DGB Group N.V. (“DGB”, “the Group” or “the Company”) (Euronext: DGB: NL0009169515), a leading carbon project developer and ecosystem restoration company, achieved the next key milestone in the development of its Hongera Energy Efficient Cookstove Project in Kenya (the “Project”). The Project involves manufacturing and distributing 150,000 energy-efficient cookstoves and is designed as a verified CO2-reduction project.DGB is a project developer of nature-based projects to originate high-integrity carbon credits (“Carbon credits”), also commonly known as carbon offsets. Each Carbon credit equals one tonne of verified emissions reduction.
On 31 August 2022, a renowned buyer (the “Buyer”) committed to buy 507,720 Carbon credits from the Project and provide DGB with cash payments of €1.7 million upon achieving certain milestones. The Project advanced to the subsequent phase as its Project Design Document was submitted to an external auditor. DGB received €450,000 for accomplishing this milestone on May 5th.
The Buyer plans to retire its share of the Carbon credits once verified, claiming it against its organisation's carbon footprint. DGB expects to sell the remaining expected 1.3 million Carbon credits (approximately 70,25% of the Project’s total) on the open, voluntary carbon credit market after the first issuance of the Carbon credits starts.
CEO Duijvestijn stated, "As a prominent carbon project developer and ecosystem restoration company, DGB Group is dedicated to positively impacting the planet and achieving robust financial growth. These payments showcase DGB's capacity to generate cash flow during the development of our projects. Our projects not only reduce CO2 emissions but also greatly benefits local communities. I am enthusiastic about the potential of our entire project pipeline to generate considerable revenue through selling verified emission reduction credits while contributing to a sustainable future. This order highlights our ability to generate cash flow and emphasizes the credibility and effectiveness of our projects."
The Project is one of DGB´s seven large-scale projects under development and management. The operational team is conducting feasibility studies on ten more projects. In DGB's latest annual report, published on April 30, 2023, the project pipeline was valued at €21.45 million. This showcases DGB's significant progress within the fast-paced carbon market and its steadfast dedication to nature conservation and biodiversity.
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. Website: 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.
As DGB Group, our sole purpose is to rebuild trust and serve the public by making the right information available to everyone. By subscribing to our mailing newsletter, you can get the latest tips and trends from DGB Group's expert team in your inbox. Sign up now and never miss the insights.