Dutch Green Business Group N.V. (“DGB” or “the Group”) (Euronext: DGB: NL0009169515), a leading carbon project developer and ecosystem restoration company, achieved two important milestones in the development of its Hongera Energy Efficient Cookstove Project in Kenya (the “Project”).
On 31 August 2022, a renowed Buyer (the ¨Buyer¨) committed to buy 507,720 carbon credits from the Project, funding 100% of all Capital Expenditures and providing DGB with upfront cash payments of €1.7 million.
The Project involves the manufacturing and distribution of 150,000 energy-efficient cookstoves and is designed as a CO2-reduction project under the Gold Standard methodology ''Technologies and Practices to Displace Decentralized Thermal Energy Consumption''. The project design has been drafted, and the first cookstoves have now been produced. DGB received €600,000 for achieving these milestones.
The Buyer plans to retire its share of the credits once verified, claiming it against its organization's carbon footprint. DGB expects to sell the remaining expected 1.3 million carbon credits (approximately 70,25% of the Project) on the open, voluntary carbon credit market after the first issuance of the credits starts in Q3 2023. The current average price for verified carbon reduction credits from cookstove projects is $10,50 per tonne of CO2e.
The Project is one of DGB´s five projects in its project pipeline, totalling over 27.2 million tonnes of expected verified CO2-emission reduction.
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About DGB:
DGB is a project developer of high-quality large-scale carbon and biodiversity projects accredited by third parties. The Group is focused on nature conservation and helping biodiversity flourish by assisting governments and corporations in achieving net-zero. Global megatrends drive the demand for carbon credits and underpin the growth opportunities. DGB GROUP NV is a public company traded on the main Dutch stock exchange Euronext Amsterdam under the ticker symbol AEX:DGB and ISIN-code NL0009169515.. www.green.earth
Disclaimer:
This press release contains no (invitation to make an) offer to buy or sell or otherwise acquire or subscribe for shares in DGB Group NV and is not advice or recommendation as to whether action should be taken. This press release contains statements that may be interpreted as forward-looking statements, inter alia relating to the financial position of the DGB Group, the results achieved, and the company(ies) it operates. Forward-looking statements are all statements that do not relate to historical facts. These statements are based on information currently available and on forecasts and estimates made by the management of the DGB Group. Although the DGB Group believes that these statements are based on reasonable assumptions, it cannot guarantee that the ultimate results will not differ materially from those statements that can be construed as forward-looking statements. Factors that can lead to, or contribute to, differences in current expectations include developments in legislation, technology, taxation, regulation, fluctuations in stock prices, legal proceedings, regulatory investigations, competitive conditions, and general economic conditions. These and other factors, risks, and uncertainties that may affect forward-looking statements or the actual results of DGB Group are discussed in the Annual Report. The forward-looking statements in this document apply only as of the date of this document. Subject to any legal obligation to do so, the DGB Group accepts no obligation or responsibility to update the forward-looking statements contained in this document, whether they relate to new information, future events or otherwise.
