Company background

The roots of Grexel date back to a sunny April afternoon in Helsinki in 2001, when the founder of Grexel, at that time the CEO of Absolutions Ltd., Marko Lehtovaara, signed an agreement on the delivery of a "System for Renewable Energy Certificates". The customer was a coalition of Nordic transmission system operators, who wanted to be in the frontline of the development of a new way to commercially track electricity from production to consumption.

Just a few months later the first batch of RECS certificates were issued and redeemed. The registry system built was meant to be a pilot system for a limited time test phase for handling a maximum of 25 million certificates. The system ended up being far more sustainable than anybody could have ever imagined; it was used in production as a central registry for 6 countries for almost 10 years and issued more than 500 million certificates. The system was finally closed down at the end of 2012.

Grexel was established in 2003 with a bold mission statement: to enable free market mechanisms for green energy. One of the first moves was to acquire the environmental registry business including clients and key personnel from Absolutions, which was already the European market leader in this small niche.

Soon the scope was extended to cover other parts of the value chain of energy certification in addition to mere central registry provision.

In 2006, Grexel Joined AIB and became the issuing body for EECS certificates in Finland and Sweden. By the end of 2006, Grexel had become the leading central registry provider and the largest issuing body of renewable energy certificates in Europe.

In 2008 Grexel established a research and development center in Chennai, India to enable better access to professional development resources.

The next big step was the development of the new technology platform for central registration databases: Grexel Certification Framework (GCF), codename "Kantele". The first registry based on GCF, CMO.grexel, went into production in fall 2008. Now all newly developed registries, as well as registry services, utilize the GCF.

Since 2009, Grexel has strengthened its consulting arm and provided regulatory and market engineering services to government bodies mandated to build energy certification systems in their countries. Since then Grexel has helped e.g. Finland, Egypt, Serbia, Croatia, Sweden and Iceland to implement directives, establish certificate markets and to join the international certificate markets.

In 2011, Grexel developed a central registry system for Norwegian Transmission System Operator, Statnett. The system was an important milestone, not only for Grexel and Statnett, but for energy certificates in general. Globally, it was the first system to facilitate the whole lifecycle of both tracking (GO) and quota (elcertificate) certificates. It also enabled the first certificate-based joint support system of two sovereign states, Norway and Sweden.

© 2015 Grexel

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