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DGB Group N.V. (“DGB” or “the Group”) (Euronext: DGB: NL0009169515), a leading carbon project developer and ecosystem restoration company, signs an option agreement with a leading car manufacturing company (the "Client"). The option agreement grants the Client the option to purchase Gold Standard Verified Emission Reductions (“VERs”).
Under the agreement, the Client secures the option to purchase VERs from DGB's esteemed Bulindi Chimpanzee Habitat Restoration Project under the Gold Standard verification number GS 12226 (the “Project”). This exclusivity ensures that the Client has a unique opportunity to contribute to and benefit from the significant environmental impact and carbon emissions reductions achieved by the project.
DGB holds all VERs, receiving €40,000 as a reservation fee, which will be deducted from the final purchase. The exact volume for purchase must be confirmed by 31 December 2023, with the entire transaction and payment finalised by 1 April 2024.
Selwyn Duijvestijn, CEO of DGB, commented, 'This underscores the intrinsic value and practical impact of our projects, as evidenced by the 44.9 million carbon credits currently held on our balance sheet. It exemplifies our capacity to transform the projects we've meticulously crafted and nurtured over the years into generating cash flow and prospective revenue. After more than three years of dedicated development, we are poised to transition into a phase of revenue generation, marking a significant milestone in our journey.'
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.
The project sites will be featured in an upcoming episode of the documentary series, 'Planet Earth III’. The episode highlighting the Bulindi chimps is scheduled for broadcast in the UK on Sunday, 19 November, with subsequent airings expected across various regions in Europe shortly thereafter. This feature is a testament to the Project’s substantial impact on conservation efforts and its role in fostering environmental sustainability.
DGB GROUP NV
DGB is a project developer of high-quality, large-scale carbon and biodiversity projects accredited by third parties. The Group is focused on nature conservation and helping biodiversity flourish by assisting governments and corporations in achieving net zero. Global megatrends drive the demand for carbon credits and underpin growth opportunities. DGB GROUP NV is a public company traded on the main Dutch stock exchange Euronext Amsterdam under the ticker symbol AEX:DGB and ISIN-code NL0009169515. www.green.earth
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.
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