DGB Group advances first plastic removal project towards implementation

DGB Group N.V. (“DGB” or “the Group”) (Euronext: DGB: NL0009169515), a leading developer of CO₂ projects and expert in ecosystem restoration, is starting the implementation of the Green Wheels Plastic Collection Project in Sri Lanka. The Group has entered into a partnership agreement with the innovative recycling company Eco Spindles (Private) Limited (“Eco Spindles”). Following the successful issuance of the first CO₂ certificates from DGB’s project pipeline earlier this month, the anticipated plastic certificates from this project represent an important step in diversifying DGB’s revenue streams.

Key highlights

• Project scope: The Green Wheels Plastic Collection Project aims to combat plastic pollution by collecting and recycling 6,500 tonnes of plastic waste from local beaches, riverine areas, and other environmental areas using a fleet of locally manufactured electric bikes (e-bikes). The collected plastic will be recycled into products such as filament for brushes and textile fibres for clothing, supporting local manufacturing and supporting a circular economy.

• Verification: The project follows Verra’s latest innovative methodologies for plastic waste collection and plastic waste recycling under its Plastic Standard, and has a minimum project lifetime of 7 years, ensuring adherence to the highest environmental standards. DGB anticipates the project will achieve Verra registration in the first half of 2025.

• Strategic collaborations: For the implementation of the Green Wheels Plastic Collection Project, DGB is partnering with Eco Spindles, a leader in plastic recycling. Eco Spindles processes plastic waste, such as PET bottles, into valuable products like yarn and technical filaments. This innovative approach reduces the demand for virgin plastic. With its circular production method, Eco Spindles contributes to reducing plastic pollution and conserving natural resources.

• Timeline and prospects: Evaluation of the pilot and preparations for scaling up are scheduled for Q1 2025. Full-scale operations, featuring 50 e-bikes, are planned for Q3 2025. The first credit issuance is expected in Q4 2026.

• Financial outlook: With plastic credits priced between €400 and €2,000 per tonne, the Green Wheels Plastic Collection Project has the potential to generate €650,000 to €3.3 million annually once fully operational. This strong financial model underscores the project’s economic viability and strategic role in diversifying DGB’s revenue streams.

CEO of Eco Spindles: "We are proud to partner with DGB on this groundbreaking initiative to combat plastic pollution in Sri Lanka. At Eco Spindles, our mission is to give plastic waste a second life through innovative recycling solutions. This project not only tackles environmental challenges but also creates local manufacturing and strengthens the circular economy, driving sustainable progress for our communities and the planet."

CEO Selwyn Duijvestijn: “By expanding into plastic and biodiversity credits, DGB is strategically broadening its presence in emerging environmental markets. This diversification reduces risk by spreading activities across multiple markets while opening new avenues for revenue growth. Building on its expertise in verified carbon units, DGB is strengthening its market position and aligning its operations with broader global sustainability goals, ensuring long-term resilience and impact.”

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Contact details

DGB GROUP NV
press@dgb.earth
+31108080126

About Eco Spindles

Eco Spindles, based in Sri Lanka, is a leader in sustainable innovation, transforming plastic waste into high-quality materials for textiles and manufacturing. Committed to reducing plastic pollution, the company drives circular economy initiatives through advanced recycling technologies and community-focused programs.

About DGB Group

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 units and underpin 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

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