NoviqTech (ASX: NVQ) has acquired an additional 490,622 Hedera HBAR tokens for a total consideration of $150,000, taking its total HBAR holding to over 1.5 million.

The move reflects the company’s support for Hedera’s groundbreaking distributed ledger technology and its alignment with NoviqTech’s mission to deliver transparent and efficient ESG solutions.

Hedera’s capabilities enable NoviqTech to deliver real-time, auditable and scalable solutions across industries and address the growing demand for robust sustainability reporting and traceability systems.

Hashgraph technology

The token acquisition is expected to bolster NoviqTech’s relationship with the Hedera Foundation and its cutting-edge Hashgraph technology.

Hashgraph is reported to be one of the most eco-friendly blockchain solutions on the market, capable of processing trillions of transactions per second with minimal energy consumption.

It provides enhanced efficiency and security compared to traditional blockchains such as Ethereum, making it a strategic choice for satellite payment systems, space traffic management and secure communication networks.

Blockchain cornerstone

NoviqTech chief executive officer Freddy El Turk said the Hedera partnership remained a cornerstone of the company’s blockchain strategy and was integral to the success of its Carbon Central environmental monitoring platform.

“Our growing investment in Hedera is a clear testament to our belief in its transformative potential,” he said.

“Hedera provides the perfect platform to power Carbon Central’s mission of delivering unparalleled transparency and efficiency in ESG compliance and traceability and we look forward to deepening this partnership as we continue to invest in its ecosystem and align our innovative solutions with its cutting-edge technology.”

Mr El Turk said NoviqTech had pledged to acquire more tokens in future, demonstrating the company’s belief in Hedera’s sustained value and its contribution to advancing innovation in the blockchain ecosystem.

Carbon management

NoviqTech’s Carbon Central platform operates as a software-as-a-service product that enables companies to streamline projects by managing and tracking their carbon emissions and claiming Guarantee of Origin certificates for green fuels and resources.

As well as offering cost efficiencies through advanced analytics and artificial intelligence-driven energy management, the platform’s Guarantee of Origin feature provides a strategic advantage by enabling full traceability and transparency.