King Tide Carbon, a biosynthetic, algae-based carbon removal company, has signed a memorandum of understanding (MoU) with U.S. Springtide Seaweed to create a new joint venture to develop carbon sequestration and removal services in the kelp farming industry, Cellular Goods PLC (LSE:CBX), King Tide’s parent, announced Monday.
Under the non-binding, non-exclusive agreement, Springtide, and/or in coordination with other local farmers, will produce kelp — a type of algae that can be used to capture carbon dioxide (CO2) — for use by King Tide at its farm in the northeastern U.S. state of Maine for a period of two years.
“Springtide Seaweed and King Tide will use their combined efforts to identify, analyze and select kelp species, cultivation techniques and harvesting techniques to maximize carbon sequestration and removal,” Cellular Goods said in a statement.
Cellular Goods said that it and the joint venture partners are looking to reach a long-term agreement in the “near term”.
Springtide, which cultivates multiple species of kelp, is one of the largest organic kelp farms in North America, and the largest organic seaweed farm in Maine certified by the United States Department of Agriculture (USDA).
According to King Tide, kelp is more efficient than trees in carbon sequestration since its entire surface area is used for photosynthesis.