King Tide Carbon Sign MOU with Springtide Seaweed
17/07/2023 07:00
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RNS Number : 1456G Cellular Goods PLC 17 July 2023
17 July 2023
Cellular Goods PLC
("Cellular Goods" or "the Company")
King Tide Carbon Signs MOU 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
non-binding memorandum of understanding ("MoU") with Springtide Seaweed LLC
("Springtide Seaweed"), one of the largest organic kelp farms in North
America, subject to which the parties will form a joint venture (the "Joint
Venture") for the purposes of developing carbon sequestration and removal
services through sustainable kelp farming.
Springtide Seaweed is in the business of growing, cultivating and harvesting
kelp and is the largest USDA Organic Certified seaweed farm in Maine,
cultivating multiple species. Springtide Seaweed also provides 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 from the execution of
definitive agreements, subject to which, Springtide Seaweed, and/or in
coordination with other local farmers, will grow, cultivate and harvest, on a
non-exclusive basis, kelp in the State of Maine for or on behalf of King Tide.
Cellular Goods, King Tide and Springtide Seaweed are working towards a
long-term agreement near term.
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 7876 888 011
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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