REG - Deepverge PLC - Blue Carbon Resilience project

DeepvergeAnnouncement

13/09/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220913:nRSM1840Za&default-theme=true

RNS Number : 1840Z  Deepverge PLC  13 September 2022

13 September 2022

 

DeepVerge PLC

 

("DeepVerge" or "the Company" or "the Group")

 

DeepVerge secures Blue Carbon Resilience project in Georgia and South Carolina
worth £2.4m

Water monitoring and remedial solutions for salt-marsh carbon sequestration

DeepVerge plc (AIM: DVRG), has secured a two-year environmental monitoring and
remediation project with environmental technology company, MèreMer for its
Blue Carbon Resilience ("BCR") Flagship project which has commenced on the
coastlines of Georgia and South Carolina worth £2.4m in aggregate. The work
is being conducted on multiple salt-marsh sites owned and managed by the
Georgia Ports Authority, GA, USA and the National Oceanic and Atmospheric
Administration ("NOAA") with special focus on carbon sequestration, coastal
resiliency, biodiversity and water quality. Development work for this project
has been underway since H1 and payment of microbiome testing and software
licenses fees will be in this financial year.

Turnover of approximately £0.8 million arising from this project is expected
to be fall in the current financial year, and £1.6 million in the financial
year commencing 1 January 2023. This does not alter the board's assessment of
prospects for the current year as set out in the Company's "Trading Update"
notified on 5 August 2022.The project involves multiple divisions of the Group
providing environmental microbiome analysis; Innovenn (Labskin), monitoring
and membrane technology and equipment from Modern Water and software analysis
and AI from Rinocloud. Mass spectroscopy-based sample analysis will be carried
out by DeepVerge's partner Microsaic Systems plc. The two-year project is
expected to deliver the most comprehensive set of data ever obtained for salt
marshes - one of the key areas of international focus for BCR. The work will
yield a full profile of the sites and their ability to sequester carbon with
data models that will be used by industry, Government, environmental agencies,
and financial institutions to model and perform a cost-benefit analysis of
future carbon sequestration projects around the world.

Gerard Brandon, CEO DeepVerge plc, commented:

"This is the largest deployment of our EcowaterOS initiative, which was
launched in February 2020(( i )) which envisaged a complete solution for
managing a water ecosystem. With our patent pending bioinformatics solution
and expertise in microbiome analysis, monitoring of water contamination and
recovery using AMBC membrane technology, this is an ideal consortium-led
approach to offsetting carbon and solving global environmental problems.

 

The planet's ability to sequester carbon is part of its survival and the Blue
Carbon Resilience project is a giant step forward in creating a complete
solution for monitoring a complex ecosystem to empirically prove its ability
to sequester carbon. We believe this project creates a blueprint for
government regulatory agencies working on climate change, seeking mitigation
solutions all over the world."

 

Ross Walker COO MèreMer, commented:

"This is a ground-breaking project. A world-first, which will establish new
standards and methodologies for vital salt marsh habitats. The approach being
deployed is fully scalable to over 13 million acres internationally and it's
supported by the many of the leading bodies in positive marine climate action.

 

As a company we create, measure, support and validate climate-positive
projects from our oceans. Our BCR flagship project will deliver levels of data
around carbon sequestration and coastal resiliency in salt marshes that can
drive positive action in this space right across the world. We're delighted to
have DeepVerge as a key partner to this."

 

 DeepVerge plc                                   Gerard Brandon, CEO         +44 (0) 7340 055 648
 SPARK Advisory Partners Limited                 Neil Baldwin/Andrew Emmott  +44 (0) 113 370 8974

 (Nominated Adviser)
 Turner Pope Investments (TPI) Limited (Broker)  Andy Thacker/James Pope     +44 (0) 20 3657 0050

 

Market Abuse Regulation (MAR) Disclosure

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER
THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF
ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

About DeepVerge plc (www.deepverge.com)

DeepVerge is an environmental and life science group of companies that
develops and applies AI and IoT technology to analytical instruments for the
analysis and identification of bacteria, virus and toxins; Utilising
artificial intelligent data analytics to scientifically prove the impact of
skincare product claims on skin

 

About MèreMer (www.meremer.org)

MèreMer is a technology company operating at the intersection of Fintech and
ClimateTech. They are building the world's first 'rating model' to measure,
support and validate climate-positive projects from our oceans and connect
them to the carbon-offsetting, ESG and sustainability requirements of the
corporate sector. A key part of this solution is the building projects of
their own, such as this Blue Carbon Resilience initiative.

 

 

(( i ))
https://www.deepverge.com/ecowateros-real-time-water-monitoring-recovery-treatment-and-recycling/

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCSFLFUEEESEDU