BluSky Carbon Joint Venture Inks Binding LOI’s for Biochar Projects in Orlando and Tanzania
November 6, 2024
OLD SAYBROOK, CT/VANCOUVER, BC / ACCESSWIRE / November 6, 2024 / BluSky Carbon Inc. (CSE: BSKY) (OTCQB: BSKCF) (FWB: QE4 /WKN A401NM) (“BluSky” or the “Company”), an innovative entry into the carbon removal clean technology sector, is pleased to announce that its recent joint business venture, doing business as BluMountain Carbon (see the Company’s press release dated October 11, 2024), has entered into preliminary agreements with two commercial prospects focussed on earning Carbon Credit revenues through BioChar production in Orlando, Florida and the United Republic of Tanzania. The terms of each agreement are described below.
TANZANIA PROJECT
BluMountain has entered a binding Letter of Intent (“LOI”) with Carbon Market Exchange Inc. (“CMX”) to collaborate on the development and operation of biochar production facilities utilizing local biomass feedstock provided by an existing agreement (to which CMX is a party) with a regional growers’ association and other parties in Tanzania. The intention is for the facility to utilize BluSky Vulcan pyrolysis equipment, operational and consulting services to produce biochar, carbon removal credits, bio-oils and other products.
The LOI contemplates an exclusive relationship between the Company and CMX in regard to biochar production, bioenergy production, and biomass carbon removal (BCR) in Tanzania. The LOI is structured such that BluMountain would receive 66.67% of any net profits, and CMX would receive 33.33%, subject to adjustment if CMX fails to secure a formal deal with the regional growers’ association or does not otherwise fulfill its contractual obligations, as reasonably determined by BluMountain.
CMX is a U.S.-based Delaware Corporation with primary operations in North Carolina and Michigan, USA, hosting an expert team and growing number of field offices worldwide. Led by CEO Shenna Fortner, the organization aims to develop innovative carbon offset programs to bridge the gap between environmental law, climate finance, and cutting-edge technology. Carbon Market Exchange Ltd was established in 2021 from the efforts of a group of environmentalists and finance executives aiming to bring together the financial industry and climate action in a way that makes meeting the international climate targets more accessible for companies and more supportive for conservationists. To date, CMX has led the development of carbon offset programs in Belize, Brazil, Tanzania, and Indonesia. In Tanzania, CMX is uniquely positioned to meet the rapidly growing demand for carbon offsets through a project which encompasses over 2.6 million acres of agroforestry, coastal ecosystems, and coral reefs.
“We are excited to work with BluMountain to bring biochar and regenerative agriculture solutions to Tanzania’s agricultural industry,” said Shenna Fortner, CEO of Carbon Market Exchange. “This collaboration represents a significant step toward sustainable development in Tanzania, helping to enrich soil health, support local communities, and capture carbon at scale.”
ORLANDO PROJECT
The project is structured as a 50/50 “Joint Venture” (“JV”) between BluMountain and Neutralizing Environmental Trash Inc. (“N.E.T. Inc.” or “NET”) under which BluMountain is to provide Vulcan pyrolysis equipment, operational and consulting service for biochar production, bioenergy production, and biomass carbon removal under the business joint venture brand “NET of the Villages LLC,” proposed to be located in the Orlando, Florida area. Local wood waste has been identified by NET for use as feedstock to service the estimated 50,000 tonnes of annual carbon removal projected from the venture.
NET is focused on converting waste biomass into biochar as a carbon-negative soil amendment to enrich soil health, reduce greenhouse gas emissions, and promote sustainable agriculture. Headquartered in Medford, Oregon, NET is led by President Nicolaas Vanderwey with over three decades of experience in the recycling and environmental sustainability industry, and Senior VP, Development, Misty Burris who oversees strategic planning, financial management, and also serves as President of CO2 Trust, a carbon credit marketplace.
Misty Burris, Senior VP of N.E.T. Inc. and President of CO2 Trust comments, “Our partnership with BluMountain signifies a leap forward in demonstrating the transformative power of biochar as a solution for climate resilience. With this joint venture, we’re not only advancing carbon sequestration but also fostering sustainable practices that strengthen local economies and ecosystems. This collaboration reflects our commitment to innovation, community engagement, and meaningful environmental impact.”
BluSky CEO, Will Hessert notes, “The creation of our BluMountain joint venture is kicking off with some great opportunities. The team at CMX are very professional and exciting to work with, as are the dynamic folks at NET. With the carbon price index as fixed by NASDAQ collaborator PURO.earth currently sitting above €120 (~130USD), these projects hold great promise. It’s particularly gratifying to pursue projects that are aimed not only at removing carbon, , but that may also provide biochar products to localized agricultural initiatives that could lead to positive economic impacts including food production stability and job creation.”
“The usefulness of biochar is becoming increasingly understood by the public and we believe this will help drive the need to deploy internationally to meet the increasingly important need to remove carbon at an unprecedented scale,” continues CEO Hessert. “Our “building-block” approach is designed for cost effective scalability to achieve gigatonne capacity, so we will continue to relentlessly advance our plans to seek out potential partners including governments, corporations, and investors to help us achieve global carbon neutrality in our lifetime. We look forward to more exciting opportunities from the BluMountain venture as we look forward to 2025 becoming a breakout year for Blusky.”
About BluMountain Carbon
BluMountain Carbon (“BluMountain”) is a business venture (“Joint Venture” or “JV”) of BluSky Carbon and Texas-based Red Mountain Biochar, LLC (“Red Mountain”) to commercialize multiple potential biochar offtake and project financing opportunities for the benefit of BluSky and Red Mountain with a particular emphasis on the (i) production and processing of biochar, (ii) deployment of carbon removal technologies, and (iii) exploration and deployment of opportunities in related industries and technologies, as well as other commercial opportunities that the Joint Venture may identify from time to time. Please see the Company’s press release dated October 11, 2024.
About BluSky Carbon Inc. (CSE: BSKY) (OTCQB: BSKCF) (FWB: QE4 /WKN: A401NM)
BluSky is a renewable energy company that is in the business of putting Carbon back into the ground – where it belongs! The Company converts organic and industrial waste into biochar, renewable power and carbonate rocks, as well as the development and sale of carbon capture technology. BluSky’s primary objectives are to (1) construct carbon removal equipment; (2) sell the biochar produced by the carbon removal equipment; and (3) sell carbon credits ?generated from the production of biochar. The Company’s business model is based on the growing need for carbon neutrality and demand to reduce CO2 emissions.
BluSky Carbon is publicly listed in Canada on the CSE with the trading symbol BSKY, on the OTCQB as BSKCF, and in Frankfurt, Germany (FWB) with the identifier QE4. BluSky’s public filings and related documents are available on the Company’s profile page on SEDAR+ at www.sedarplus.ca. For more information about the Company, please visit https://bluskycarbon.com/, watch our video, and sign up to receive news alerts or join us on social media at Facebook, X (formerly twitter), Instagram, or LinkedIn.
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