Cellular Goods announced that its wholly owned subsidiary King Tide Carbon Canada Ltd., has signed a formal agreement with Springtide Seaweed LLC to form a joint venture for the purpose of collaborating on carbon sequestration and removal services through sustainable kelp farming. Springtide Seaweed is in the business of growing, cultivating and harvesting kelp, cultivating multiple species in the State of Maine, and providing nursery and farm technology services to other kelp farms globally. Springtide Seaweed and King Tide will use their combined efforts to identify, analyse and select kelp species, cultivation techniques and harvesting techniques to maximise carbon sequestration and removal.

The term of the Joint Venture will be for two years, with option to extend. Springtide Seaweed, and/or in coordination with other local farmers, shall grow, cultivate and harvest kelp in the State of Maine. With such species of kelp and cultivation techniques, and at a scale or quantity levels as Springtide Seaweed and King Tide may mutually determine, Springtide Seaweed will maximise carbon sequestration and removal at economical amounts.

As part of the Joint Venture, King Tide shall provide investigatory, analytical and advisory services with respect to determining carbon sequestration levels, techniques and confirmation, and, subject to the Agreement, will purchase kelp from Springtide Seaweed in offtake arrangements. The Agreement to form a Joint Venture follows the signing of a non-binding memorandum of understanding, as announced on 17 July 2023. Cellular Goods and King Tide continue their development of ground-breaking carbon removal solutions that are scalable and of high quality.