BASE CARBON INC Stock Price, News & Analysis

Base Carbon Inc. (NEO: BCBN, OTCQX: BCBNF) announced a restructuring deal with Hardwick Climate Business Limited (HCBL) to own 100% of Base Carbon Capital Partners Corp. (BCCPC). This move simplifies the ownership structure and promotes efficiency in carbon project development. The total purchase cost is approximately $2.996 million, with $1.6 million in cash and a promissory note of $1.396 million. Base Carbon has so far invested $29.7 million in carbon reduction projects in Rwanda and Vietnam, which are set to generate revenue in 2023. Additionally, the carbon credit registry Verra is proceeding with the credit issuance process for the Vietnam cookstove project, where Citigroup is contracted to purchase 7.4 million carbon credits. An investor call is scheduled for May 4, 2023, to discuss these developments.

Base Carbon Inc. (BCBNF) announced its year-end 2022 financial results, detailing a transformative year with $29.7 million committed to carbon reduction projects in Vietnam and Rwanda. The company has total assets of $44.1 million, including $12.9 million in cash. Significant project updates include the completion of 1.214 million devices distributed in Vietnam and 250,000 in Rwanda, both on schedule and on budget. The anticipated first carbon credit issuance from these projects is expected in mid-2023, with Citigroup contracted to purchase initial credits, marking a pivotal period for revenue generation.

Base Carbon (NEO: BCBN, OTCQX: BCBNF) announced the termination of its proposed acquisition of Hardwick Climate Business Limited (HCBL) as of March 1, 2023. Despite this change, both companies will continue to collaborate on existing projects and explore new opportunities together. They are currently negotiating a master services agreement to define their future working relationship. Base Carbon holds a 49.9% stake in HCBL, acquired through a phased agreement in November 2021. The partnership has shown promise, with both parties committed to advancing various carbon reduction projects.

Base Carbon Inc. (NEO: BCBN) (OTCQX: BCBNF) provided an operational update on its emission reduction projects in Vietnam and Rwanda. The Vietnam project successfully distributed 1.214 million fuel-efficient cookstoves and water purifiers ahead of schedule. Initial carbon credits from this project are expected by mid-2023, with Citigroup contracted to purchase 7.4 million credits. Additionally, the Rwanda project completed the distribution of 250,000 cookstoves, with project validation pending. Base Carbon is transitioning to a revenue-generating entity, aiming for diversified cash flows from these projects and new partnerships for carbon initiatives.

Base Carbon Inc. has signed a Letter of Intent (LOI) with the Danish Red Cross to explore "Blue Carbon" projects in Southeast Asia, focusing on mangrove restoration. This collaboration will span a 24-month period and aims to assess and potentially develop carbon reduction initiatives, starting with an initial project in the Philippines. The partnership is expected to enhance ecological and socio-economic benefits, aiding local communities while addressing climate change. The Red Cross will facilitate funding and training for local participants, ensuring sustainability and social development.

Base Carbon reported its Q3 2022 results, focusing on carbon development projects in Vietnam and Rwanda. In Vietnam, 710,975 of 850,000 fuel-efficient cookstoves and water purifiers have been distributed, ahead of schedule. The Rwanda project has also progressed, with 240,308 cookstoves distributed. Financially, the Company recorded a net comprehensive loss of $3.3 million, primarily due to foreign exchange losses, while total assets stood at $52.4 million. The Company is investing $90,000 in a digital marketing campaign through Native Ads.