European Green Transition announces deal to acquire prospective carbon credit project in Ireland
London, UK
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May 23, 2024 07:33 AM Eastern Daylight Time
European Green Transition co-founder and non-executive director Cathal Friel joined Proactive's Stephen Gunnion with details of an exclusive option agreement to investigate the potential to develop a peatland carbon sink programme at the Altan farm in Donegal, Ireland.
European Green Transitioin has taken an option on roughly 1,370 acres of peatland at Altan aimed at generating carbon credits by rewetting the land, which will allow it to monetise these credits. Friel emphasised that this method is less capital-intensive and has significant growth potential.
The company's approach involves front-loading work and sharing revenue with landowners rather than purchasing land outright. This scalable model is expected to produce revenue in the first year and EBITDA by the second year. Friel highlighted the environmental benefits and the potential for substantial revenue generation through carbon trading.
Following EGT's IPO in April, Friel noted the company's aim 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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