BluSky Carbon Forms $7M Biochar Joint Venture for 50K-Ton Carbon Removal Project
BluSky Carbon announces that its BluMountain Carbon joint venture (50% ownership) has formed a new 50/50 JV partnership with Neutralizing Environmental Trash (NET) for biochar technology deployment in southeastern USA. The JV plans to purchase Vulcan pyrolysis equipment and services from BluSky worth USD $7 million, subject to securing project financing. The venture aims to achieve 50,000 tonnes of annual carbon removal using local wood waste as feedstock. The agreement includes equal dilution terms and audit rights for BluMountain. Currently, the carbon price index by PURO.Earth stands at €135 (~143USD) per ton.
BluSky Carbon annuncia che la sua joint venture BluMountain Carbon (proprietà al 50%) ha formato una nuova partnership JV 50/50 con Neutralizing Environmental Trash (NET) per il dispiegamento della tecnologia biochar nel sud-est degli Stati Uniti. La JV prevede di acquistare l’attrezzatura di pirolisi Vulcan e i servizi da BluSky per un valore di 7 milioni di USD, soggetto al reperimento di finanziamenti per il progetto. L’iniziativa punta a raggiungere 50.000 tonnellate di rimozione annuale di carbonio utilizzando rifiuti di legno locali come materia prima. L’accordo include termini di diluizione uguali e diritti di audit per BluMountain. Attualmente, l’indice del prezzo del carbonio fornito da PURO.Earth si attesta a €135 (~143 USD) per tonnellata.
BluSky Carbon anuncia que su joint venture BluMountain Carbon (50% de propiedad) ha formado una nueva asociación JV 50/50 con Neutralizing Environmental Trash (NET) para el despliegue de tecnología de biochar en el sureste de EE. UU. La JV planea comprar equipo de pirólisis Vulcan y servicios de BluSky por un valor de 7 millones de USD, sujeto a asegurar financiamiento para el proyecto. La empresa tiene como objetivo alcanzar 50.000 toneladas de eliminación anual de carbono utilizando desechos de madera local como materia prima. El acuerdo incluye términos de dilución equitativos y derechos de auditoría para BluMountain. Actualmente, el índice de precios de carbono de PURO.Earth se encuentra en €135 (~143 USD) por tonelada.
BluSky Carbon는 자사의 합작투자회사 BluMountain Carbon (50% 지분 보유)가 지속 가능한 환경 쓰레기(Neutralizing Environmental Trash, NET)와 함께 미국 동남부의 바이오차 기술 배포를 위한 새로운 50/50 합작 파트너십을 형성했다고 발표했습니다. 이 합작 투자회사는 BluSky로부터 벌칸 피롤리시스 장비와 서비스를 700만 달러에 구매할 계획이며, 이는 프로젝트 자금 조달이 확보될 경우에 해당합니다. 이 사업은 지역 목재 폐기물을 원료로 사용하여 연간 50,000톤의 탄소 제거를 목표로 하고 있습니다. 계약에는 블루마운틴을 위한 동등한 희석 조건 및 감사 권리가 포함되어 있습니다. 현재 PURO.Earth의 탄소 가격 지수는 톤당 €135 (~143 USD)입니다.
BluSky Carbon annonce que sa coentreprise BluMountain Carbon (propriété à 50 %) a formé un nouveau partenariat JV 50/50 avec Neutralizing Environmental Trash (NET) pour le déploiement de la technologie de biochar dans le sud-est des États-Unis. La coentreprise prévoit d’acheter de l’équipement de pyrolise Vulcan et des services de BluSky d’une valeur de 7 millions USD, sous réserve de financement du projet. L’initiative vise à atteindre 50 000 tonnes de réduction annuelle de carbone en utilisant des déchets de bois locaux comme matière première. L’accord comprend des conditions de dilution égales et des droits d’audit pour BluMountain. Actuellement, l’indice des prix du carbone par PURO.Earth est de 135 € (~143 USD) par tonne.
BluSky Carbon gibt bekannt, dass ihr Joint Venture BluMountain Carbon (50% Eigentum) eine neue 50/50 JV-Partnerschaft mit Neutralizing Environmental Trash (NET) zur Einführung von Biochar-Technologie im Südosten der USA eingeht. Das Joint Venture plant, Vulcan-Pyrolysegeräte und Dienstleistungen von BluSky im Wert von 7 Millionen USD zu erwerben, unter der Voraussetzung, dass die Projektfinanzierung gesichert ist. Das Unternehmen hat zum Ziel, 50.000 Tonnen jährliche Kohlenstoffentfernung unter Verwendung von lokalem Holzabfall als Rohstoff zu erreichen. Die Vereinbarung umfasst gleichmäßige Verdünnungsbedingungen und Prüfungsrechte für BluMountain. Der aktuelle Kohlenstoffpreisindex von PURO.Earth liegt bei 135 € (~143 USD) pro Tonne.
Positive
- Planned equipment and services sales worth USD $7 million
- Targeting 50,000 tonnes of annual carbon removal capacity
- Favorable carbon price index at €135 (~143USD) per ton
- Equal 50/50 partnership structure with protected dilution terms
Negative
- Project financing not yet secured for equipment purchase
- Equipment sales contingent on securing funding
New JV Aims to Procure Multiple Vulcan Pyrolysis Units, and related Consulting and Operational Services, from Blusky
OLD SAYBROOK, CT AND VANCOUVER, BC / ACCESSWIRE / November 21, 2024 / BluSky Carbon Inc. (CSE:BSKY)(OTCQB:BSKCF)(FWB:QE4 /WKN A401NM) (“BluSky” or the “Company”), an innovative entry into the carbon removal clean technology sector, is pleased to announce that its previously announced BluMountain Carbon joint venture (“BluMountain”) (see the Company’s press release dated October 11, 2024), in which it holds a
The JV intends, subject to securing project financing, to purchase Vulcan pyrolysis equipment from Blusky, together with operational and consulting services, totalling USD
JV Highlights
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50/50: NET and BluMountain will operate as equal JV partners in all undertakings specified under the Agreement. Each Party will retain a
50% ownership stake in any profits or losses arising from JV activities, subject to terms detailed in a formal Joint Venture Agreement (JVA). -
Dilution: If dilution occurs through external financing or investment, both Parties agree to be diluted equally, retaining equal ownership.
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Audit Rights: BluMountain shall have the right to audit the financial and operational records of NET to ensure compliance with the terms of this Agreement and applicable laws.
BluSky CEO, Will Hessert states, “I find myself truly grateful that in BluSky’s short history we have already initiated multiple projects with diverse partners in locations both at home and abroad. The creation of our BluMountain joint venture is moving ahead as planned as we now celebrate its joint venture agreement with the team at NET. Against these successes we are heartened by the continued growth of the carbon price index as fixed by NASDAQ collaborator PURO. Earth now sitting above €135 (~143USD) per ton. As we move ahead, the outlook for carbon removal and for our venture remains strong.”
About Neutralizing Environmental Trash Inc. (dba “NET”)
NET is focused on converting waste biomass into biochar as a carbon-negative soil amendment to enrich soil health, reduce greenhouse gas emissions, and promote sustainable agriculture. Headquartered in Medford, Oregon, NET is led by President Nicolaas Vanderwey with over three decades of experience in the recycling and environmental sustainability industry, and Senior VP, Development, Misty Burris who oversees strategic planning, financial management, and also serves as President of CO2 Trust, a carbon credit marketplace.
About BluMountain Carbon
BluMountain Carbon (“BluMountain”) is a business venture (“Joint Venture” or “JV”) of BluSky Carbon and Texas-based Red Mountain Biochar, LLC (“Red Mountain”) to commercialize multiple potential biochar offtake and project financing opportunities for the benefit of BluSky and Red Mountain with a particular emphasis on the (i) production and processing of biochar, (ii) deployment of carbon removal technologies, and (iii) exploration and deployment of opportunities in related industries and technologies, as well as other commercial opportunities that the Joint Venture may identify from time to time. Please see the Company’s press release dated October 11, 2024.
About BluSky Carbon Inc. (CSE: BSKY) (OTCQB: BSKCF) (FWB: QE4 /WKN: A401NM)
BluSky is a renewable energy company that is in the business of putting Carbon back into the ground – where it belongs! The Company converts organic and industrial waste into biochar, renewable power and carbonate rocks, as well as the development and sale of carbon capture technology. BluSky’s primary objectives are to (1) construct carbon removal equipment; (2) sell the biochar produced by the carbon removal equipment; and (3) sell carbon credits generated from the production of biochar. The Company’s business model is based on the growing need for carbon neutrality and demand to reduce CO2 emissions.
BluSky Carbon is publicly listed in Canada on the CSE with the trading symbol BSKY, on the OTCQB as BSKCF, and in Frankfurt, Germany (FWB) with the identifier QE4. BluSky’s public filings and related documents are available on the Company’s profile page on SEDAR+ at www.sedarplus.ca. For more information about the Company, please visit watch our video, and sign up to receive news alerts or join us on social media at Facebook, X (formerly twitter), Instagram, or LinkedIn.
ON BEHALF OF THE COMPANY
William (“Will”) Hessert
Chief Executive Officer
BluSky Carbon Inc.
35 Research Parkway,
Old Saybrook, CT, 06475
Tel. (860) 577-2080
Web, https://bluskycarbon.com/
Email. [email protected]
Sales or partner opportunities:
Greg Pakiela, Business Development
[email protected]
Forward Looking Information Disclaimer
This release contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation based on current expectations, estimates, forecasts, projections, beliefs and assumptions made by management of BluSky about the industry in which it operates. Forward-looking information includes, but is not limited to, statements regarding the potential for conducting any work, including providing machinery, equipment or consulting services, under the Agreement or JV, the ability of the JV to secure funding on acceptable terms, or at all, and the ability of the Company to generate any revenue from the JV, whether directly or indirectly. Forward-looking information may also include financial and other projections, as well as statements regarding future plans, strategies, prospects, objectives or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as “may”, “would”, “could”, “will”, “likely”, “except”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, or the negative thereof or other similar expressions concerning matters that are not historical facts.
Forward-looking information is based on current expectations, assumptions, estimates, forecasts, projections, analysis and opinions of management made considering its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to: the Company’s ability to fulfill any statements of work, including to provide any machinery, equipment or consulting services; the ability of the JV to secure funding on acceptable terms, or at all; the ability of the Company generate any revenue, directly or indirectly, from the JV; regulatory requirements being maintained; general business, economic and political conditions; the Company’s ability to successfully execute its plans and intentions; the availability of financing on reasonable terms; the Company’s ability to attract and retain skilled staff; market competition; the products and technology offered by competitors; that good relationships with service providers and other third parties will be established and maintained; continued growth of the carbon capture technology industry and positive public opinion with respect to the carbon capture technology industry.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, the Company’s counterparties and other stakeholders being able to realize on their respective business plans; the Company’s ability to provide any machinery, equipment or consulting services under either the Agreement or JV; the ability of the JV to secure funding on acceptable terms, or at all; the ability of the Company to generate revenue, directly or indirectly, from the JV; the Company’s limited operating history; negative cash flow; financial position and results of operations differing materially from expectations; the expectation of incurring future losses and never becoming profitable; requiring additional capital to continue operations; reliance on third-party service providers; strong competition from competitors in the carbon capture technology industry; technological changes in relation to carbon capture that may adversely affect adoption of current technology or the Company’s products; supply and demand for the reduction of carbon emissions; and other risk factors described in the Company’s Annual Information Form dated October 16, 2024. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
SOURCE: Blusky Carbon Inc.
View the original press release on accesswire.com
FAQ
What is the value of BluSky Carbon’s (BSKCF) planned equipment sales to the new JV?
The planned equipment and services sales to the JV are valued at USD $7 million, subject to securing project financing.
What is the targeted annual carbon removal capacity for BluSky’s (BSKCF) new southeastern USA joint venture?
The joint venture aims to achieve 50,000 tonnes of annual carbon removal using local wood waste as feedstock.
What is the ownership structure of BluSky Carbon’s (BSKCF) new joint venture with NET?
The joint venture is structured as a 50/50 partnership between BluMountain Carbon (itself 50% owned by BluSky) and NET, with equal dilution terms.
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