DGB Group releases Q2 2024 update

DGB Group N.V. (“DGB”, “the Group”, or “the Company”) (Euronext: DGB: NL000916951), a leading carbon project developer and ecosystem restoration company, provides an update on its performance during Q2 of 2024. During this time, the Group made significant strides in advancing its roadmap’s strategic objectives and measurable targets for the near future. 

Key highlights

• Project pipeline: During the last quarter, DGB's Greenzone Reforestation Project in Cameroon faced delays, while the Bulindi Chimpanzee Habitat Restoration Project in Uganda progressed ahead of schedule. Other projects remained on track. As a result, DGB’s total expected carbon unit pipeline increased from 60.1 million in Q1 to 61 million in Q2. DGB aims to reach 75 million carbon units in its pipeline by Q4 2024 through further expansion of current projects and the initiation of new verified carbon project initiatives.

• Project validation: In Q2, DGB achieved its first project validation for the Hongera Energy Efficient Cookstoves Project in Kenya. This initiative is anticipated to generate approximately 2.5 million carbon units (carbon credits) with annual issuances of about 350,000 units from 2024 to 2030. DGB is now preparing for the validation of three other proprietary projects, with a goal of having at least three projects validated by the end of 2024.

• Carbon unit issuances from projects: DGB anticipates the first issuance of verified carbon units from its projects before the end of 2024, starting with the initial batch from the Hongera Energy Efficient Cookstoves Project in Kenya. The graph below outlines DGB’s expected carbon unit issuances. This outlook indicates that DGB is on track to exceed its financial outlook set in January 2023.

• Offtake Agreements: In March 2022, DGB secured its first €1+ million offtake agreement. During Q2, DGB received a €150,000 payment from a client and also concluded sales with new SMEs, thereby expanding its client portfolio. The Company aims to establish €2+ million in offtake agreements by the end of 2024. 

• Financial updates: DGB announced the sale of a 40% stake in Corekees Management B.V. for €500,000 as part of a larger investment round in which Corekees raised new funds to fuel its growth. DGB retains a 10% stake in Corekees, now valued at €5 million. Additionally in June, DGB launched a share buy-back programme. 
• Market share: DGB aims to expand its market share in sub-Saharan Africa for nature restoration projects under the Gold Standard and Verra (registered and pipeline), as well as its global market share for similar projects. Among the various methodologies and approaches to verified carbon projects, DGB remains a specialist in agroforestry solutions in collaborations with smallholder farmers, consistently achieving high-quality, high-integrity, biodiversity-focused, community-based credits.

DGB will publish its semi-annual report 2024 before the end of September.

CEO Selwyn Duijvestijn commented, "I’m pleased with the advancements made in Q2 2024, which reflect our commitment to high-quality project development and achieving our long-term goals. Our collaboration with now over 11,000 smallholder farmers on agroforestry solutions exemplifies our dedication to environmental sustainability and community livelihoods, while also generating value for our shareholders and investors. With a robust project pipeline, successful project validations, and expanding market share, we are well-positioned to lead in this segment of the verified carbon market. I am confident that our dedicated team and valued partners will drive us to new heights as we continue to strive to create a greener future for all.”

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 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.