Carbon Streaming Corporation is investing up to US$20 million in Will Solutions, which will enhance its Sustainable Communities development in Quebec and Ontario.
BELOEIL, QC, June 21, 2022 /CNW Telbec/ - Will Solutions (Will) is proud to announce the up to US$20 million stream investment of Carbon Streaming Corporation (CSC) which will allow the company to accelerate the development of its Sustainable Communities in Quebec and Ontario.
The stream investment is expected to enable the achievement of over one hundred million tons of GHG reductions, by 2030, which will be converted into verified carbon credits (VCUs) and monetized on Voluntary Carbon Markets (VCMs). Will will select and qualify GHG reduction micro-projects under its Sustainable Communities of Quebec and Ontario to quantify and convert them into VCUs. These micro-projects will come from tens of thousands of buildings established in Quebec and Ontario and will focus on energy conversion and efficiency, reuse, composting, and recycling of waste streams and on the transport of people and goods. The company aims to improve the performance and productivity of its Sustainable Communities which will be deployed in Quebec and Ontario by processing billions of transactions necessary to account for more than 109 million tons of CO2eq by 2030. Carbon revenues obtained from the VCMs, which are expected to be in the order of several billion $US, will be distributed according to Will's business model, which is based on sharing and the broad participation of its ecosystem, made up of SMEs, municipalities and NGOs.
« To achieve Will's mission and accelerate the engagement of all stakeholders in the company, Will has set up a hypergrowth plan. It is necessary to innovate in the processes for qualifying, quantifying and verifying the GHG emissions and reductions of our members, who are part of a pool of tens of thousands of SMEs in Quebec and Ontario. The investment will allow the addition of transport to the VM0018 methodology, developed by Will and certified under the VCS program, and the optimization of its traceability platform which will increase its capacity to process billions of transactions in a secure, efficient and automated way. Carbon Streaming Corporation's investment gives us the resources to engage thousands of Canadian SMEs in climate action today, » said Martin Clermont, President of Wil Solutions.
Under the terms of the stream agreement with CSC (the Stream), CSC has made an initial upfront cash investment of US$4 million on closing, with the remaining upfront payments of up to US$16 million being made as the projects meet implementation and new member enrollment milestones. Under the Stream, CSC will receive 50% of the VCUs created by these two Sustainable Community projects, up to a total of 44.1 million VCUs. In addition, CSC will make ongoing delivery payments to Will Solutions for each VCU that is sold under the Stream.
Carbon Streaming Founder and CEO Justin Cochrane stated: "We count ourselves fortunate to be partnering with Will, a great organization with an impressive track record of more than a decade of success pioneering grouped carbon projects here in Canada. We have a shared vision of climate action through community and are proud to support these exciting growth plans in Quebec and Ontario as we grow and diversify the Carbon Streaming portfolio."
Carbon Streaming is an ESG (Environment, Social and Governance) principled company offering investors exposure to carbon credits, a key instrument used by governments and businesses to achieve their climate goals of carbon neutrality and net-zero carbon. The business model is focused on acquiring, managing and growing a diversified, high-quality portfolio of investments in projects and/or companies that generate or are actively involved, directly or indirectly, in voluntary and/or regulated carbon credits.
CSC invests capital through carbon credit streaming agreements with developers and owners to accelerate the creation of carbon offset projects by bringing capital to projects that may otherwise not be developed. Many of these projects have significant social and economic co-benefits in addition to their carbon reduction or removal potential.
CSC has entered into carbon credit streaming agreements related to over 10 projects around the world, including nature-based projects, biochar, methane avoidance, clean cookstoves and water filtration.
WILL Solutions Inc. (WILL) is a private Canadian company, certified BCorp., whose head office is based in Beloeil, QC. The company is active in the Voluntary Carbon Markets (VCM) sector through its Sustainable Community. WILL has a social philosophy based on sharing. It is based on two major axes: democratizing access to carbon credits by pooling local GHG reduction projects carried out by SMEs, NPOs and public entities, and returning as much money as possible to these partners following the sale of carbon credits by WILL. WILL has been carbon neutral since 2007 and is committed to returning 10% of its net profit to community projects and initiatives supporting sustainable development.
Sustainable Community (SC) is a project to democratize access to the voluntary carbon market which is validated under the VCS program administered by the VERRA organization. SC is the first group project (cluster) out of the 1,700 projects validated on this program which brings together GHG reductions for its members. The community business model of a cluster of hundreds of GHG reduction micro-projects is intended to be a catalyst for local actions making it possible to engage a variety of actors. On July 21, 2020, Sustainable Community obtained the Solar Impulse label from the Swiss Foundation directed by Bertrand Piccard.
SOURCE Will Solutions
Martin Clermont, CEO of Will Solutions Inc., 514-990-2124 (extension 6), [email protected]
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