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Klimat X Developments Inc. ("Klimat X" 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 its participation in a ground-breaking ceremony in Suriname alongside his Excellency, C.H. Santokhi, President of Suriname. The occasion was marked by an inaugural tree planting ceremony, which included the presence of key District Commissioners, Government Ministers, and other representatives.
James Tansey , CEO of Klimat X commented, "We are honoured to be part of this ceremony that serves to demonstrate the mutual commitments we share with our jurisdictional partners in Suriname. Since 2017, Klimat X and Pomeroon have been active in this region. Many people are not aware that Suriname is a net negative carbon emitter nation and has huge potential to generate carbon credits from mangrove restoration and conservation. James continues, "this type of project can generate 500-1000 tons per hectare with tens of thousands of hectares of potential and we see many mutual and intertwined benefits from this enhanced partnership with the Government of Suriname:
- Further enhancement of the country's reputation for world leading investment in sustainable farming and nature-based carbon credit generation with a commitment to community and local benefits stemming from large nature-based mangrove projects.
- The introduction and application of cutting edge technology, Tree Counter™ , a pool of proprietary machine learning tools developed in partnership with the University of Copenhagen to count every individual tree on projects and measure every kilogram of carbon sequestered.
- Supporting the execution, quality, and traceability of the Company's operations through."
Highlights
- Klimat X continues to work on data gathering and analysis for mangrove protection and restoration activities in both Coronie and Commeweijne Districts covering 30,000+ hectares.
- Following 6 months of fieldwork, the Company aims to submit two draft Project Design Documents for pipeline listing with Verra by Q4 2023.
- All Company activities will be supported by Tree Counter ™ using ground-breaking remote sensing and AI enhanced data processing from the University of Copenhagen to monitor every tree planted and protected in Suriname.
- Through Klimat X subsidiary, Pomeroon Suriname N.V. the Company launches sustainable agriculture operations in Suriname and formally opens its farm.
- The Company has commenced both coconut seedling nursery setup and tree planting on a 3,000-acre farm site in the Coronie District. ('Coronie')
Background
On 30 September 2022 , the Company entered a Memorandum of Understanding ('MOU') with the Government to pursue two country-wide initiatives:
- The development of mixed agro-forestry and carbon offset projects to be planted with coconut and hardwood trees in an environmentally friendly manner. More recently, a 3,000-acre site for long term company utilisation has been confirmed.
- The restoration and rehabilitation of mangroves along the coastline of Suriname with their key existing partner and global expert in blue carbon– Silvestrum Climate Associates – KlimatX has deployed several field teams to Suriname throughout 2023.
- On 21 December 2022 the parties entered into two binding co-operation agreements further detailing the terms of the proposed activities and investment in each area
- This enabled the Company to commence investment in early 2023 and over USD500K has already been invested including on soil and ground analysis and testing, mapping, data gathering and establishment of a local office and team.
- On April 24, 2023 the company announced it had signed a binding agreement with the national government of Suriname to develop mangrove carbon credit and agroforestry projects. The Company has built a presence in Suriname and has been actively conducting fieldwork to establish project size and feasibility.
- Beyond job generation and employment, the Company expects to invest in, and undertake projects and initiatives in areas including education, climate smart agriculture and female empowerment and has a proven track record in doing so.
About Pomeroon
The Pomeroon group of companies were formed in 2017 with an initial focus on sustainable agriculture and coconut farming in Guyana . Since inception they have been mission driven, for profit corporations focussed on climate smart agriculture and more recently on nature-based carbon projects. They are controlled subsidiaries of KlimatX.
About Carbon Done Right and Tree Counter™
The Carbon Done Right methodology and technology company Tree Counter ™ can provide analysis-ready data and results maps and statistics. Metrics can be at plot level, stand level, ecosystem level or at a national or continental scale. For Governments or developers. They have a world leading AI dataset that provides unprecedented insights into forest change and carbon capture at the individual tree level, with advanced deep learning models. Tree Counter is a nature monitoring technology intended to revolutionize the monitoring, reporting, and verifying of nature with expertise. The company's cutting-edge analytics platform covers all nature-based solutions, including forestry, regenerative agriculture, rice methane, grassland management, and blue carbon. Providing small holder carbon project developers and natural capital investors, and governments with real-time verification of co-benefits and monitoring of potential leakage, double counting, permanence, and additionality of environmental interventions.
About Klimat X
Klimat X 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. Klimat X deploys capital at risk under various arrangements (including cooperation, assignment, and production sharing agreements) with government engagement in various suitable jurisdictions around the world.
ON BEHALF OF THE BOARD OF DIRECTORS
"James Tansey"
James Tansey
Chief Executive Officer
Cautionary Note Regarding Forward Looking Statements
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. Klimat X 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 Klimat X 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 Klimat X. 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 Klimat X 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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