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BASE CARBON INC (BCBNF) is a leading company in the renewable energy sector, specializing in innovative projects worldwide. Their core business focuses on developing sustainable solutions for household devices, cookstoves, and nature-based removals in countries like Vietnam, Rwanda, and India. With a strong financial position and strategic partnerships, BASE CARBON INC continues to drive positive change and growth in the industry.
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.
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