CASTLEGAR, BC / ACCESSWIRE / July 20, 2022 / Karbon-X Corp (OTC:KARX) an innovative carbon marketing and project development company, announced today that the Company has entered into a partnership agreement to supply funding to build Carbon Capture units, in multiple locations with Heimdal CCU.
This strategic partnership will permanently capture atmospheric carbon dioxide using technology proven by Heimdal CCU that forces carbon dioxide (CO2) to react with free-floating elements in the ocean permanently restructuring the CO2 into calcium and magnesium carbonates which allows for safe and permanent storage of CO2.
"The partnership of Heimdal CCU and Karbon-X will allow both companies to accelerate growth and provide provable CO2 reductions that are highly visible and easily deployable," said Karbon-X CEO, Chad Clovis. "Heimdal management absolutely left me speechless after our first meeting and I knew we had to work together. Our companies' values and ethics align from our core mission of removing as much CO2 from the atmosphere as quick as possible to, using technology to accelerate the removal of CO2 from the atmosphere."
"We are thrilled to move forward with our partnership with Karbon-X, a trailblazer in climate project financing that shares our urgency for action on the climate crisis. With Karbon-X at our side, Heimdal increases its capacity to accelerate the production of our world-leading carbon capture sites. We couldn't be more excited for the days and months ahead." Stated Erik J. Millar CEO of Heimdal CCU.
- Each deployed carbon capture unit will remove 1000-5000 tonnes of CO2 from the atmosphere for the lifespan of the project, 20 years while generating carbon credits from each working unit
- Karbon-X will receive 50% of the carbon credits generated by each deployed unit
- Heimdal CCU is expected to expand carbon capture in q1 2023 to 5000tonne/year and by Q1 2025 5MT/year capacity to be reached.
- Karbon-X will make ongoing payments to Heimdal CCU for each carbon capture plant that is deployed
- With the Projects operating using emerging technology and a high concentration of emission reductions coming from the projects, the Company expects carbon credits generated to be sold at a substantial increase from regular market pricing
- By Q1 2025 the carbon credit volume will reach 5,000,000 credits per year
About Karbon-X Corp
Karbon-X is a tech-based carbon marketing company specializing in selling carbon credits direct to business or through an owned APP to the everyday person while investing in projects that have the potential to generate carbon credits and supplies a online social media community to encourage change and growth of the green economy.
About Heimdal CCU
Heimdal CCU is a tech-based CO2 sequestration company using renewable energy to extract acidity from seawater. This allows more CO2 to be removed from the atmosphere and restores stability to the world's oceans. This technology provides a scalable solution that provides the lowest cost of direct air carbon capture on Earth.
On behalf of Karbon-X Corp
Chief Executive Officer & Director
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION.
This press release contains "forward-looking information" within the meaning of applicable securities laws in Canada or the United States ("forward-looking information"). Forward-looking information may relate to the Company's future outlook and anticipated events, plans or results, and may include information regarding the Company's objectives, goals, strategies, future revenue or performance and capital expenditures, and other information that is not historical information. Forward-looking information can often be identified by the use of terminology such as "believe," "anticipate," "plan," "expect," "pending," "in process," "intend," "estimate," "project," "may," "will," "should," "would," "could," "can," the negatives thereof, variations thereon and similar expressions. The forward-looking information contained in this press release is based on the Company's opinions, estimates and assumptions in light of management's experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management currently believes are appropriate and reasonable in the circumstances.
SOURCE: Karbon-X Project Inc.