as optional upgrades.

The car comes with standard two-year warranty for unlimited kilometers. Repair Inclusive can extend warranty benefits from third year of operation to maximum fifth year without any mileage limitation. The high-voltage battery in BMW i5 M60 xDrive is covered by a warranty valid for eight years or up to 160,000 kilometers.

Thanks to BMW India Financial Services, customized and flexible financial solutions are designed as per individual requirements. Customers enjoy great value and complete peace of mind with BMW 360? Finance Plan. It includes attractive monthly instalments, assured buy-back option up to five years, flexible term-end opportunities, and options to upgrade to a new BMW among other benefits.

The first-ever BMW i5 M60 xDrive

The exterior of the first-ever BMW i5 M60 xDrive is designed to be as innovative as you. The Illuminated BMW kidney grille sets the scene with its unique radiance. Stylistically inspired by the so-called "Sharknose" and projecting far forward, the BMW kidney grille functions as the visual centre of the vehicle front. The range of functions of the standard Adaptive LED Headlights includes the cornering light and the Matrix High Beam including the glare-free High Beam Assist BMW Selective Beam. In addition, blue design elements below the LED units stage the light sources impressively. The LED headlights show the hallmark four-eye face in a modern and reduced form. Daytime driving lights and turn indicators are each generated by two nearly vertical LED elements arranged on the outside. Just like the headlights and the BMW kidney grille, the other areas of the front apron also feature precisely defined contours and tightly designed surfaces. The clear and reduced design language is also expressed in the side view of the BMW i5. Its dynamically elongated proportions, long bonnet and almost upright BMW kidney grille are clearly visible from this perspective. At the transition to the rear, the shoulder and roof lines flow harmoniously into the contours of the lights. The flat rear lights interpret the brand's hallmark L-shaped lights with modern appeal.

Individual design features give the BMW i5 M60 xDrive a striking look, which emphasise its dynamic performance. A front apron with black surfaces in its centre and large air intakes, a BMW kidney grille with contour line lighting, horizontal slats and M logo, side skirts and exterior mirror caps finished in high-gloss black, 20-inch M light alloy wheels and a rear apron with a pronounced diffuser insert signal the sporty character of the performance sedan.

Thanks to the standard M Sport Pro Package, the first-ever BMW i5 M60 xDrive features host of M specific design features, most notably the large air intakes at the front, strikingly flared side skirts in high-gloss black and a rear apron with diffuser insert and the M high-gloss Shadow Line. Further, the illuminated BMW kidney grille with black surround, the dynamic light carpet, high-gloss black exterior mirror caps and a black-painted M rear spoiler is also available. In addition, there are also the M Shadow Line lights for the front and rear and red-painted brake calipers.

BMW M Performance Accessories offer customers the ability to bring their personality to the vehicles. To enhance the sporty appearance and character of the car, customers have the option to choose from a wide range of individual accessories including wheel size upgrades or curated accessory packages.

Generous space, modern functionality, a high level of acoustic comfort as well as high-quality, precisely processed materials, fine workmanship and advanced digital services characterise the ambience in its interior. In the first-ever BMW i5 M60 xDrive, the emotional performance experience is supported by M specific displays on the BMW Curved Display. The bands of the main displays and associated design elements in the instrument cluster appear in a platinum silver finish. The typography and graphics are based on the display in the cockpit of high performance cars from BMW M GmbH.

The BMW Interaction Bar combines modern functionality and fascinating design. The strikingly backlit functional unit with crystalline surface structure extends below the trim strip across the entire width of the instrument panel far into the door panels and includes touch-sensitive control panels for controlling ventilation and air conditioning and for activating the hazard warning lights. My Modes provides for a customizable driving and interior experience. A large-surface Carbon Fibre interior trim strip for the instrument panel highlights the BMW Curved Display and the optional BMW Interaction Bar. As an alternative to the standard Carbon Fibre trim, Dark Silver Accent combined with fine-wood trim is also optionally available in dark oak high gloss or open pored. The new gear selector switch on the centre console control panel, also features a particularly modern and high-quality design.

The Panorama Skyroof connects almost the entire roof surface, extends without interruption from just behind the windscreen to almost the rear window and, with its dark glass surface, gives the vehicle a particularly elegant appearance. Sport seats, whose height and inclination can be adjusted electrically, are standard equipment. Comfort Seats can be made available optionally. Active Seat Ventilation is also available as standard. With 18 speakers and an amplifier output boosted to 655 watts, the Bowers & Wilkins Surround Sound System guarantees an outstanding acoustic experience. Further, the optimized functionality of the M leather steering wheel is combined with a classic three-spoke design. Contrast stitching in BMW M GmbH colours and a red centre marker for the steering wheel of the Performance model emphasise the sporty character of this model. Exclusive seat surfaces in Veganza/Alcantara finish with unique perforation in the shoulder area and translucent accents in red and blue is also available. In addition, an anthracite-coloured roof lining adds to the sporty flair.

The first-ever BMW i5 M60 xDrive combines a particularly powerful electric drive with hallmark M performance characteristics. Two highly integrated drive units on the front and rear axles, in which the electric motor, power electronics and transmission are very compactly combined in a common housing, form an electric all-wheel drive system that enables the BMW i5 M60 xDrive to deliver fascinating dynamic performance. The car instantly accelerates from 0 to 100 km/hr in 3.8 seconds with a top speed of 230 km/hr. It produces an output of 601 hp and a maximum torque of 795 Nm. The high-voltage battery combines compact dimensions with high energy density and it provides a usable energy content of 81.2 kWh. The BMW i5 M60 xDrive has a range of up to 516 kilometres determined in the WLTP test cycle. The BMW i5 M60 xDrive comes with a complimentary BMW Wallbox charger with installation. It can be integrated at home to enable safe and convenient charging up to 11 kW. The 22 kW AC Charging Professional is also available as an option.

BMW Operating System 8.5 in the first-ever BMW i5 M60 xDrive offers a wider range of digital content for information and entertainment, faster update cycles for functions, improved information on charging points for electric vehicles and optimised access to many specific online services. The display and control system expanded to include the BMW Head-Up Display in conjunction with the BMW Live Cockpit Professional. The advanced display and operating system offers a redesigned entry screen and "QuickSelect” access with an improved menu structure oriented towards consumer electronics devices. The new entry screen permanently shows the map view of the navigation system or other displays that can be individually configured. The cloud-based navigation system BMW Maps now not only offers an Augmented View display on the Information Display behind the steering wheel, but also improved functions for even more precise and charging station optimised navigation.

The spread of Driver Assistance Systems is more extensive. They support the driver and also increase comfort and safety. Standard equipment includes functions like Cruise Control, Attentiveness Assistant, Parking Assistant Professional with remote parking via smartphone and Reversing Assistant. The optional Driving Assistant Professional, including Distance Control with Stop & Go function and Steering and Lane Control Assistant, provides the driver with maximum support on long journeys and in city traffic.

The Adaptive Suspension Professional with electronically controlled shock absorbers is offered as standard. Infinitely adjustable valves enable wheel-specific regulation of the damper forces, which is adaptive to the driving style, the road conditions and also the load condition. The advanced Integral Active Steering makes manoeuvring more comfortable, enhances agility at medium speeds and conveys confidence when changing lanes and cornering at higher speeds. Optionally, customers can choose the Adaptive M Suspension Professional with additional Active Roll Stabilisation that uses the new control logic to optimise sportiness and comfort. The damper forces are controlled using an M specific characteristic.

The newly designed Travel & Comfort System is also available to provide customised entertainment in the rear. BMW Safety technologies include six airbags, Attentiveness Assistance, Dynamic Stability Control (DSC) including Cornering Brake Control (CBC), electric parking brake with auto hold, side-impact protection, electronic vehicle immobilizer and crash sensor, ISOFIX child seat mounting and integrated emergency spare wheel under the load floor.

National Financial Awareness Day: How Home Credit India Is Promoting Financial Literacy

By: Ashish Tiwari, Chief Marketing Officer, Home Credit India

Financial literacy is the cornerstone of sound personal finance management, empowering individuals to make informed decisions about money matters. In a country like India, where economic empowerment is intertwined with social progress, the importance of financial literacy cannot be overstated. It not only enables individuals to manage their finances effectively but also plays a crucial role in fostering economic stability and growth at both individual and societal levels.

According to several reports, 27% of India's population is financially literate, which is lower than other developed economies like the US, Germany, Canada, and the United Kingdom.   Recognising this, Home Credit India integrated financial literacy as one of the primary pillars of its Environmental, Social, and Governance (ESG) initiatives. As a responsible participant in the financial ecosystem, Home Credit India is committed to promoting a culture of responsible borrowing and financial awareness in the wider society.

Their annual financial literacy initiative, ‘Saksham’ epitomises this commitment. Under this initiative, Home Credit India has been imparting financial education to thousands of women across the country through physical workshops. The curriculum covers financial topics like budgeting, savings, creditworthiness, investment planning, among others. Last year, the initiative reached 30,000 young girls and women across the country, and this year, the initiative is underway with a goal of reaching a minimum of 20,000 women.

One of the participants of the initiative is Anita, a self-employed woman running a small cosmetic shop in New Ashok Nagar, Delhi. Through Saksham, she learned about digital literacy, enabling her to utilise digital modes of payment securely and protect herself from phone fraud. Now, she efficiently manages her payments using online digital platforms, enhancing her financial inclusion and security. Anita's story mirrors countless others who have found newfound confidence and security through Home Credit India's initiatives.

Additionally, Home Credit India has leveraged digital platforms to reach a wider audience. Through its 'Paise Ki Paathshala' microsite and social media campaigns, Home Credit India has engaged with over 3 million people. Interestingly, individuals aged 25-34 from Tier 1 cities constitute a significant portion of the audience, indicating a growing interest in financial literacy among urban youth.

Understanding financial products and services empowers individuals to make educated choices, plan their finances efficiently, manage debt prudently, build financial stability, and alleviate financial stress. Ultimately, financial literacy is foundational to achieving lasting financial stability and prosperity, enabling individuals to establish a secure and prosperous future. 

CriticalRiver Announces 100% Of Its Employees Will Now Have Ownership In The Company Through Stock Options

* Harvard Business Review Outlines Enhanced Productivity and Growth Owed to Employee Ownership

CriticalRiver Inc., a leading technology solutions provider announces that 100% of its employees will now have ownership in the company through its lucrative ESOP initiative, marking a significant milestone in its commitment to empowering its workforce. This move underscores CriticalRiver's commitment to fostering a culture of customer-centricity, employee empowerment, and shared success. CriticalRiver embarks on a new chapter where every team member has a stake in the company's future. With over 1,000 employees across 9 global locations, this strategic move reinforces the company’s commitment to retaining its top talent. As part of the transition, CriticalRiver will grant 100 ESOPs to each employee annually based on their years of service. Furthermore, each employee's account will receive an additional 100 ESOPs each year. This move not only reflects the company's dedication to building long-term relationships with clients and maintaining a positive company reputation.

According to the Harvard Business Review, businesses with at least 30% employee ownership tend to be more productive, experience faster growth, and have a lower likelihood of going out of business compared to their counterparts. In addition to ensuring the continuity of quality talent, this model reinforces a customer-centric approach, where employees deeply invest in satisfying clients and meeting their expectations, thereby securing the longevity of the organization.

Commenting on the milestone, Mr. Anji Maram, Founder & CEO of CriticalRiver Inc., said, "This strategic move is more than a milestone; it's a testament to our confidence in our team and our collective future. Aligning with our visionary goal, we are setting the stage for propelling CriticalRiver towards revenues of $500 million by 2030 and achieving our Initial Public Offering (IPO) vision thereafter. The ESOP further reinforces our commitment to innovation and excellence, ensuring unwavering customer confidence. This strategic shift underscores our unwavering commitment to bolstering client confidence, and we're further reinforcing the founders' and management's steadfast dedication to nurturing the organization's growth."

Mr. Chandra Chandragiri, CFO of CriticalRiver Inc., expressed enthusiasm about the new journey, emphasizing the strategic decision as a testament to their faith in their employees, who are now more than ever the pillars of the company's success. “For clients, this transition promises not only improved service quality but also a partnership model where employees are deeply invested in satisfying clients and meeting their expectations. This alignment fosters better customer service, innovative solutions to client needs, and a shared sense of purpose in achieving mutual success.”

The initiative is expected to attract and retain top talent, improve job satisfaction, and foster a collaborative, and innovative work environment. It reflects the company’s forward-thinking approach and dedication to creating a sustainable and prosperous future for its employees and stakeholders, enhancing its capability to serve clients as true partners in their journey.

About CriticalRiver, Inc.

CriticalRiver Inc. is a globally recognized consulting and technology services provider that redefines the boundaries of digital transformation. Specializing in delivering innovative solutions, CriticalRiver Inc. provides unparalleled technology consulting services to address the complex business challenges of its clients, including the world's leading enterprises and Fortune 100 and 500 companies.

With a steadfast focus on excellence and innovation, the company leverages its deep industry expertise and technology prowess to empower businesses across various sectors. This approach enables CriticalRiver's clients to achieve sustainable growth and a competitive advantage, underscoring its commitment to driving forward the digital frontier.

Tata Passenger Electric Mobility Signs An MOU With Vertelo To Accelerate e-Mobility In India

Tata Passenger Electric Mobility Ltd. (TPEM), a subsidiary of Tata Motors Ltd., known for pioneering India's electric vehicle (EV) revolution, has signed a non-binding Memorandum of Understanding with Vertelo, a Macquarie managed integrated fleet electrification platform, for the delivery of 2,000 XPRES-T EVs. This partnership aims to bolster the plans to accelerate India’s transition to sustainable e-mobility. The company will begin deliveries of the cars to Vertelo in a phased manner.

Speaking on the partnership, Mr. Vivek Srivatsa, Chief Commercial Officer, Tata Passenger Electric Mobility Ltd. said, “As market leaders of passenger EVs in India, we are committed to the uptake of sustainable mobility in the country. We are delighted to partner with Vertelo in their effort to increase EV adoption in India. With over 89% market share in FY 24, the fleet segment has seen a rapid adoption by Corporates and Institutions. The XPRES-T EV has proven to be an attractive option for both customers and operators in the commercial fleet segment. Such collaborations in the industry will further help strengthen our market position amidst India’s EV revolution.”

Commenting on the partnership, Sandeep Gambhir, Chief Executive Officer, Vertelo stated that "We are really excited to partner with Tata Motors on this long-term strategic partnership to buy up to 2,000 electric cars. This partnership aims to bring together two business that are at the forefront of fleet electrification and decarbonisation in India. We hope that this partnership will help with accelerating the shift towards a more sustainable India by making bespoke leasing options available to fleet operators that help them onboard EVs in larger numbers."

In July 2021, Tata Motors launched the ‘XPRES’ brand exclusively for fleet customers, and the XPRES-T EV is the first vehicle under this brand. The new XPRES-T electric sedan comes with 2 range options – 315km and 277km (ARAI certified range under test conditions). It packs a high energy density battery of 26 kWh and 25.5 kWh and be charged from 0- 80% in 59 mins and 110 mins respectively, using fast charging or can also be normally charged from any 15 A plug point, which is easily available and convenient. It comes with zero tail-pipe emission, single speed automatic transmission, dual airbags, and ABS with EBD as standard across variants. The premium interiors with standard automatic climate control and Electric Blue accents across its interior and exterior will give it a differentiated presence from other Tata cars.

Vertelo is a new platform providing end-to-end solutions in fleet electrification in India. The company aims to accelerate the transition of fleets to electric vehicles and build a robust EV ecosystem by offering bespoke solutions to customers including leasing and financing, charging infrastructure and energy solutions, fleet management services, and end of vehicle life management. The new platform has been established by Macquarie Asset Management and has received anchor investment from the Green Climate Fund which has committed to invest up to $US200 million. Overall, Vertelo plans to invest $US1.5 billion over 10 years with the aim to achieve a potential greenhouse gas emissions reduction.

Marriott International Celebrates Milestone On Journey Towards Net-Zero

Marriott International, Inc. (Nasdaq: MAR) has verified its near and long-term science-based emissions reduction targets with the Science Based Targets initiative (SBTi). SBTi is a global climate action organization that develops tools that allow businesses to set greenhouse gas (GHG) emissions reduction targets in line with data-driven methodology. Marriott is the largest global hospitality company to receive approval for both near-term and long-term science-based targets.

The company has committed to reduce absolute scope 1 and 2 GHG emissions 46.2% by 2030 from a 2019 base year. Marriott also commits to reduce absolute scope 3 GHG emissions from fuel and energy-related activities, waste generated in operations, employee commuting, and franchises 27.5% by 2030 from a 2019 base year, and that 22% of its suppliers by emissions covering purchased goods and services, capital goods, and upstream transportation and distribution will have science-based targets by 2028.

Marriott commits to reach net-zero greenhouse gas emissions across the value chain by 2050, reducing absolute scope 1 and 2 GHG emissions 90% by 2050 from a 2019 base year and reduce absolute scope 3 GHG emissions 90% by 2050 from a 2019 base year. The target boundary includes land-related emissions and removals from bioenergy feedstocks.

“For nearly a century, Marriott has been committed to our core value of serving our world as we strive to be a force for good wherever we do business,” said Anthony Capuano, President and CEO, Marriott International. “The impact of climate change is being seen and felt across the globe. As we continue to connect people through the power of travel, we are committed to driving meaningful improvements to the environment and are energized by reaching this significant milestone. The approval of our near-term and long-term targets is the result of the hard work and dedication of Marriott’s teams around the world who are committed to our climate action journey and creating the future of sustainable hospitality.”

“Marriott has been on a journey to reduce greenhouse gas emissions in our operations and supply chain. We believe it’s good business and good for the planet,” said Erika Alexander, Chief Global Operations Officer, Marriott International. “The decarbonization of the global electrical grid is a vital component of reducing GHG emissions. We are united with other leading companies in elevating efforts to help address the effects of climate change and hold ourselves accountable as we embed sustainability throughout our operations.”

To reach its net-zero target, Marriott is focusing its efforts in three distinct areas: energy reduction, sourcing more energy from renewables, and purchasing goods with lower carbon footprints across its portfolio of over 8,800 properties in 139 countries and territories.

The company’s recent sustainability highlights include:

Launching the Climate Action Program (CAP), the company’s approach to charting a growth-focused future through building climate fluency, addressing climate risk, and reducing greenhouse gas emissions across the organization.

Delivering property-specific carbon and energy reduction targets to every managed and franchised hotel globally.

Enhancing the Marriott Environment Sustainability Hub (MESH), a global platform for properties to log monthly power, water and waste metrics. With these enhancements, properties can now easily access customized, property-specific information for reducing energy and carbon.

Introducing the Energy Optimization Program to help properties manage rising energy costs. The program assists properties in conducting an energy audit to identify ways to become more energy efficient.

Engaging with suppliers as they work to understand and reduce their emissions.

Sharing sustainability information, including individual hotel carbon footprint data, on Marriott.com.

Marriott’s sustainability strategy is focused on a wide range of tactics including designing resource-efficient hotels, implementing technologies to track and reduce energy and water consumption, as well as waste and food waste, increasing the use of renewable energy, managing water-related risks, focusing on third-party sustainability certifications at the hotel-level, supporting innovative ecosystem restoration initiatives, implementing and responsible and local sourcing. In support of the United Nations Sustainable Development Goals (SDGs), Marriott created its sustainability and social impact platform, Serve 360: Doing Good in Every Direction, which guides the company’s efforts to make a positive and sustainable impact on the world’s most pressing social, environmental, and economic issues wherever it does business. More details about Serve 360 can be found at Marriott.com/Serve360.