Cellular Goods PLC (LSE:CBX)’ wholly owned subsidiary King Tide Carbon Canada has formed a joint venture with Springtide Seaweed to collaborate on carbon sequestration and removal services through sustainable kelp farming.
Springtide Seaweed is in the business of growing, cultivating and harvesting kelp. The group cultivates multiple species in the State of Maine, providing nursery and farm technology services to other kelp farms globally.
Over a two-year period (plus possible extension), King Tide Carbon and Springtide Seaweed will use their combined efforts to identify, analyse and select kelp species, cultivation techniques and harvesting techniques to maximise carbon sequestration and removal.
King Tide will provide investigatory, analytical and advisory services in order to determine carbon sequestration levels, techniques and confirmation, and, subject to the agreement, will purchase kelp from Springtide Seaweed in offtake arrangements.
Darcy Taylor, interim chief executive at Cellular Goods, commented: "King Tide's mission is to harness the power of the oceans to remove carbon dioxide from the atmosphere sustainably and at scale.
“Our partnership with Springtide Seaweed secures a proven, reliable and scalable supply of kelp, setting the stage for a new era of oceanic carbon sequestration innovation.
“Together we are exploring the untapped potential of kelp as a powerful tool not only to fight climate change but to also help decarbonise other global supply chains."