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Base Carbon Inc. reports developments tied to its carbon project financing platform and carbon credit portfolio. The company operates through Base Carbon Capital Partners Corp. and finances projects involved primarily in global voluntary carbon markets, including the Rwanda Cookstoves project, the Vietnam household devices project and the India ARR project.
Recurring news covers carbon credit issuances, Verra methodology transitions, CORSIA eligibility and tagged-credit sales, Article 6.2 and letter-of-authorization frameworks, project expansion rights, consolidated financial results and shareholder meeting matters. Updates also address governance items such as auditor appointments and option-related shareholder approvals.
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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.