Verde AgriTech Ltd (TSX: “NPK”) announced a strategic partnership with WayCarbon to bolster the development and monetization of its carbon removal project. The conclusion was reached by a commissioned study conducted by Phil Renforth is a leading developer of carbon removal projects and a pioneer in climate change mitigation and sustainability solutions. The partnership is based on Verde’s specialty multi-nutrient potassium fertilizer K Forte® and its potential to permanently capture CO2 through Enhanced Rock Weathering.
“This partnership with WayCarbon marks a new chapter for Verde. It represents a crucial step towards monetization of Verde’s own significant carbon removal potential and allows the Company to collaborate on new projects with Brazil’s most credible carbon developer. WayCarbon has been active in this sector since 2006 making it a veteran with a success record to match. I believe that the combination of our attributes has the potential to spawn one of the world’s largest carbon removal platforms,” celebrated Cristiano Veloso, Verde’s Founder and CEO.
WayCarbon has a history of high-quality carbon projects in Brazil. Within the partnership, WayCarbon will support Verde with the development, certification, marketing and monetization of its carbon credits. In addition to leveraging Verde’s Product, the partnership extends its scope to encompass Verde’s origination and utilization of other minerals capable of carbon capture through Enhanced Rock Weathering.
“We are thrilled about our partnership with Verde AgriTech. At WayCarbon, our mission is to drive the transition to a Net-Zero economy. This transformation is a multi-sectoral endeavour. The distinctive properties of Verde’s products, coupled with Verde’s extensive proven mineral reserves and their strategic proximity to key agricultural regions of the country, present a unique opportunity to advance the decarbonization of the Brazilian agricultural sector,” extolled Breno Rates, WayCarbon’s Founding Partner and head of Carbon Projects.
Located in São Gotardo within the state of Minas Gerais, Brazil, Verde’s operations are underpinned by one of the world’s largest potash resources, at 5.9 billion tons as approved by the Brazilian Mining Agency, of which 3.32 billion tons have been certified under Canadian National Instrument 43-101.1 Thereupon, Verde has a total capture potential of 0.7 gigatons of CO2 from the atmosphere, which would establish it as one of the world’s largest carbon capture projects.
As Brazil’s largest potash producer by capacity, Verde has an annual production capacity of 3 million tons. With no further CAPEX investment, the company is capable of capturing up to 0.36 million tons of CO2 per year based on its existing production facilities.