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DGB to receive €1,7M in upfront payments for its Kenya Cookstove project

Dutch Green Business Group N.V. (“DGB” or “the Group”) (Euronext: DGB: NL0009169515), a leading carbon project developer and ecosystem restoration company, proudly announces the signing of binding heads of terms with a renowned carbon credit buyer (“Buyer”) for one of its carbon projects. This is the first deal announcement after DGB invited investors and corporate buyers in a tender process, expecting to close transactions in Q3 to finance its complete project pipeline.


  • The Buyer commits to funding 100% of all Capital Expenditures and provides upfront cash payments of €1.7 million for DGB to develop and expand its Hongera Energy Efficient Cookstove Project in Kenya (the “Project”).
  • The Project is expected to originate an amount of approximately 1.8 million credits over its 6-year project lifetime (approximately 300,00 carbon credits per annum). The project started in March 2022 and can be extended after the initial 6 years crediting period.
  • The Buyer shall fund 100% of all Capital Expenditures in exchange for DGB implementing and operating the Project and agreeing to deliver 29.75% of the total carbon credits of the Project to the Buyer. 
  • DGB expects to sell the remaining 70,25% (approximately 1.3 million carbon credits) on the open, voluntary carbon credit market after the first issuance of the credits starts in Q3 2023. The current average index price for Nature-Based Carbon Offset Credit in the voluntary carbon markets is $8,82.
  • The Project involves the manufacturing and distribution of 150,000 energy-efficient cookstoves and is designed as a project under the Gold Standard methodology ''Technologies and Practices to Displace Decentralized Thermal Energy Consumption''.
  • The Buyer plans to retire its share of the credits once verified, claiming it against its organization's carbon footprint with the carbon credits taken out of circulation to ensure they can only be claimed once. 
  • DGB commits to letting a significant percentage of the expected revenue flow back into the local community. 

On March 22nd, 2022, DGB announced the Project had entered the development phase. DGB will use the proceeds of this offtake agreement to expand the Project by manufacturing and distributing the cookstoves, as well as registration and verification of the Project to originate carbon credits.

The heads of terms agreement initiate a period of exclusivity lasting six weeks. This period is intended to reinforce the mutual commitment of DGB and the Buyer to complete the definitive investment agreement and documentation.

DGB currently manages the development of five projects with a total expected carbon credit pipeline of over 16.9 million tons of carbon credits, making DGB the most prominent project developer of carbon credits in The Netherlands. 

In Q2, DGB invited investors and corporate buyers in a tender process on its complete project pipeline with a deadline of July 9th, 2022. DGB has received other investment proposals and expects it can close transactions to finance its entire project pipeline going forward.

“The value and size of this contract show that multinational corporations are noticing DGB’s project portfolio and our commitment to become a trusted large-scale carbon project developer. DGB is happy with signing this carbon offtake agreement because it shows the value of DGB”s project pipeline. It also shows that with the help of the right buyers, DGB can carry out its projects without external capital requirements and can create value for shareholders.”

- S.A.M. Duijvestijn, Chief Executive Officer.





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About DGB:

Dutch Green Business Group NV is a public company that is traded on the main Dutch stock exchange Euronext Amsterdam under the ticker symbol AEX:DGB and ISIN code NL0009169515. DGB is a project developer of high-quality large-scale carbon and biodiversity projects accredited by third parties, focusing on making nature flourish and prosper, by helping governments and companies achieve net-zero through ecosystem restoration. DGB's vision is to be a leading high-impact investor in sustainably managed nature-based solutions by providing a competitive real return on investment for shareholders coupled with high societal impact. www.dgb.earth



This press release contains no (invitation to make an) offer to buy or sell or otherwise acquire or subscribe for shares in DGB Group NV and is not an advice or recommendation as to whether action should be taken. This press release contains statements that may be interpreted as forward-looking statements, inter alia relating to the financial position of the DGB Group, the results achieved, and the company(ies) it operates. Forward-looking statements are all statements that do not relate to historical facts. These statements are based on information currently available and on forecasts and estimates made by the management of the DGB Group. Although the DGB Group believes that these statements are based on reasonable assumptions, it cannot guarantee that the ultimate results will not differ materially from those statements that can be construed as forward-looking statements. Factors that can lead to, or contribute to, differences in current expectations include developments in legislation, technology, taxation, regulation, fluctuations in stock prices, legal proceedings, regulatory investigations, competitive conditions, and general economic conditions. These and other factors, risks, and uncertainties that may affect forward-looking statements or the actual results of DGB Group are discussed in the Annual Report. The forward-looking statements in this document apply only as of the date of this document. Subject to any legal obligation to do so, the DGB Group accepts no obligation or responsibility to update the forward-looking statements contained in this document, whether they relate to new information, future events or otherwise.

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