Fully digital platform allows purchasers to transact tokenized carbon credits directly with project developers, such as ReGen III, and retire these against their carbon footprint
Vancouver, British Columbia — (Newsfile Corp. – September 11, 2023) — ReGen III Corp. (TSXV: GIII) (OTCQB: ISRJF) (FSE: PN4) (“ReGen III” or the “Company”) is pleased to announce its participation in the development of a voluntary carbon credit ecosystem developed by Northern Trust (“NTRS”). Leveraging private ledger digital blockchain technology, the platform aims to provide carbon removal/reduction project developers with a fully automated ecosystem to manage the end-to-end life cycle of carbon credits with purchasers.
“We are proud to have worked with Northern Trust, an innovator in securities servicing, and selected leading project developers, to help deliver its initial Minimum Viable Product (MVP). We look forward to leveraging the platform to connect with institutional buyers of voluntary carbon credits,” states Greg Clarkes, CEO of ReGen III.
Justin Chapman, global head of Digital Assets and Financial Markets at Northern Trust, said, “We are grateful to ReGen III and our other project developers for helping us reach this successful MVP milestone which lays the foundation for the development of an industry-wide voluntary carbon credit ecosystem, providing confidence and transparency through the lifecycle of a carbon credit transaction.”
Northern Trust’s ecosystem utilizes private ledger digital blockchain technology to connect institutional buyers with carbon credit suppliers who are focused on solutions to reduce greenhouse gases including carbon dioxide. The fully digital platform allows purchasers to transact carbon credits directly with project developers and retire these against their carbon footprint.
Northern Trust plans further development of its platform, including the first official live transaction, in late 2023.
About Northern Trust
Northern Trust Corporation (“NTRS”) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 25 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2023, Northern Trust had assets under custody/administration of US$14.5 trillion, and assets under management of US$1.4 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Twitter @NorthernTrust or Northern Trust Corporation on LinkedIn.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.
About ReGen III
ReGen III is a cleantech company commercializing its patented ReGen™ technology to recycle used motor oil (“UMO”) into high-value Group III base oils. With a focus on creating sustainable solutions that generate better environmental outcomes and compelling economics, the Company’s ReGen™ process is expected to reduce CO2e emissions by 82% as compared to virgin crude derived base oils combusted at end of life.
In 2022, ReGen III completed FEL2 and value engineering for the Company’s 5,600 bpd UMO Texas recycling facility, where world class engineering, construction and licensed vendor teams – including Koch Project Solutions, LLC, PCL Industrial Management Ltd., Koch Modular Process Systems and Duke Technologies – are providing detailed design, construction, commissioning, and start-up services.
Operating in an underserved segment of the base oil market, ReGen III aims to become the world’s largest producer of sustainable Group III base oil.
For more information on ReGen III or to subscribe to the Company’s mailing list, please visit: www.regeniii.com/investors/corporate-presentations and www.regeniii.com/newsletter-subscription.
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Certain information other than statements of historical facts contained in this news release constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”). Without limiting the foregoing, such forward-looking information includes statements regarding the Company’s business plans, expectations, capital costs and objectives. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking information. Forward-looking information should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information is based on information available at the time and/or the Company management’s good faith belief with respect to future events and is subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company’s control. For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company’s most recent Management’s Discussion and Analysis and financial statements and other documents filed by the Company with the Canadian securities commissions and the discussion of risk factors set out therein. Such documents are available at www.sedarplus.ca under the Company’s profile and on the Company’s website, https://www.ReGenIII.com/. The forward-looking information set forth herein reflects the Company’s expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.