Press Release

Base Carbon Makes US$8.75m Investment in DelAgua Rwanda Carbon Development Project

DelAgua Group (“DelAgua”) is pleased to announce an $US8.75m investment by Base Carbon Inc. (NEO:“BCBN”)(“Base Carbon”) in DelAgua’s carbon development project in Rwanda which will fund 250,000 stoves across rural Rwanda. With associated DelAgua investment over the term of the project, the total investment will be over US$16M. Hardwick Climate Business Limited (“HCBL”) acted as an advisory partner.

Including self-funded stoves, DelAgua will deliver 350,000 stoves over 4 months, beginning in May 2022. This new program builds on the success of their Tubeho Neza “Live Well” programme which has already provided 647,000 stoves, making it the world’s biggest individual stove project of its kind.

DelAgua Chairman Neil McDougall stated, “Base Carbon’s investment means that, working with our partner the Government of Rwanda, we can accelerate the transition to clean cooking, cut carbon emissions, combat climate change and improve the health and wellbeing of over 1 million rural Rwandans.”

“We have chosen to invest in DelAgua’s carbon offset project because of their track record of success, outstanding quality of delivery and measurable impact. Innovative technology combined with education and support maximises stoves usage and carbon credit yield,” said Philip Hardwick, COO of Base Carbon.

“We are excited to have facilitated Base Carbon’s biggest investment to date, enabling DelAgua to continue to deliver the world’s largest improved cookstoves programme in Rwanda,” stated Sam Warburton, Partner at HCBL.