DGB Group N.V. (“DGB” or “the Group”) (Euronext: DGB: NL0009169515), a leading carbon project developer and ecosystem restoration company, provides an update on its agreement with a leading car manufacturer ("the Client"), which was signed on 30 October 2023.
The agreement granted the Client exclusivity and the option to acquire carbon units from DGB’s esteemed Bulindi Chimpanzee Habitat Restoration Project, to be verified under Gold Standard number GS 12226 (the "Project"). The commitment followed the announcement that the Project would be featured in the BBC's upcoming 'Planet Earth III' documentary series, narrated by David Attenborough. The episode spotlighting the Bulindi Chimpanzees aired in the UK on 19 November 2023, with further broadcasts scheduled across various European regions thereafter.
Initially, the agreement stated that the exact volume for purchase was to be confirmed by 31 December 2023. DGB offered an extension on the option to 31 January 2024 and, in accordance with this newly agreed deadline, the Client sent the option exercise notice on 30 January 2024, which confirmed the purchase volume of 240,000 carbon units.
The exercise of the option agreement and the agreed purchase volume of 240,000 carbon units has been taken into account in DGB’s financial outlook, as mentioned in its 2023 annual report and recent Q1 update.
DGB looks forward to finalizing and will continue to communicate any new information to the market as it becomes available.
About the project
The Bulindi Chimpanzee Habitat Restoration Project is a groundbreaking afforestation initiative located in western Uganda. It addresses the urgent conservation needs in the Hoima and Masindi districts, which are home to over 300 wild chimpanzees living in diminishing forest fragments on agricultural land.
The Project's community-centred approach collaborates with local communities to find sustainable solutions that benefit both the chimpanzees and the local populace. Initiatives include providing energy-saving stoves, seedlings for woodlots, forest enrichment planting, and training in conservation farming, among others.
The overarching goal of the Project is to plant 4.5 million trees over the next six years and restore 8,290 hectares of degraded land. It's projected to generate approximately 4.3 million verified carbon credits over its 41-year lifespan, resulting in anticipated gross revenues of €63.4 million. Notably, 25% of these proceeds will directly benefit local communities.
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Contact for press enquiries
For more information about DGB's initiatives, please contact:
DGB GROUP NV
press@green.earth
+31320788118
Visit our website: https://www.green.earth/
Disclaimer
This press release qualifies as a disclosure within the meaning of Article 17 paragraph 1 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (MAR) and contains inside information within the meaning of Article 7 paragraph 1 MAR. This press release does not contain an (invitation to make an) offer to buy or sell or otherwise acquire or subscribe to shares in DGB and is not an advice or recommendation to take or refrain from taking any action. This press release contains statements that could be construed as forward-looking statements, including about the financial position of DGB, the results it achieved and the business(es) it runs. Forward-looking statements are all statements that do not relate to historical facts. These statements are based on information currently available and forecasts and estimates made by DGB’s management. Although DGB believes that these statements are based on reasonable assumptions, it cannot guarantee that the ultimate results will not differ materially from those statements that could be construed as forward-looking statements. Factors that may lead to or contribute to differences in current expectations include, but are not limited to: developments in legislation, technology, tax, regulation, stock market price fluctuations, legal proceedings, regulatory investigations, competitive relationships and general economic conditions. These and other factors, risks and uncertainties that may affect any forward-looking statement or the actual results of DGB are discussed in the annual report. The forward-looking statements in this document speak only as of the date of this document. Subject to any legal obligation, DGB assumes no obligation or responsibility to update the forward-looking statements contained in this document, whether related to new information, future events or otherwise. The provision of DGB’s services and products is subject to its General Terms and Conditions.
