Carbon Done Right Developments Inc. (TSXV: KLX) (FSE: Q1C0) (the "Company" or "Carbon Done Right"), a company that carries on the business of developing validated and verified carbon credits from afforestation and reforestation of degraded land areas and marine ecosystems, announces that its principal regulator, the British Columbia Securities Commission, has granted an extension to the existing management cease trade order granted on April 30, 2024 (the "MCTO") from June 30, 2024 to July 12, 2024. The MCTO was granted due to a delay in the filing of the audited consolidated financial statements for the year ended December 31, 2023, annual management's discussion and analysis for the same period and management certification of annual filings (collectively, the "Filings").
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Carbon Done Right Developments Inc. Provides Bi-Weekly MCTO Status Update
Carbon Done Right Developments Inc. (TSXV: KLX) (FSE: Q1C0) (the "Company" or "Carbon Done Right"), a company that carries on the business of developing validated and verified carbon credits from afforestation and reforestation of degraded land areas and marine ecosystems, is providing a bi-weekly status update in accordance with National Policy 12-203-Management Cease Trade Orders ("NP 12-203").
As previously announced on April 30, 2024 and further to the news releases of the Company dated May 15, 2024, and May 31, 2024, the Company applied for a management cease trade order ("MCTO") due to a delay in the filing of the audited consolidated financial statements for the year ended December 31, 2023, annual management's discussion and analysis for the same period and management certification of annual filings (collectively, the "Filings"). The MCTO was granted by the British Columbia Securities Commission on April 30, 2024, and the Company continues to work diligently with its auditors and expects to file the Filings as soon as possible, and in any event no later than June 30, 2024.
The MCTO restricts the Company's Chief Executive Officer and the Chief Financial Officer from trading in the Company's securities but does not affect the ability of other shareholders, including the public, to trade in securities of the Company.
The Company confirms that it will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reporting in the form of news releases for so long as it remains in default of the above noted filing requirements.
About Carbon Done Right
'Carbon Done Right' is a technology enabled rainforest planting company that carries on the business of developing validated and verified carbon credits from afforestation and reforestation of degraded land areas and marine ecosystems, including mangroves, for sale into international voluntary carbon markets. Carbon Done Right works upstream as a direct owner and operator of projects, addressing a key supply constraint in the current market and the rapidly growing demand for carbon credits in global voluntary and regulated markets. The Company achieves this by investing in the exploration, restoration and management of terrestrial and marine systems that can either be protected to enhance the sequestration of greenhouse gases or restored from a degraded status to fully productive ecosystems. Carbon Done Right draws on the experience of a senior executive team and board that provide access into key target jurisdictions through relationships in the mining and natural resources sectors, combined with decades of experience in carbon markets. The Company deploys capital at risk under various arrangements (including cooperation, assignment, and production sharing agreements) with large landowners and governments in various suitable jurisdictions around the world.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Carbon Done Right Developments Inc.
James Tansey, Chief Executive Officer
Suite 390, 1050 Homer Street
Vancouver, British Columbia V6B 2W9
Email: james.tansey@klimatx.com
Cautionary Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "intends" "expects" and similar expressions which are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning the MCTO and completion of the audit of the Company's annual financial statements. Carbon Done Right cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of Carbon Done Right. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Carbon Done Right. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and Carbon Done Right does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
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Carbon Done Right
Overview
As the world approaches what analysts refer to as the point of no return for climate change, governments and industry leaders are ramping up their commitments to clean energy and net-zero carbon emission. But commitment alone may no longer be enough, as global emissions in 2023 reached 37.4 billion tons.
If the world is to fulfill its climate goals, greenhouse gas emissions must be reduced by 7.6 percent each year between 2020 and 2030, according to a United Nations report. The corporate sector has increasingly taken a leadership role in this arena, collectively committing over $100 trillion of market cap to meet net-zero obligations. While it's certainly possible for businesses to achieve the necessary reduction goals internally, carbon offsetting fills a crucial gap for those striving to achieve their net-zero goals, especially when immediate large-scale emission reductions are challenging.
Carbon credits can be generated from a wide range of projects and systems — including direct air capture and fuel switching — and under a wide set of legal arrangements. Carbon credits are defined through a project design document, which specifies all relevant details about the carbon credit project, also known as a voluntary market carbon project. This includes land title, volume, measurability and additionality.
All voluntary market carbon projects are governed and managed by one or more independent standards agencies, depending on the region. These agencies operate similarly to the International Accounting Standards Body, which is responsible for establishing and maintaining international financial reporting standards.
In the case of restoration and conservation-based projects, carbon credit rights may either be associated with or separate from their underlying land title. In both cases, the company responsible for maintaining the project must demonstrate that investment will result in additional restoration beyond what is already present. Credits may either be purchased directly or deployed under streaming or royalty agreements, which offer a share of revenue in exchange for investing in development.
Nature-based voluntary carbon projects can unlock 65 to 85 percent of carbon credits. Nature-based solutions are an important part of addressing the climate challenge, given that deforestation and degradation account for 20 percent of global carbon emissions. Moreover, by targeting highly productive, low-cost jurisdictions, companies can generate significant returns to scale.
This is the basis of Carbon Done Right's (TSXV:KLX, FSE:QIC) value proposition. Carbon Done Right is a leading provider of high-quality carbon credits sourced exclusively from afforestation and reforestation projects developed and owned by the company and its stakeholders.
Founded in 2021 by James Tansey, who holds a PhD in environmental science, Carbon Done Right conducts industrial-scale carbon exploration and development across multiple jurisdictions. Drawing on 15 years of experience leading the development of carbon projects — which has produced over 50 million tonnes of carbon credits to date — Tansey’s vision for Carbon Done Right is to become a leader in the protection and restoration of natural systems.
With some of the most senior executives from the carbon and resource sectors as part of its leadership team, Carbon Done Right works at the national level and develops nature-based carbon projects on an unprecedented scale. Currently, it owns between 40 and 100 percent of three initial assets and has a development pipeline with over 3 million tons spread across Latin America, Asia and Africa. With a total of seven global projects consisting more than 80,000 hectares, Carbon Done Right will create approximately 46 million tons of total carbon credits.
The company's operations in Sierra Leone and its commitment to delivering high quality carbon credits have been proven through rigorous third-party protocols and the success of its first financial partnership with UK-based BP Carbon Trading involving a funding agreement of US$2.5 million.
Carbon Done Right is developing a large-scale rewilding and reforestation project in Sierra Leone, for an initial area of 5,000 hectares, which will produce up to 1.9 million tons of validated and verified Verra carbon credits over 30 years. A Fortune 100 company has earlier pre-purchased the rights to carbon credits for the initial 5,000 hectares. The project area can be extended by a further 20,000 hectares.
The company has completed almost 1,500 hectares in the 2023 planting season and has submitted the project design document for final approval with an independent validation company. In late 2023, the company made the decision to switch to the new restoration protocol announced by Verra, the global registry for carbon projects. Switching to the new protocol ensures all Carbon Done Right projects are aligned with the company’s commitment to high-integrity credits. The change is not expected to create any significant delays to its projects.
To date, Carbon Done Right has mapped and verified almost 20,000 hectares of land for restoration and is working with NGO Namati to ensure landowner agreements are concluded under independently observed free and prior informed consent. There are large areas of degraded land that could be restored under this same model and the company is pursuing a mangrove restoration and conservation project covering up to 10,000 hectares.
Carbon Done Right projects generate substantial economic benefits for the communities in the regions where they operate. The company shares income through employment opportunities, smallholder lease payments, and revenue-sharing agreements, particularly in regions with high levels of poverty and unemployment.
In further pursuit of quality credits, Carbon Done Right launched a proprietary remote sensing and monitoring technology, called the Carbon Quantification System (CQS). Powered by artificial intelligence and machine learning, the technology is expected to be a significant advancement in the precision, traceability and accountability of the company's carbon credit generation process.
In March 2024, the company announced its intention to acquire the London Carbon Exchange (LCE), a fully developed blockchain-enabled carbon trading platform. The platform offers key capabilities within the block-chain-enabled carbon trading ecosystem: transparency, traceability and verification of carbon credit transactions; a decentralized marketplace for carbon credits; and tokenization and trading of carbon credits. Combined with the highly innovative CQS, the LCE acquisition further supports Carbon Done Right's commitment to the rapid growth of investment in large-scale carbon credit restoration and conservation projects on degraded and threatened land.
Carbon Done Right is backed by a leadership team consisting of veterans from both the carbon and resources sectors, led by its CEO James Tansey. Director Celia Francis is a pioneer in the climate tech space. Board member Abayomi Akinjide has substantial experience in complex cross-border mergers and acquisitions alongside a host of other legal challenges. And Kevin Godlington, director of operations, is a specialist in post-conflict stabilization, stemming from his position as a former member of the British Foreign Office.
Company Highlights
- Carbon Done Right is a carbon credit project developer focused on natural based solutions such as conservation, reforestation and mangrove restoration.
- Through collaboration with jurisdictional government and its own network of partners and developers, Carbon Done Right develops low-cost carbon offset projects in highly productive jurisdictions.
- The company already maintains between 40 and 100 percent ownership of three initial assets alongside a development pipeline of 3 million tons of carbon credits diversified across Asia, Latin America and Africa.
- With a total of seven global projects consisting more than 80,000 hectares, Carbon Done Right will create approximately 46 million tons of total carbon credits.
- Carbon Done Right has secured a pre-purchase agreement with a Fortune 100 company for the rights to the carbon credits from an initial 5,000 hectares in the Sierra Leone project. Almost 1,500 hectares of planting have been completed in 2023.
- The company works with some of the largest buyers in the world including Fortune 100 companies.
- Carbon Done Right currently maintains a 60-percent interest in sustainable coconut and spice producer and processor Pomeroon.
Core Projects
Sierra Leone
Carbon Done Right's flagship project in Sierra Leone is a large-scale reforestation and rewilding of land previously cleared for mining and palm plantations.Carbon Done Right has a pre-purchase agreement with a Fortune 100 company for the rights to carbon credits from the initial 5,000 hectares of the project. By the end of 2023, the company has completed almost 1,500 hectares of planting.
The initial project area of 5,000 hectares will produce up to 1.9 million tons of validated and verified Verra carbon credits over 30 years. The total pre-purchase amount will be repaid through the delivery of validated and verified carbon credits to the pre-purchaser.
To date, Carbon Done Right has surveyed and verified almost 20,000 hectares of land for restoration through a comprehensive participatory mapping process. An NGO, Namati, is acting on behalf of the landowners and preparing land lease agreements through a collaborative free and prior informed consent process.
Carbon Done Right’s Sierra Leone projects consist of: up to 52,000 hectares of rewilding projects for a cumulative estimated carbon credits of up to 34 million tons over 50 years; a 5,000-hectare mangrove restoration project that will create an estimated carbon credit of 2 million tons over 30 years; and a 5,000-hectare Mangrove conservation project with an estimated 1.5 million tons of carbon credit over 30 years.
Yucatan (Mexico)
In Yucatan, Carbon Done Right is working closely with local partner Compañía Mexicana de Captación de Carbono to restore coastal mangrove degraded by road infrastructure. The company plans to undertake first planting in 2024, with plans to restore more than 10,000 hectares over 30 years. The project is estimated to create a cumulative carbon credit of 4.4 million tons.Guyana
Carbon Done Right is focused on developing agroforestry and carbon opportunities in Guyana through collaboration with the national government and partner organization Pomeroon Trading. The project will focus on the rehabilitation of coconut and mixed agriculture estates.Suriname
The mangrove restoration project in Suriname aims to restore 5,000 hectares over 30 years with an estimated cumulative carbon credit of up to 3.6 million tons. Mangrove ecosystems in Suriname are crucial to protect against shoreline erosion, and provide habitats for marine wildlife and nurseries for coastal fisheries. Carbon Done Right intends to conduct first planting in 2024.Management Team
Dr. James Tansey - Founder, Chief Executive Officer and Board Member
Dr. James Tansey is a leading academic focused on clean energy strategy and innovation. For the last 15 years, he has served as a professor at the University of British Columbia's Sauder School of Business, where he has advised the BC and federal governments on clean energy strategy and social enterprise. Tansey has served as founder and CEO of Canvas Impact Advisors, a private company utilizing a research-led approach to impact and clean tech investment, advising global clients with more than $25 billion of assets under management. He was also the CIO of Global Sustainable Capital Management, which invests in sustainable commodities and agriculture in global and emerging markets. Earlier in his career, he led the world's first carbon-neutral Olympics in 2010 in Vancouver. Tansey is the CEO and founder of Carbon Done Right, with a PhD in environmental sciences.
Matthew Roma - Chief Financial Officer
Matthew Roma is a chartered professional accountant and the CEO of RW Global Consulting, a private company providing corporate finance, accounting and capital advisory services to private and public companies. In this role, Roma serves as a director and/or officer to several venture public companies in the natural resource and technology sectors. Roma articled at Deloitte, where he specialized in assurance and advisory services for publicly listed companies based both in Canada and the United States.
Kevin Godlington - Director of Operations
Kevin Godlington is a managing director of Planting Naturals, an organic and sustainable palm oil producer with a commitment to social responsibility and environmental stewardship. He specializes in managing day-to-day upstream operations in Sierra Leone, supporting the network of farmers and partners. Godlington was a former member of the British Foreign Office working in highly complex post-conflict stabilization, including 12 years with the British Army.
Celia Francis - Director
Celia Francis is a proven pioneer in leading emerging digital and climate-tech-focused companies. She plays a central and active role in the emergence of carbon markets around the world, working on finance, technology solutions and project origination efforts. Francis was chief commercial officer at Earthshot, brokering voluntary carbon credit financing into a variety of high-quality nature restoration projects around the planet. She is also a board member at NREP, the leading real estate and urban developer in Northern Europe with a science-based commitment to net-zero by 2028.
Francis is also the founder of The Art of Forests Alliance, a cooperative of the world's most experienced at-scale forest restoration organizations. After graduating from Harvard and gaining an MBA from MIT, she held CEO and GM roles at leading technology companies, including AltaVista, T-Mobile and social networking company WeeWorld. She also served as CEO of Rated People, the UK's leading online home improvement marketplace which brings together homeowners and tradespeople.
Neil Passmore - Director
Neil Passmore is the co-founder and president of Pomeroon. Educated at the University of Oxford (BA, MBA), Passmore served in the British Army before joining JP Morgan as an emerging markets banker. He is the CEO of investment bank Hannam & Partners, focused on natural resources.
Abayomi Akinjide - Board Member
Abayomi (Yomi) Akinjide is a partner and co-leader of Fasken’s Global Energy and Climate Group. His practice focuses on corporate, corporate finance and commercial work, particularly in the energy, mining and telecoms sectors.
Akinjide has substantial experience in complex cross-border mergers and acquisitions, financings, private equity transactions, drafting commercial agreements, advising on joint ventures and many other legal issues. He has broad corporate experience and management skills, having led large teams on transactions usually involving multiple jurisdictions in a variety of sectors. He has a good understanding of financial markets and is a skilled negotiator, dealing with both transaction counterparties and regulators.
Akinjide has advised some clients, including banks, brokers, private equity sponsors and corporates. His practice is global; he is recognized as an expert on Africa and dual-qualified in England and Wales and Nigeria. He is an expert in Nigerian corporate and oil and gas law, has published various legal materials in Nigeria and has spoken at seminars on matters relating to the Nigerian legal system.
Carbon Done Right Developments Inc. Announces Extension to MCTO
The Company continues to work diligently with its auditors and expects to file the Filings as soon as possible, and in any event no later than July 12, 2024.
The MCTO restricts the Company's Chief Executive Officer and the Chief Financial Officer from trading in the Company's securities but does not affect the ability of other shareholders, including the public, to trade in securities of the Company.
The Company confirms that it will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reporting in the form of news releases for so long as it remains in default of the above noted filing requirements.
About Carbon Done Right
'Carbon Done Right' is a technology enabled rainforest planting company that carries on the business of developing validated and verified carbon credits from afforestation and reforestation of degraded land areas and marine ecosystems, including mangroves, for sale into international voluntary carbon markets. Carbon Done Right works upstream as a direct owner and operator of projects, addressing a key supply constraint in the current market and the rapidly growing demand for carbon credits in global voluntary and regulated markets. The Company achieves this by investing in the exploration, restoration and management of terrestrial and marine systems that can either be protected to enhance the sequestration of greenhouse gases or restored from a degraded status to fully productive ecosystems. Carbon Done Right draws on the experience of a senior executive team and board that provide access into key target jurisdictions through relationships in the mining and natural resources sectors, combined with decades of experience in carbon markets. The Company deploys capital at risk under various arrangements (including cooperation, assignment, and production sharing agreements) with large landowners and governments in various suitable jurisdictions around the world.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Carbon Done Right Developments Inc.
James Tansey, Chief Executive Officer
Suite 390, 1050 Homer Street
Vancouver, British Columbia V6B 2W9
Email: james.tansey@klimatx.com
Cautionary Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "intends" "expects" and similar expressions which are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning the MCTO and completion of the audit of the Company's annual financial statements. Carbon Done Right cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of Carbon Done Right. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Carbon Done Right. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and Carbon Done Right does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214947
News Provided by Newsfile via QuoteMedia
Carbon Done Right Developments Inc. Provides Update on Status of AIM Listing and Bi-Weekly MCTO Status Update
Carbon Done Right Developments Inc. (TSXV: KLX) (FSE: Q1C0) (the "Company" or "Carbon Done Right"), a company that carries on the business of developing validated and verified carbon credits from afforestation and reforestation of degraded land areas and marine ecosystems, is providing a bi-weekly status update in accordance with National Policy 12-203-Management Cease Trade Orders ("NP 12-203").
As previously announced, the Company made an application for listing of its common shares on the London Stock Exchange's Alternative Investment Market (the "AIM Admission"). It is expected that the AIM Admission will be completed by June 30, 2024, subject to receipt of the necessary approvals from the LSE.
As previously announced on April 30, 2024 and further to the news release of the Company dated May 15, 2024, the Company applied for a management cease trade order ("MCTO") due to a delay in the filing of the audited consolidated financial statements for the year ended December 31, 2023, annual management's discussion and analysis for the same period and management certification of annual filings (collectively, the "Filings"). The MCTO was granted by the British Columbia Securities Commission on April 30, 2024, and the Company continues to work diligently with its auditors and expects to file the Filings as soon as possible, and in any event no later than June 30, 2024.
The MCTO restricts the Company's Chief Executive Officer and the Chief Financial Officer from trading in the Company's securities but does not affect the ability of other shareholders, including the public, to trade in securities of the Company.
The Company confirms that it will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reporting in the form of news releases for so long as it remains in default of the above noted filing requirements.
About Carbon Done Right
'Carbon Done Right' is a technology enabled rainforest planting company that carries on the business of developing validated and verified carbon credits from afforestation and reforestation of degraded land areas and marine ecosystems, including mangroves, for sale into international voluntary carbon markets. Carbon Done Right works upstream as a direct owner and operator of projects, addressing a key supply constraint in the current market and the rapidly growing demand for carbon credits in global voluntary and regulated markets. The Company achieves this by investing in the exploration, restoration and management of terrestrial and marine systems that can either be protected to enhance the sequestration of greenhouse gases or restored from a degraded status to fully productive ecosystems. Carbon Done Right draws on the experience of a senior executive team and board that provide access into key target jurisdictions through relationships in the mining and natural resources sectors, combined with decades of experience in carbon markets. The Company deploys capital at risk under various arrangements (including cooperation, assignment, and production sharing agreements) with large landowners and governments in various suitable jurisdictions around the world.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Carbon Done Right Developments Inc.
James Tansey, Chief Executive Officer
Suite 390, 1050 Homer Street
Vancouver, British Columbia V6B 2W9
Email: james.tansey@klimatx.com
Cautionary Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "intends" "expects" and similar expressions which are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning the Company's AIM Admission, the MCTO and completion of the audit of the Company's annual financial statements. Carbon Done Right cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of Carbon Done Right. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Carbon Done Right. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and Carbon Done Right does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/211340
News Provided by Newsfile via QuoteMedia
Carbon Done Right Developments Inc. Provides Bi-Weekly MCTO Status Update
Carbon Done Right Developments Inc. (TSXV: KLX) (FSE: Q1C0) (the "Company" or "Carbon Done Right"), a company that carries on the business of developing validated and verified carbon credits from afforestation and reforestation of degraded land areas and marine ecosystems, is providing a bi-weekly status update in accordance with National Policy 12-203-Management Cease Trade Orders ("NP 12-203").
As previously announced on April 30, 2024, the Company applied for a management cease trade order ("MCTO") due to a delay in the filing of the audited consolidated financial statements for the year ended December 31, 2023, annual management's discussion and analysis for the same period and management certification of annual filings (collectively, the "Filings"). The MCTO was granted by the British Columbia Securities Commission on April 30, 2024, and the Company continues to work diligently with its auditors and expects to file the Filings as soon as possible, and in any event no later than May 31, 2024.
The MCTO restricts the Company's Chief Executive Officer and the Chief Financial Officer from trading in the Company's securities but does not affect the ability of other shareholders, including the public, to trade in securities of the Company.
The Company confirms that it will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reporting in the form of news releases for so long as it remains in default of the above noted filing requirements.
About Carbon Done Right
'Carbon Done Right' is a technology enabled rainforest planting company that carries on the business of developing validated and verified carbon credits from afforestation and reforestation of degraded land areas and marine ecosystems, including mangroves, for sale into international voluntary carbon markets. Carbon Done Right works upstream as a direct owner and operator of projects, addressing a key supply constraint in the current market and the rapidly growing demand for carbon credits in global voluntary and regulated markets. The Company achieves this by investing in the exploration, restoration and management of terrestrial and marine systems that can either be protected to enhance the sequestration of greenhouse gases or restored from a degraded status to fully productive ecosystems. Carbon Done Right draws on the experience of a senior executive team and board that provide access into key target jurisdictions through relationships in the mining and natural resources sectors, combined with decades of experience in carbon markets. The Company deploys capital at risk under various arrangements (including cooperation, assignment, and production sharing agreements) with large landowners and governments in various suitable jurisdictions around the world.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Carbon Done Right Developments Inc.
James Tansey, Chief Executive Officer
Suite 390, 1050 Homer Street
Vancouver, British Columbia V6B 2W9
Email: james.tansey@klimatx.com
Cautionary Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "intends" "expects" and similar expressions which are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning the MCTO and completion of the audit of the Company's annual financial statements. Carbon Done Right cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of Carbon Done Right. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Carbon Done Right. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and Carbon Done Right does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209283
News Provided by Newsfile via QuoteMedia
Carbon Done Right Developments Inc. Announces Delay in Filing of Annual Financial Statements and Application for Management Cease Trade Order
Carbon Done Right Developments Inc. (TSXV: KLX) (FSE: Q1C0) (the "Company" or "Carbon Done Right"), a company that carries on the business of developing validated and verified carbon credits from afforestation and reforestation of degraded land areas and marine ecosystems, announces that it has not met the filing date for filing of the following continuous disclosure documents (collectively, the "Documents"):
- the Company's Annual Audited Financial Statements for the year ended December 31, 2023, as required by section 4.2 of National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102");
- the Company's Management Discussion & Analysis for the year ended December 31, 2023, as required by section 5.1(2) of NI 51-102; and
- certificates of the Chief Executive Officer and Chief Financial Officer of the Company relating to such audited annual financial statements as required by National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings.
The Company's filing of the Documents has been delayed as both management and the Company's external auditors agreed that additional information and analysis is necessary in order to complete the preparation and audit of the Company's annual consolidated financial statements for the year ended December 31, 2023. The additional information and analysis relates to determination of the fair value related to our carbon credit streaming agreements. The Company expects to file the Documents by May 31, 2024.
Accordingly, the Company has applied to the British Columbia Securities Commission for a Management Cease Trade Order ("MCTO") that will prohibit the management of the Company from trading in the securities of the Company until such time as the Documents are filed. There is no guarantee that a MCTO will be granted. If the MCTO is granted, the MCTO will prohibit the chief executive officer, the chief financial officer, and possibly the directors, other officers and other insiders of the Company from trading in securities of the Company for so long as the Documents are not filed. The issuance of such cease trade order does not generally affect the ability of persons who are not directors, officers or other insiders of the Company to trade in the Company's securities.
No decision has yet been made by the British Columbia Securities Commission on this application. The British Columbia Securities Commission may grant the application and issue the Management Cease Trade Order or it may impose an issuer cease trade order if the Documents are not filed in a timely fashion.
During the period of default and until filing of the Documents, the Company intends to satisfy the provisions of the alternative information guidelines as required by National Policy 12-203 - Management Cease Trade Orders. Until the Company has filed the Documents, members of the Company's management and other insiders are subject to an insider trading black-out policy as per its internal Insider Trading Policy that is consistent with the principles in Section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
About Carbon Done Right
'Carbon Done Right' is a technology enabled rainforest planting company that carries on the business of developing validated and verified carbon credits from afforestation and reforestation of degraded land areas and marine ecosystems, including mangroves, for sale into international voluntary carbon markets. Carbon Done Right works upstream as a direct owner and operator of projects, addressing a key supply constraint in the current market and the rapidly growing demand for carbon credits in global voluntary and regulated markets. The Company achieves this by investing in the exploration, restoration and management of terrestrial and marine systems that can either be protected to enhance the sequestration of greenhouse gases or restored from a degraded status to fully productive ecosystems. Carbon Done Right draws on the experience of a senior executive team and board that provide access into key target jurisdictions through relationships in the mining and natural resources sectors, combined with decades of experience in carbon markets. The Company deploys capital at risk under various arrangements (including cooperation, assignment, and production sharing agreements) with large landowners and governments in various suitable jurisdictions around the world.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Carbon Done Right Developments Inc.
James Tansey, Chief Executive Officer
Suite 390, 1050 Homer Street
Vancouver, British Columbia V6B 2W9
Email: james.tansey@klimatx.com
Cautionary Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "intends" "expects" and similar expressions which are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning the MCTO and completion of the audit of the Company's annual financial statements. Carbon Done Right cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of Carbon Done Right. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Carbon Done Right. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and Carbon Done Right does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207489
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Carbon Done Right Announces Receipt of Fourth Disbursement of Financing for Sierra Leone Rewilding Project
Carbon Done Right Developments Inc. ("Carbon Done Right" or the "Company") (TSXV: KLX) (FSE: Q1C) a leading provider of high-quality carbon credits sourced exclusively from afforestation and reforestation projects developed and owned by the Company and its stakeholders, is pleased to announce the completion of all milestones required for the fourth disbursement under the pre-purchase agreement reached with BP Carbon Trading Ltd announced on the 14 th June, 2023. The next milestone for a further disbursement is due within the next four weeks.
Carbon Done Right CEO James Tansey stated 'This fourth milestone demonstrates continued progress with this critically important project. The restoration sites focus on abandoned land in Sierra Leone and provide direct income to the smallholders within these communities and long-term revenue sharing benefits. The project also demonstrates a model for large scale restoration of native species that begins to reverse decades of damage to the climate from deforestation. Restoring nature's capacity to sequester carbon is a key strategy for reversing and preventing climate change. The in-country team is busy preparing for the 2024 planting season where we expect to plant native tree species on up to 2,000 ha of additional degraded land.'
- On 3 April 2024 , the Company received an enquiry from The Times newspaper regarding the Company's West African operations and a possible media piece to be published. The Company has been engaging with the newspaper in an open and transparent way, providing detailed responses and context. Some of the questions that have been posed suggest that much of the newspaper's sourced information is inaccurate, incomplete or based on misunderstandings of the Company's operations, which the Company has responded to in clear and detailed terms.
- The underlying project in Sierra Leone has been extensively reviewed by investors, the legal team, the AIM Nominated Adviser, a UK based granting funder and Ecosecurities. The legal status of the leases has also been confirmed by an independent law firm in Sierra Leone .
- The landowning families are represented by Namati, an international NGO with longstanding presence in Sierra Leone , that ensures landowners' rights are protected during the Free, Prior and Informed Consent (FPIC) land lease process. The Company continues its constructive engagement with the NGOs in the area.
- The Company is also developing a new technology platform called Treecounter, which provides unprecedented transparency and traceability for restoration projects, connecting smallholder farmers with a system that is designed to ensure the value created from the sales of carbon credits is shared fairly with land owning families.
The Company is developing the large-scale rewilding reforestation project in Sierra Leone over an initial area of 5,000 ha, with the aim of extending by a further 20,000 ha. The initial project area of 5,000 ha can produce up to 1.7m tonnes of validated and verified Verra carbon credits over 30 years. The total pre-purchase amount will be repaid through the delivery of validated and verified carbon credits to the pre-purchaser.
Carbon Done Right is an owner and operator of nature-based carbon assets that serves the growing demand for carbon credits from companies seeking to meet their Net Zero goals. The Company achieves this by investing in the exploration, restoration and management of terrestrial and marine systems that can either be protected to enhance the sequestration of greenhouse gases or restored from a degraded status to fully productive ecosystems. The Company's dedication to environmental stewardship and its robust pipeline of carbon credit projects makes it a trusted partner to the largest buyers of carbon credits in the world, in the fight against climate change. Carbon Done Right deploys capital at risk under various arrangements (including cooperation, assignment, and production sharing agreements) with government engagement in various suitable jurisdictions around the world including Sierra Leone , Yucatan , Guyana and Suriname.
ON BEHALF OF THE BOARD OF DIRECTORS
"James Tansey"
James Tansey
Chief Executive Officer
http://www.CarbonDoneRight.com
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements and forward-looking information (collectively " forward looking statements ") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "intends" "expects" and similar expressions which are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning the Offering and the ongoing business of the Company. Carbon Done Right cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of Carbon Done Right including expectations and assumptions concerning the Company and the need for additional capital by the Company through financings, and the risk that such funds may not be raised. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Carbon Done Right. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and Carbon Done Right does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
SOURCE Klimat X Developments Inc.
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EV Maker Fisker Files for Bankruptcy Amid Financial and Production Struggles
US carmaker Fisker has filed for Chapter 11 bankruptcy protection in the District of Delaware, citing production issues and macroeconomic headwinds affecting the electric vehicle (EV) market.
The California-based EV manufacturer, known for its eco-friendly and sustainable Ocean SUV, is in advanced discussions with financial stakeholders regarding debtor-in-possession financing and the potential sale of its assets.
"Fisker has made incredible progress since our founding, bringing the Ocean SUV to market twice as fast as expected in the auto industry and making good on our promises to deliver the most sustainable vehicle in the world," the company said on Monday (June 17). CEO Henrik Fisker has reportedly shied away from public view since February.
"But like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently. After evaluating all options for our business, we determined that proceeding with a sale of our assets under Chapter 11 is the most viable path forward,” the release adds.
The company’s financial struggles have been apparent for several months, and it had already paused the production of its Ocean SUV, launched in 2022, due to inflation and production problems.
Valued at US$2.9 billion when it went public in 2020, Fisker has seen its value quickly erode.
In its most recent financial results, Fisker reported total 2023 revenue of US$272.9 million, but recorded a net loss of nearly US$762 million. The company's bankruptcy filing reportedly shows that it has US$500 million to US$1 billion in estimated assets, and liabilities of between US$100 million and US$500 million, with 200 to 999 creditors.
Fisker's CEO also filed for bankruptcy back in 2013 for his first startup venture, Fisker Automotive.
The Ocean SUV has been plagued by issues since its release. Reports of power loss, inoperative functions and handling concerns led to the recall of over 11,201 units across the US, Canada and Europe.
Don't forget to follow us @INN_Technology for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article
$4.3M Forward Sales Contract with Wisconsin Public Service
United States focused Cleantech company Carbonxt Group Ltd (ASX:CG1) (‘‘Carbonxt” or “the Company”) is pleased to announce that its largest customer has agreed to a binding purchase order for Activated Carbon Pellets (AC Pellets) valued at $4.3m.
- Binding $4.3m purchase order received for Activated Carbon (AC) products from US utility Wisconsin Public Service
- The parties have agreed to terms on a forward purchase contract which will facilitate the $4.3m payment to Carbonxt up-front. The purchase order is for a 6-month supply of AC products
- Contract is expected to provide a material uplift to net cash in the June quarter, ahead of the planning commissioning and manufacturing launch of CG1’s flagship Activated Carbon production facility in Kentucky in Q3 CY2024
- US market conditions for both pelletized and granular activated carbon products remain strong, with the Company engaged in ongoing commercial discussions for additional sales agreements
The sale was made under a forward purchase agreement, with Carbonxt to take receipt of the full amount of the purchase order up front, with payment to be received within the next seven days from the date of this announcement. Delivery of the AC Pellets is to occur over the next 6 months.
The agreement with US utilities provider, Wisconsin Public Service (WPS), is for the supply of Carbonxt’s proprietary AC Pellet product, which will be deployed as part of WPS’ innovative ReACT (regenerative activated coke technology) emissions control systems.
ReACT is an integrated multipollutant control approach that removes Nitrogen Oxides (NOx), Sulfur Oxides (SOx) and mercury (Hg) from coal-fired plants by adsorption with activated coke, to reduce aggregate emission levels.
WPS recently publicly announced that the Weston Power Plant (‘Weston’), which is supplied by AC Pellets from Carbonxt, will be in operation until at least 2032. Carbonxt has a long-term contract with WPS for the sole supply of AC Pellets for the life of the power station.
The structure of the forward purchase order by WPS provides Carbonxt with a material uplift in projected net cash for the June quarter. It also reflects the strong partnership that the Company has established with WPS as a long-term supplier, during which time WPS has become Carbonxt’s largest customer to-date.
The Company is in advanced negotiations with clients for additional purchase orders for Powdered Activated Carbon (PAC) products from its Black Birch facility. Funds from the WPS sale will complement the ongoing construction and commissioning of the group’s flagship Activated Carbon production facility in Kentucky – a 50/50 Joint Venture with Kentucky Carbon Processing.
The commissioning and manufacturing launch of the Kentucky plant is scheduled to commence in the September quarter (refer ASX Announcement 21 May 2024). The plant is expected to significantly expand Carbonxt’s production capacity and addressable market for best-in-class activated carbon products, amid ongoing demand tailwinds for water-treatment (Liquid Phase) AC products in the US market.
The Company is advancing towards product testing at Kentucky and remains in negotiations with several large potential customers ahead of full commissioning.
Prices for AC products continue to remain well-supported above US$4,000/ton in the US market, with the plant projected to generate gross profit margins of 45% at prices of US$3,500/ton.
Comment
Managing Director Warren Murphy said: “We are pleased to confirm this forward sales contract, which further consolidates the strong commercial partnership between CG1 and WPS – our largest US partner. The up-front payment terms of the deal are a reflection of the confidence WPS has in our product, along with the ongoing demand for best-in-class activated carbon products. The contract will provide Carbonxt with a material boost to net operating cashflows at an important juncture in our stated development strategy, with major growth upside through the forthcoming commissioning and manufacturing launch of the flagship AC production facility in Kentucky. With strong market conditions for AC products and ongoing commercial discussions for additional sales contracts from our existing operations, Carbonxt is well-placed to capitalise on its strong market position to generate a step-change in group revenues and EBITDA in the second half of calendar 2024.”
Click here for the full ASX Release
This article includes content from Carbonxt Group, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Tesla Doing Damage Control in Europe as Retail Price Cuts Hurt Leasing Companies
Tesla (NASDAQ:TSLA) is taking steps to mend strained relationships with European leasing companies following a series of retail price cuts that have negatively impacted fleet values.
According to Reuters, Elon Musk's Tesla is attempting to stabilize its market position by offering unofficial discounts and addressing longstanding service issues to restore confidence among buyers.
Tesla's retail price cuts were designed to counteract softening global demand for electric vehicles (EVs) and rising competition, particularly from Chinese automakers like BYD (OTC Pink:BYDDF,SZSE:002594). However, these reductions have led to financial losses for European leasing companies, which make up nearly half of the region's auto sales.
The news outlet notes that fleet customers are especially important in Europe, where companies often lease large amounts of company cars for employees. In fact, purchases from leasing and rental car companies made up 44 percent of Tesla's sales last year in the UK, as well as 15 EU countries. In Q1, its fleet sales in those areas fell by 2.3 percent.
Leasing firms calculate lease prices based on the anticipated resale value of vehicles. Sudden drops in retail prices have severely undercut these residual values, causing significant financial strain.
Richard Knubben, director general of Leaseurope, emphasized the severity of the situation, telling Reuters that there’s “nothing worse than continuously dropping the value of a fleet buyer’s assets.”
In an additional setback, Tesla began slashing Model Y production in Shanghai in March. Data from the China Association of Automobile Manufacturers shows that output of Model Ys in China stood at 49,498 units in March and 36,610 units in April, reflecting 17.7 percent and 33 percent decreases, respectively, compared to a year ago. The production reduction aims to address weakening demand in China, where a price war has erupted amid an economic slowdown.
Overall the company is grappling with an inventory surplus, having produced 46,561 more vehicles than it delivered in Q1. This overproduction has resulted in thousands of unsold cars being stored in parking lots.
European fleet managers report Tesla service problems
Beyond pricing issues, Tesla has been criticized for slow and expensive service, a major pain point for fleet customers.
Lorna McAtear, fleet manager at UK energy firm National Grid (LSE:NG,NYSE:NGG), told Reuters in an interview that Tesla’s repair costs are triple the industry average, with vehicles often arriving with defects.
Despite these challenges, some fleet managers, like Fiona Howarth of Octopus EVs, remain supportive, acknowledging Tesla's pioneering role in the EV market. Tim Albertsen, CEO of Ayvens (EPA:ALDA), Europe's largest auto-leasing company, acknowledged improvements in Tesla's service, but highlighted the damaging effects of falling resale values.
Conversely, Arval, the car-leasing unit of BNP Paribas (OTCQX:BNQPF,EPA:BNP), is exploring partnerships with Chinese EV manufacturers to offset losses from Tesla's price cuts. Deputy CEO Bart Beckers told Reuters that Tesla’s pricing strategy is self-defeating, saying, “You are really shooting yourself in the foot.”
Operational turmoil within Tesla has been further evidenced by recent layoffs and restructuring efforts, particularly within the company's Supercharger network division. The abrupt firing of its entire charging division has jeopardized the expansion of its charging infrastructure — a key element of Tesla's value proposition for EV customers.
Despite ongoing challenges,Tesla investor Scottish Mortgage Investment Trust recently expressed a vote of confidence by announcing its continued support to Musk's US$56 billion pay package.
Tesla pushing forward as competition increases
Even with these setbacks, Tesla continues to push forward with plans to increase its market share.
Musk has indicated a shift in focus toward self-driving technology, although the company is scaling back on other projects, such as the long-awaited affordable Model 2.
Tesla's recent activities reflect its efforts to regain the trust of European fleet buyers. Its ability to navigate these challenges will be crucial as it seeks to maintain its market position amid evolving market dynamics.
Don't forget to follow us @INN_Technology for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Investor Presentation
Carbonxt Group Ltd (ASX:CG1) (“Carbonxt” or “the Company”) provides the attached Investor Presentation
Company Snapshot
- Carbonxt products remove toxic pollutants from a range of industrial, water and air environments.
- The products are unique engineered activated carbons with first of a kind manufacturing operations.
- Three US-based production facilities, with the third facility being commissioned over the coming months.
- Industry leading R&D capability.
- Environmental regulations driving strong customer demand.
- New joint venture with Kentucky Carbon Processing, LLC (“KCP”) to expand production and product range.
- Recent EPA regulatory change underpins impending water market entry, significantly expanding addressable market.
Click here for the full ASX Release
This article includes content from Carbonxt Group, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Honda to Establish C$15 Billion Electric Vehicle Value Chain in Ontario
In a bid to expand its electric vehicle (EV) capabilities, Honda Motor (NYSE:HMC) has announced plans to invest approximately C$15 billion to establish a comprehensive EV value chain in Ontario, Canada.
The investment reflects Honda's efforts to meet the increasing long-term demand for EVs in North America.
“Today's announcement is a historic investment by a manufacturer in the Canadian auto industry,” said Honda Canada President and CEO Jean Marc Leclerc in a company announcement on April 25. “It proudly honors the highly skilled associates who have earned a global reputation for manufacturing excellence and represents Honda’s recognition of the long-term attractiveness of the Canadian electric vehicle manufacturing ecosystem.”
The proposed EV value chain will include the construction of an innovative EV assembly plant and a standalone battery manufacturing facility in Alliston, Ontario. Additionally, Honda plans to build a cathode active material and precursor (CAM/pCAM) processing plant and a separator plant through joint venture partnerships.
Once operational, the EV assembly plant is expected to produce up to 240,000 vehicles per year, with the battery manufacturing facility boasting a capacity of 36 gigawatt hours annually.
The project is anticipated to create over 1,000 new manufacturing jobs in Ontario, while also generating significant spinoff employment opportunities across various sectors.
"Today’s announcement is a game changer for manufacturing in Canada,” said Justin Trudeau, Canada’s prime minister. “Honda’s investment is a vote of confidence in Canada, in Canadian auto workers, and in our manufacturing sector. Together, we’re creating good-paying jobs, growing our economy, and keeping our air clean."
Honda's investment aligns with its transition toward carbon neutrality, with a target to achieve 100 percent zero-emission EV sales by 2040. The move also involves supplementary investments such as retooling existing facilities and establishing a joint venture EV battery plant with LG Energy Solution (KRX:373220), with an expected investment of US$4.4 billion.
The company views the establishment of the EV value chain in Ontario as a strategic step toward achieving this goal, leveraging the region's skilled workforce and supportive business environment.
Collaboration with the Canadian and Ontario governments will also play a crucial role in driving innovation and providing incentives to support the project. The federal government's new investment tax credits and provincial incentives aim to promote low-emission manufacturing and attract investments in EV supply chain segments.
North America's EV landscape
The North American EV market is slated for substantial growth, driven by increasing EV adoption and supportive government initiatives, according to a forecast from Fortune Business Insights.
As the third largest region in the global EV market, the area is projected to experience a CAGR of 16.1 percent during the forecast period. The market size is expected to soar from US$62.73 billion in 2022 to US$228.47 billion by 2030.
In the US, both consumers and the government are increasingly investing in electric mobility. The US Department of Transportation's approval of EV charging network plans for all states, covering approximately 75,000 miles of highways, underscores the nation's commitment to expanding EV infrastructure.
Canada also boasts untapped potential in the production of essential materials for EV components. As one of the top five countries producing cobalt, copper, graphite, precious metals, nickel and uranium, Canada's expansion into lithium, magnesium and rare earths production further strengthens its EV market position.
Don't forget to follow us @INN_Technology for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Quarterly Activity Report Quarter Ending 31 March 2024
HIGHLIGHTS
- Frontier released its Definitive Feasibility Study (DFS) for a 120MWdc Solar Facility with integrated 80MW 4-hour battery (Stage One). DFS Highlights included:
- Stage One generates average EBITDA1 of $68 million pa over first five years of production and $63m pa over first 10 years of production
- Post-tax payback1 of 5.8 years (4.6 years pre-tax) based on $304m total initial capital cost
- Leveraged2 post-tax Internal Rate of Return (IRR) is 21.6%1 and pre-tax IRR is 27.3%1.
- Procurement and EPC contracts nearing conclusion with all equipment selection being with tier one providers
- Tender process resulted in cost estimates for all major long lead items in line with or lower than DFS estimates
- Final equipment selection and contract negotiations on track for conclusion in Q2
- Phase One of the debt process confirmed strong interest from banks to provide debt funding solutions in line with the terms outlined in the DFS, including approval of debt carrying capacity of 70% which equates to $225 million
- A select number of leading Australian and international banks have been shortlisted (Phase 2) as part of the debt financing process
- The Company anticipates credit approved terms to be provided during the next 8 to 12 weeks, assuming successful completion of due diligence
- The strategic equity investor process is ongoing, with NDAs in place with a number of Australian and international groups
- WA peak electricity operational demand reached a new record of 4.23GW in February 2024, and exceeded the record peak six times during the March quarter
- A significant rise in peak prices (4pm – 9pm) occurred during the March quarter, increasing by 65% to $172/MWh compared to the previous yea
- The average energy price in 1Q24 was $78.5/MWh, 6% higher than 1Q23 ($74.2/MWh)
- On 14 occasions during the quarter, the Australian Energy Market Operator paid for demand reduction to ensure stability and reliability of the system
- As at 31 March 2024, Frontier had cash of $10.3m (unaudited)
Stage One DFS confirms strong financial returns
The Company’s Stage One DFS highlights Frontier's unique opportunity to be a near-term major renewable energy producer in Western Australia, at a time when energy demand continues to outpace supply in WA, resulting in electricity prices reaching record highs. The key project assumptions determined by the DFS are highlighted in Table 1 below.
The DFS forecasts annual renewable electricity generation of approximately 258GWh (year one). Of this, 120GWh is stored in integrated DC coupled batteries and sold in the Wholesale Electricity Market (WEM) at peak demand times, with a charging and discharging efficiency loss of 15% or 18GWh.
Click here for the full ASX Release
This article includes content from Frontier Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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