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Published on March 31, 2022

Base Carbon Provides Cookstove Project Update and Reports Year-End 2021 Financial Results

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March 30, 2022 – Toronto, Ontario – Base Carbon Inc. (NEO:BCBN) (including its subsidiaries, “Base Carbon”, or the “Company”) is pleased to provide an update on its Rwanda cookstove project (the “Rwanda Cookstove Project”) which is an expansion of an existing, registered, carbon reduction project under the DelAgua Group as the Coordinating/Managing Entity. Base Carbon is also pleased to announce financial results for the year ended December 31, 2021. All financial references are denominated in US dollars, unless otherwise noted.

Rwanda Cookstove Project Update

As previously announced, Base Carbon has entered into a carbon reduction project agreement with a subsidiary of the DelAgua Group to supply cookstoves in the country of Rwanda as part of an expansion of an existing Verra-registered carbon reduction project. As of March 17, 2022, the project design document (PDD) for the overall DelAgua Group project, of which the Rwanda Cookstove Project forms a portion, was made publicly available on Verra’s carbon project registry at

The Rwanda Cookstove Project is currently scheduled to receive shipment of the majority of cookstoves from the manufacturer by the end of Q2 2022, with initial distribution to participating households anticipated to begin late Q2 2022 continuing throughout the year.

Base Carbon believes that the Rwanda Cookstove Project is a near-term producing carbon reduction project with the delivery of initial carbon credits anticipated by mid-2023.

Recent Business Highlights and Year-End 2021 Financial Results

  • On March 1, 2022, Base Carbon acquired an additional 30% strategic interest in Hardwick Climate Business Ltd. (“HCBL”) resulting in a total current ownership of 49.9%. The acquisition was completed in accordance with a planned, phased acquisition as set out in the terms of an investment agreement between, among others, HCBL and Base Carbon.
  • The Company commenced trading on the NEO Exchange under the symbol “BCBN” on March 3, 2022.
  • As of December 31, 2021, the Company had $47.0 million in cash and cash equivalents, $0.3 million in accounts payable and accrued liabilities, and no corporate debt.
  • The Company incurred an operating loss of $1.3 million and a net comprehensive loss of $1.5 million for the period beginning July 12, 2021 (date of incorporation) to December 31, 2021. The Company’s revenue streams are still being developed. Major operating expenses were attributable to consulting and professional fees in connection with four (4) previously announced private placements, the investment agreement with HCBL, and the reverse takeover transaction completed on February 23, 2022.

“2021 has been a formative year for Base Carbon. We have achieved our key initial milestones and objectives including the commencement of trading as a public company on the NEO Exchange, execution and allocation of capital to our first carbon project in the Rwanda Cookstove Project and furthering our planned and phased strategic acquisition of HCBL. We continue to focus on scaling our people, platform and pipeline all while working diligently to execute on our near-term pipeline of carbon projects,” said Michael Costa, Chief Executive Officer of Base Carbon.

For more information, please refer to the year-end 2021 financial results and management discussion and analysis (“MD&A”) for each of the Company and Base Carbon Corp. available on

About Base Carbon

Base Carbon is in the business of providing capital, development expertise and management operating resources to projects involved primarily in voluntary carbon markets and the broader ESG economy. Base Carbon seeks to be the preferred carbon project partner in providing capital and developmental resources to carbon projects globally and, where appropriate, will endeavour to utilize technologies within the evolving carbon industry to enhance efficiencies, commercial credibility, and trading transparency.

For more information, please visit

Investor Relations Contact:

Meghna Nair
Manager, Investor Relations
Tel: +1 647 952 3979

Wes Fulford, Chief Financial Officer, and Ryan Hornby, Chief Legal Officer are responsible for this press release.

Cautionary Statements Regarding Forward Looking Information

This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the Rwanda Cookstoves Project, the focus of Base Carbon’s business and financial results of the Company. Any such forward-looking statements may be identified by words such as “expects”, “anticipates”, “intends”, “contemplates”, “believes”, “projects”, “plans” and similar expressions. Readers are cautioned not to place undue reliance on forward-looking statements. Statements about, among other things, Base Carbon’s strategic plans and details of development timelines of the Rwanda Cookstove Project and future projects are all forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements.

In respect of the Company’s initial carbon reduction project, the Rwanda Cookstove Project, and additional contemplated carbon reduction projects described herein, certain factors that influence successfully meeting the milestones related to such project include, among other things: (i) the Company has retained experts/consultants/advisors to assist with the evaluation, planning and negotiation of potential carbon reduction projects, (ii) in respect of the Rwanda Cookstove Project, the development thereof remains in line with anticipated timelines and costs, the manufacturers and distributors contracted by the Company and DelAgua in respect thereof satisfy their obligations as expected by the Company and on expected timelines, and the local participants in the project utilize the stoves supplied to them in accordance with the expectations under the project, (iii) in respect of the Company’s additional carbon reduction projects, the Company is able to successfully execute definitive documentation in respect of such projects and on the expected timelines, the execution of such projects remain consistent with anticipated timelines and costs, and the conditions precedent for the deployment of capital thereunder, if any, are satisfied by the counterparties involved in such projects in a timely fashion, and (iv) the Company has sufficient funds on hand to complete the development and execution of its stated project milestones.

Base Carbon assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances or actual results unless required by applicable law. When available, readers are encouraged to refer to the MD&A for each of the Company and Base Carbon Corp. available on for information as to the risks and other factors which may affect Base Carbon’s business objectives and strategic plans.

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