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Cellular Goods PLC
11 October 2023
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014, as retained as part of the law of England and Wales. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
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
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