European Green Transition announces agreement to acquire a future carbon credit project in Ireland
(NewsDirect)
European Green Transition co-founder and non-executive director Cathal Friel joined Proactive’s Stephen Gunnion with details of an exclusive option agreement to explore the potential to develop a peatland carbon sink program at the Altan farm in Donegal, Ireland .
European Green Transitioin has optioned approximately 1,370 hectares of peatland near Altan, aiming to generate carbon credits by rewetting the land, allowing the country to monetize these credits. Friel emphasized that this method is less capital intensive and has significant growth potential.
The company’s approach involves doing the work up front and sharing the revenue with landowners, rather than purchasing land directly. This scalable model is expected to generate revenue in the first year and EBITDA in the second year. Friel highlighted the environmental benefits and potential for generating substantial revenues from carbon trading.
Following EGT’s initial public offering in April, Friel noted that the company aims to double its share price within the first year and triple it within 18 months. Currently, the share price has already increased by 68% since the IPO.
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Proactive UK
+44 20 7989 0813
UKEditorial@proactiveinvestors.com
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