Cellular Goods PLC King Tide Carbon form JV with Springtide Seaweed (7049P)
11 Octubre 2023 - 1:00AM
UK Regulatory
TIDMCBX
RNS Number : 7049P
Cellular Goods PLC
11 October 2023
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11 October 2023
Cellular Goods PLC
("Cellular Goods" or "the Company")
King Tide Carbon formalises agreement with Springtide Seaweed to
Form Kelp Farming Carbon Removal Joint Venture
Cellular Goods (LSE: CBX), is pleased to announce that its
wholly owned subsidiary King Tide Carbon Canada Ltd. ("King Tide"),
has signed a formal agreement ("Agreement") with Springtide Seaweed
LLC ("Springtide Seaweed") to form a joint venture ("Joint
Venture") for the purpose of collaborating on carbon sequestration
and removal services through sustainable kelp farming.
Springtide Seaweed is in the business of growing, cultivating
and harvesting kelp, cultivating multiple species in the State of
Maine, and providing nursery and farm technology services to other
kelp farms globally. Springtide Seaweed and King Tide will use
their combined efforts to identify, analyse and select kelp
species, cultivation techniques and harvesting techniques to
maximise carbon sequestration and removal. The term of the Joint
Venture will be for two years, with option to extend.
Springtide Seaweed, and/or in coordination with other local
farmers, shall grow, cultivate and harvest kelp in the State of
Maine. With such species of kelp and cultivation techniques, and at
a scale or quantity levels as Springtide Seaweed and King Tide may
mutually determine, Springtide Seaweed will maximise carbon
sequestration and removal at economical amounts.
As part of the Joint Venture, King Tide shall provide
investigatory, analytical and advisory services with respect to
determining carbon sequestration levels, techniques and
confirmation, and, subject to the Agreement, will purchase kelp
from Springtide Seaweed in offtake arrangements.
The Agreement to form a Joint Venture follows the signing of a
non-binding memorandum of understanding ("MoU"), as announced on 17
July 2023.
Cellular Goods and King Tide continue their development of
ground-breaking carbon removal solutions that are scalable and of
high quality.
Darcy Taylor, Interim CEO at Cellular Goods, commented: "King
Tide's mission is to harness the power of the oceans to remove
carbon dioxide from the atmosphere sustainably and at scale. Our
partnership with Springtide Seaweed secures a proven, reliable and
scalable supply of kelp, setting the stage for a new era of oceanic
carbon sequestration innovation. Together we are exploring the
untapped potential of kelp as a powerful tool not only to fight
climate change but to also help decarbonise other global supply
chains."
For further information please contact:
Cellular Goods
Darcy Taylor via FSCF +44 7572 873 300
Chairman and interim CEO
--------------------------
First Sentinel Corporate Finance
(FSCF)
--------------------------
Investor Relations
Rebecca Noonan +44 7572 873 300
IR@cellular-goods.com
Media Relations
Rebecca Noonan +44 7572 873 300
Media@cellular-goods.com
Corporate Broker & Advisor
Brian Stockbridge +44 7858 888 007
--------------------------
Novum Securities
--------------------------
Corporate Broker
Colin Rowbury
Jon Belliss +44 207 399 9427
--------------------------
About Cellular Goods PLC:
Cellular Goods is pioneering the use of lab-based and
biosynthetic production methods for wellness and sustainability
solutions. The Company launched with a focus on efficacy led and
science-backed products utilising biosynthetics, and now employs
its expertise across two verticals: premium next-generation
cannabinoid skincare products, and carbon
sequestration-as-a-service through its wholly owned business
division, King Tide Carbon, which utilises biosynthetic algae and
seaweed to provide scalable carbon removal. The Company is
incorporated in the UK and listed on the Main Market of the London
Stock Exchange. For more information, visit www.cellular-goods.com
.
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
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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