Blue Carbon Resilience project

RNS Number : 1840Z

Deepverge PLC

13 September 2022

 

13 September 2022

DeepVerge PLC

("DeepVerge" or "the Company" or "the Group" )

DeepVerge secures Blue Carbon Resilience project in Georgia and South Carolina worth £2.4m

Water monitoring and remedial solutions for salt-marsh carbon sequestration

DeepVerge plc (AIM: DVRG), has secured a two-year environmental monitoring and remediation project with environmental technology company, MèreMer for its Blue Carbon Resilience ("BCR") Flagship project which has commenced on the coastlines of Georgia and South Carolina worth £2.4m in aggregate. The work is being conducted on multiple salt-marsh sites owned and managed by the Georgia Ports Authority, GA, USA and the National Oceanic and Atmospheric Administration ("NOAA") with special focus on carbon sequestration, coastal resiliency, biodiversity and water quality. Development work for this project has been underway since H1 and payment of microbiome testing and software licenses fees will be in this financial year.

Turnover of approximately £0.8 million arising from this project is expected to be fall in the current financial year, and £1.6 million in the financial year commencing 1 January 2023. This does not alter the board's assessment of prospects for the current year as set out in the Company's "Trading Update" notified on 5 August 2022.The project involves multiple divisions of the Group providing environmental microbiome analysis; Innovenn (Labskin), monitoring and membrane technology and equipment from Modern Water and software analysis and AI from Rinocloud. Mass spectroscopy-based sample analysis will be carried out by DeepVerge's partner Microsaic Systems plc. The two-year project is expected to deliver the most comprehensive set of data ever obtained for salt marshes - one of the key areas of international focus for BCR. The work will yield a full profile of the sites and their ability to sequester carbon with data models that will be used by industry, Government, environmental agencies, and financial institutions to model and perform a cost-benefit analysis of future carbon sequestration projects around the world.

Gerard Brandon, CEO DeepVerge plc, commented:

"This is the largest deployment of our EcowaterOS initiative, which was launched in February 2020 ^[i] which envisaged a complete solution for managing a water ecosystem. With our patent pending bioinformatics solution and expertise in microbiome analysis, monitoring of water contamination and recovery using AMBC membrane technology, this is an ideal consortium-led approach to offsetting carbon and solving global environmental problems.

The planet's ability to sequester carbon is part of its survival and the Blue Carbon Resilience project is a giant step forward in creating a complete solution for monitoring a complex ecosystem to empirically prove its ability to sequester carbon. We believe this project creates a blueprint for government regulatory agencies working on climate change, seeking mitigation solutions all over the world."

Ross Walker C O O MèreMer, commented:

"This is a ground-breaking project. A world-first, which will establish new standards and methodologies for vital salt marsh habitats. The approach being deployed is fully scalable to over 13 million acres internationally and it's supported by the many of the leading bodies in positive marine climate action.

As a company we create, measure, support and validate climate-positive projects from our oceans. Our BCR flagship project will deliver levels of data around carbon sequestration and coastal resiliency in salt marshes that can drive positive action in this space right across the world. We're delighted to have DeepVerge as a key partner to this."

DeepVerge plc	Gerard Brandon, CEO	[phone]
SPARK Advisory Partners Limited (Nominated Adviser)	Neil Baldwin/Andrew Emmott	[phone]
Turner Pope Investments (TPI) Limited (Broker)	Andy Thacker/James Pope	[phone]

Market Abuse Regulation (MAR) Disclosure

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

About DeepVerge plc (www.deepverge.com)

DeepVerge is an environmental and life science group of companies that develops and applies AI and IoT technology to analytical instruments for the analysis and identification of bacteria, virus and toxins; Utilising artificial intelligent data analytics to scientifically prove the impact of skincare product claims on skin

About MèreMer (www. meremer.org )

MèreMer is a technology company operating at the intersection of Fintech and ClimateTech. They are building the world's first 'rating model' to measure, support and validate climate-positive projects from our oceans and connect them to the carbon-offsetting, ESG and sustainability requirements of the corporate sector. A key part of this solution is the building projects of their own, such as this Blue Carbon Resilience initiative.

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^[i] https://www.deepverge.com/ecowateros-real-time-water-monitoring-recovery-treatment-and-recycling/

 

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