Software company NoviqTech has announced that it will divest its Carbon Central, Fuel Central, NoviqAI, and Quantum Intelligence platforms and the associated intellectual property and use its Coralia subsidiary to focus on carbon dioxide removal (CDR) instead.
As shared in the announcement, the company is considering divesting these tech assets to India’s Renaissance Infrastructure.
The planned transaction would total $1 million, rolled out as $200,000 upfront and $800,000 in quarterly installments backed by security from Renaissance.
By making this change, NoviqTech will be able to work on a large-scale offtake deal with Pure Data Centres Group.
The two companies are in talks for a contract that would include 70% of the carbon removal credits generated from Pure Data Centres Group’s flagship Great Barrier Reef biochar project in north Queensland.
This switch in interests came from NoviqTech’s board, which established that the greatest opportunity for shareholder value creation lies in the CO2 removal sector. This is why the company intends to concentrate efforts on the development and commercialization of Coralia’s biochar CDR projects and associated low-CO2 concrete.
By redirecting capital and management capacity towards Coralia, NoviqTech expects to be able to strengthen its own balance sheet. With this deal, the company also projects that it will unlock monthly savings of more than $100,000, as the complete staff currently working with NoviqTech Services transfers to Renaissance.
As part of its work on Coralia, NoviqTech will help advance CDR opportunities and will support a new research partnership with the Swinburne University of Technology in Melbourne that intends to advance biochar applications in low-CO2 concrete. The company shares that this collaboration will target the data centre sector.
Relevant: NoviqTech Subsidiary Coralia Partners With A Healthier Earth On Great Barrier Reef Biochar
At the same time, NoviqTech is also making key leadership shifts within its structure. In that regard, the company has announced that Freddy El Turk is leaving the role of managing director, with executive director Timothy Brooks stepping into his place, effective immediately.
In a bigger picture perspective, this move will enable NoviqTech to participate in the global carbon removal market, leveraging its standing expertise in environmental data and CO2 measurement, reporting, and verification (MRV).
Read more: A Healthier Earth Launches The World’s First Integrated CDR Platform From The Data Center Sector
