Deepverge plc (AIM: DVRG), has secured a two-year environmental monitoring and remediation project with environmental technology company, MèreMer for its Blue Carbon Resilience (“BCR”) Flagship project which has commenced on the coastlines of Georgia and South Carolina worth £2.4m in aggregate. The work is being conducted on multiple salt-marsh sites owned and managed by the Georgia Ports Authority, GA, USA and the NOAA-led National Estuarine Research Reserve System (NERRS) with special focus on carbon sequestration, coastal resiliency, biodiversity and water quality. Development work for this project has been underway since H1 and payment of microbiome testing and software licenses fees will be in this financial year.
Turnover of approximately £0.8 million arising from this project is expected to fall in the current financial year, and £1.6 million in the financial year commencing 1 January 2023. This does not alter the board’s assessment of prospects for the current year as set out in the Company’s “Trading Update” notified on 5 August 2022. The project involves multiple divisions of the Group providing environmental microbiome analysis; Innovenn (Labskin), monitoring and membrane technology and equipment from Modern Water and software analysis and AI from Rinocloud. Mass spectroscopy-based sample analysis will be carried out by DeepVerge’s partner Microsaic Systems plc. The two-year project is expected to deliver the most comprehensive set of data ever obtained for salt marshes – one of the key areas of international focus of BCR. The work will yield a full profile of the sites and their ability to sequester carbon with data models that will be used by industry, Government, environmental agencies, and financial institutions to model and perform a cost-benefit analysis of future carbon sequestration projects around the world.