King Tide Carbon Sign MOU with Springtide Seaweed
17 July 2023
Cellular Goods PLC
("Cellular Goods" or "the Company")
King Tide Carbon Signs MOU 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 non-binding memorandum of understanding ("MoU") with Springtide Seaweed LLC ("Springtide Seaweed"), one of the largest organic kelp farms in North America, subject to which the parties will form a joint venture (the "Joint Venture") for the purposes of developing carbon sequestration and removal services through sustainable kelp farming.
Springtide Seaweed is in the business of growing, cultivating and harvesting kelp and is the largest USDA Organic Certified seaweed farm in Maine, cultivating multiple species. Springtide Seaweed also provides 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 from the execution of definitive agreements, subject to which, Springtide Seaweed, and/or in coordination with other local farmers, will grow, cultivate and harvest, on a non-exclusive basis, kelp in the State of Maine for or on behalf of King Tide.
Cellular Goods, King Tide and Springtide Seaweed are working towards a long-term agreement near term.
For further information please contact:
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Cellular Goods |
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Darcy Taylor Chairman and interim CEO |
via FSCF +44 7572 873 300
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First Sentinel Corporate Finance (FSCF) |
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Investor Relations Rebecca Noonan Media Relations Rebecca Noonan Corporate Broker & Advisor Brian Stockbridge |
+44 7572 873 300
+44 7572 873 300
+44 7876 888 011 |
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Novum Securities |
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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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