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Blusky Carbon Inc
Symbol BSKY
Shares Issued 67,027,706
Close 2024-11-20 C$ 0.48
Market Cap C$ 32,173,299
Recent Sedar Documents

Blusky Carbon JV BluMountain forms JV with NET

2024-11-21 10:41 ET - News Release

Mr. William Hessert reports

BLUSKY CARBON JV ENTITY BLUMOUNTAIN ENTERS INTO JV PARTNERSHIP IN SOUTHEASTERN USA

Blusky Carbon Inc.'s previously announced BluMountain Carbon joint venture (see the company's press release dated Oct. 11, 2024), in which it holds a 50-per-cent interest, has entered into an agreement with Oregon-based Neutralizing Environmental Trash Inc. (doing business as NET). BluMountain and NET have formed a 50/50 joint venture under the agreement, aimed at jointly deploying biochar technology and related projects in the southeastern United States and other domestic or international locations.

The JV intends, subject to securing project financing, to purchase Vulcan pyrolysis equipment from Blusky, together with operational and consulting services, totalling $7-million (U.S.). Local wood waste has been identified by NET for use as feedstock to service the estimated 50,000 tonnes of annual carbon removal the JV aims to complete in future operations. The company notes, however, that the JV has not yet secured the financing necessary to purchase equipment or services from the company and that such financing would need to be in place before any sales could occur.

JV highlights:

  • 50/50: NET and BluMountain will operate as equal JV partners in all undertakings specified under the agreement. Each party will retain a 50-per-cent ownership stake in any profits or losses arising from JV activities, subject to terms detailed in a formal joint venture agreement (JVA).
  • Dilution: If dilution occurs through external financing or investment, both parties agree to be diluted equally, retaining equal ownership.
  • Audit rights: BluMountain shall have the right to audit the financial and operational records of NET to ensure compliance with the terms of this agreement and applicable laws.

Blusky chief executive officer Will Hessert stated: "I find myself truly grateful that, in Blusky's short history, we have already initiated multiple projects with diverse partners in locations both at home and abroad. The creation of our BluMountain joint venture is moving ahead as planned as we now celebrate its joint venture agreement with the team at NET. Against these successes, we are heartened by the continued growth of the carbon price index as fixed by Nasdaq collaborator Puro Earth now sitting above 135 euros (approximately $143 (U.S.)) per tonne. As we move ahead, the outlook for carbon removal and for our venture remains strong."

About BluMountain Carbon

BluMountain Carbon is a business venture of Blusky Carbon and Texas-based Red Mountain Biochar LLC to commercialize multiple potential biochar offtake and project financing opportunities for the benefit of Blusky and Red Mountain with a particular emphasis on the: (i) production and processing of biochar; (ii) deployment of carbon removal technologies; and (iii) exploration and deployment of opportunities in related industries and technologies as well as other commercial opportunities that the joint venture may identify from time to time. Please see the company's press release dated Oct. 11, 2024.

About Blusky Carbon Inc.

Blusky is a renewable energy company that is in the business of putting carbon back into the ground -- where it belongs. The company converts organic and industrial waste into biochar, renewable power and carbonate rocks as well as develops and sells carbon capture technology. Blusky's primary objectives are to: (1) construct carbon removal equipment; (2) sell the biochar produced by the carbon removal equipment; and (3) sell carbon credits generated from the production of biochar. The company's business model is based on the growing need for carbon neutrality and demand to reduce carbon dioxide emissions.

Blusky Carbon is publicly listed in Canada on the Canadian Securities Exchange with the trading symbol BSKY, on the OTCQB as BSKCF, and in Frankfurt, Germany (FWB), with the identifier QE4. Blusky's public filings and related documents are available on the company's profile page on SEDAR+.

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