(Alliance News) - Cellular Goods PLC on Wednesday said its wholly-owned subsidiary, King Tide Carbon Canada Ltd, has signed an agreement with Springtide Seaweed LLC to form a joint venture focused on carbon sequestration and removal services through sustainable kelp farming.
Shares in Cellular Goods jumped 24% to 0.53 pence each in London on Wednesday morning.
Cellular Goods is a London-based cannabidiol-focused skincare brand. Springtide Seaweed focuses on growing, cultivating and harvesting kelp and providing nursery and farm technology services to other kelp farms.
Under the collaboration, King Tide and Springtide will combine 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 an option to extend, Cellular Goods said.
King Tide and Springtide Seaweed first signed a memorandum of understanding regarding the JV in July.
Cellular Goods Interim Chief Executive Officer Darcy Taylor said: "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."
By Sabrina Penty, Alliance News reporter
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