Base Carbon announced yesterday it completed an equity financing of approximately $16mm CAD at $0.50 per common share.
Base Carbon is targetting the carbon offset sector. Non-brokered financing was led by Robert Friedland and investors at Abaxx Technologies.
“Base intends to deploy capital across the carbon credit market ecosystem in a risk-adjusted manner as carbon markets evolve with heightened societal awareness coupled with increased industry and consumer demand for carbon offsetting,” said the company in a news release. “The firm’s mandate is to be the preferred carbon project partner for financing, streaming, technology and access to markets.”
Josh Crumb is CEO, formerly with BitGold.
“Having completed this seed-financing round with the Base Carbon team, Abaxx shareholders are well positioned to benefit from this emerging growth-market opportunity by way of equity participation and revenue royalties, while allowing Base to spin out of Abaxx with its own board and management team,” remarked Josh Crumb, CEO of Abaxx. “The growing addressable market opportunity for Base Carbon is very compelling.”
Base is partnering with Hardwick Climate Business, which has a carbon advisory, sourcing and merchant banking platform with active operations in multiple jurisdictions globally.
Abaxx is entering a technology license agreement with Base Carbon which includes a royalty on future revenues.