King Tide Carbon form JV with Springtide Seaweed
11/10/2023 07:00
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RNS Number : 7049P Cellular Goods PLC 11 October 2023
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11 October 2023
Cellular Goods PLC
("Cellular Goods" or "the Company")
King Tide Carbon formalises agreement with Springtide Seaweed to Form Kelp
Farming Carbon Removal Joint Venture
Cellular Goods (LSE: CBX), is pleased to announce that its wholly owned
subsidiary King Tide Carbon Canada Ltd. ("King Tide"), has signed a formal
agreement ("Agreement") with Springtide Seaweed LLC ("Springtide Seaweed") to
form a joint venture ("Joint Venture") for the purpose of collaborating on
carbon sequestration and removal services through sustainable kelp farming.
Springtide Seaweed is in the business of growing, cultivating and harvesting
kelp, cultivating multiple species in the State of Maine, and providing
nursery and farm technology services to other kelp farms globally. Springtide
Seaweed and King Tide will use their combined efforts to identify, analyse and
select kelp species, cultivation techniques and harvesting techniques to
maximise carbon sequestration and removal. The term of the Joint Venture will
be for two years, with option to extend.
Springtide Seaweed, and/or in coordination with other local farmers, shall
grow, cultivate and harvest kelp in the State of Maine. With such species of
kelp and cultivation techniques, and at a scale or quantity levels as
Springtide Seaweed and King Tide may mutually determine, Springtide Seaweed
will maximise carbon sequestration and removal at economical amounts.
As part of the Joint Venture, King Tide shall provide investigatory,
analytical and advisory services with respect to determining carbon
sequestration levels, techniques and confirmation, and, subject to the
Agreement, will purchase kelp from Springtide Seaweed in offtake arrangements.
The Agreement to form a Joint Venture follows the signing of a non-binding
memorandum of understanding ("MoU"), as announced on 17 July 2023.
Cellular Goods and King Tide continue their development of ground-breaking
carbon removal solutions that are scalable and of high quality.
Darcy Taylor, Interim CEO at Cellular Goods, commented: "King Tide's mission
is to harness the power of the oceans to remove carbon dioxide from the
atmosphere sustainably and at scale. Our partnership with Springtide Seaweed
secures a proven, reliable and scalable supply of kelp, setting the stage for
a new era of oceanic carbon sequestration innovation. Together we are
exploring the untapped potential of kelp as a powerful tool not only to fight
climate change but to also help decarbonise other global supply chains."
For further information please contact:
Cellular Goods
Darcy Taylor via FSCF +44 7572 873 300
Chairman and interim CEO
First Sentinel Corporate Finance (FSCF)
Investor Relations
Rebecca Noonan +44 7572 873 300
IR@cellular-goods.com (mailto:IR@cellular-goods.com)
Media Relations
Rebecca Noonan +44 7572 873 300
Media@cellular-goods.com (mailto:Media@cellular-goods.com)
Corporate Broker & Advisor
Brian Stockbridge +44 7858 888 007
Novum Securities
Corporate Broker
Colin Rowbury
Jon Belliss +44 207 399 9427
About Cellular Goods PLC:
Cellular Goods is pioneering the use of lab-based and biosynthetic production
methods for wellness and sustainability solutions. The Company launched with a
focus on efficacy led and science-backed products utilising biosynthetics, and
now employs its expertise across two verticals: premium next-generation
cannabinoid skincare products, and carbon sequestration-as-a-service through
its wholly owned business division, King Tide Carbon, which utilises
biosynthetic algae and seaweed to provide scalable carbon removal. The Company
is incorporated in the UK and listed on the Main Market of the London Stock
Exchange. For more information, visit www.cellular-goods.com
(http://www.cellular-goods.com) .
About King Tide:
King Tide is a British Colombia incorporated biosynthetic algae and seaweed
carbon sequestration-as-a-service company with a clear mission to deliver
sustainable, scalable, and high-quality carbon removal credits that ensure a
reliable supply to support global and national commitments to achieving
net-zero carbon emissions by 2050. Through innovative technologies and
strategic partnerships, King Tide is committed to reversing climate change by
reducing carbon dioxide levels in the atmosphere, and providing customers with
permanent, verified carbon removal as a service.
Using algal biotechnology and biomaterials, King Tide is advancing an
integrated, multi-pathway carbon removal system that should capture excess
carbon from the fast cycle in the upper ocean and securely store it in the
slow carbon cycle for the long term. The Directors believe that this is an
innovative system not only combating ocean acidification and warming, but also
promoting sustainable growth and economic development while protecting the
environment. https://www.kingtidecarbon.com (https://www.kingtidecarbon.com)
About Springtide Seaweed:
Springtide Seaweed is a Maine limited liability corporation in the business of
growing, cultivating and harvesting kelp in the State of Maine. Springtide
Seaweed also provides nursery and farm technology services to other kelp farms
globally. Springtide Seaweed is the largest USDA Organic Certified seaweed
farm in Maine cultivating multiple species over 55 acres on deep water sites
in Frenchman Bay. https://www.springtideseaweed.com/
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