FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., April 27, 2023 /PRNewswire/ — Sustainability is a major buzzword in the business world. It’s about the short-term and long-term health of the environment, communities, and companies. The total amount of greenhouse gases created to directly or indirectly support certain activities, which may be human or machine oriented, is referred to as the carbon footprint. This is commonly stated in carbon dioxide equivalent tons. The products and services that help manage carbon footprint make up the carbon footprint management market. The global footprint management market has grown significantly during the last few years. The market’s expansion has been led by growing concerns about climate change, global warming, and the need for an international accord on carbon emissions. Managing carbon footprint helps save money on operational expenditures. A firm will lose money if every aspect of it is not optimized. Many ecologically friendly strategies, such as converting to a paperless workplace or lowering energy use, can serve as cost-cutting measures by reducing waste. Such factors are driving the carbon footprint management market as businesses increasingly turn to lower their carbon footprint. According to a report from Emergen Research projected that the global carbon footprint management market size is expected to reach USD 14.74 Billion in 2028 and register a CAGR of 5.5% during the forecast period. Active companies in the markets this week include: Scope Carbon Corp. (OTCQB: SCPCF) (CSE: SCPE), Carbon Streaming Corporation (OTCQB: OFSTF) (NEO: NETZ), NRG Energy, Inc. (NYSE: NRG), Brookfield Renewable (NYSE: BEP) (TSX: BEP), Devon Energy Corp. (NYSE: DVN).
The Emergen Research report said: “Steady market revenue growth can be attributed to rising concerns regarding global climate change and weather anomalies, global warming, and rising initiatives to address increasing carbon emissions by governments of various countries. Rising awareness among organizations and focus on lowering carbon emissions by calculating carbon footprint is another factor driving market growth. Stringent government regulations regarding carbon emissions is also a major factor driving revenue growth of market. An increasing number of organizations are deploying carbon footprint management software to adhere to such regulations. Increasing climate legislation will also fuel the carbon footprint management market. With 1,810 climate-related laws and regulations in place around the world, compliance is almost certainly required by all. Climate change is becoming a higher concern for many countries, so expect more laws in the future. Among the regional markets, North America accounted for largest revenue share contribution to the global market in (recent years), which is expected to increase substantially during the forecast period. This can be largely attributed to increasing expenditure by governments of countries in the region, rising adoption of carbon footprint management solutions, and stringent regulatory framework.”
Scope Carbon Corp. (CSE: SCPE) (OTCQB: SCPCF) BREAKING NEWS: SCOPE CARBON Announces LETTER OF INTENT FOR PROPOSED ACQUISITION OF FARM FLIGHT, INC. AND Expanding its Network in North America – Scope Carbon Corp. (Frankfurt: VN8) (“Scope” or the “Company”) a carbon mapping technology provider utilizing image recognition technology, is pleased to announce that it has entered into a non-binding letter of intent (the “Letter of Intent”) to acquire Arizona-based Farm Flight, Inc. (“Farm Flight”), a pioneer of image based crop data and analytics in an arms-length all-share acquisition valued at approximately USD $14,500,000 (the “Transaction”).
Highlights:
- Combining Complementary Operations and Expanding Scope’s Services into the United States Agricultural Sector; Farm Flight’s advanced imagery and analytics capabilities are currently improving the efficiency of their agricultural clients. Scope is developing an AI driven imagery platform and when combined with Farm Flight’s capabilities, the Company anticipates to be able provide an effective scalable program that improve the efficiency of the agricultural industry on a mass market scale.
- Immediate Revenue; Farm Flight is currently revenue generating with accretive year over year growth.
- Broadens An Already Strong Management Team: Sam Baker, the CEO of Farm Flight, will be appointed CEO and President of the Company upon completion of the Transaction. The parties also intend that three existing board members of Farm Flight will be appointed to the board of the Company bringing experienced business acumen, as well as strong industry and client relationships. These strengths are complementary to Scope’s knowledge and technological expertise.
“After almost a year of working with Scope, we have never been surer that these are the right people to grow our combined businesses with and we believe the impact of the two companies can revolutionize the industry to new levels of efficiency and production capabilities,” said Farm Flight’s CEO, Sam Baker. “I believe that this Transaction will enable us to drive incredible change in agriculture and shape the future of food production. The potential of AI in this industry has been widely understood for a while now. We finally have the opportunity to make that vision a reality.”
“Agricultural production of food is difficult. As a result, approximately 33 percent of total food wastage occurs during this stage for various reasons ranging from crop failures, over-regulation to inefficiencies in the process. Food wastage is not only an economic loss to farmers, producers, chain retailers and consumers, it also results in a net environmental harm. This acquisition marries the technological capabilities of our two companies and also expands Scope’s operations into the agricultural sector at a time when food prices and food waste have hit unfathomable highs”, said Scope’s Non-Executive Chairman Sean Prescott. “Whilst our immediate focus is on increasing revenue growth and profitability, we believe our combined technologies can be applied to a range of green industries and that this acquisition represents an exciting chapter in the stories of our companies. We look forward to joining forces with Farm Flight and increasing the value to our respective shareholders.” CONTINUED… Read this full release and more for Scope Carbon at: https://www.financialnewsmedia.com/news-scpe/
In other market news of interest:
Carbon Streaming Corporation (OTCQB: OFSTF) (NEO: NETZ) recently reported its financial results for the six month period ended December 31, 2022. All figures are expressed in United States dollars, unless otherwise indicated. The Company will host a live audio call at 10:00 a.m. ET on Thursday, March 30, 2023.
Carbon Streaming Founder and CEO Justin Cochrane stated: “As we build our high-quality, diverse portfolio, we are also excited to see several of our projects contributing positive sustainable impacts and advancing toward delivering carbon credits in 2023. We are particularly encouraged by Rimba Raya’s validation on the SRN under Reg 21 in December 2022 and look forward to the project meeting the milestones required to achieve verification. We expect 2023 to be a transformative year for Carbon Streaming as we anticipate receiving carbon credits or royalties from 10 or more projects with cash flow growth potential to follow.”
Mr. Cochrane added: “This year is also expected to bring improved transparency to the voluntary carbon markets through several key industry initiatives, such as the publication of the Core Carbon Principles and the ISSB’s Climate-related Disclosures standards. Finally, we expect the number of companies with climate commitments to continue to rise. With these developing catalysts in the voluntary carbon market as our backdrop, we believe that demand for the carbon credits in our portfolio will only strengthen.”
NRG Energy, Inc. (NYSE: NRG) recently said it plans to report its First Quarter 2023 financial results on Thursday, May 4, 2023. Management will present the results during a conference call and webcast at 9:00 a.m. EST (8:00 a.m. CST).
A live webcast and presentation materials can be accessed through the investor relations website under “presentations and webcasts” at investors.nrg.com. The webcast will be archived on the site for those unable to listen in real-time.
Brookfield Renewable (NYSE: BEP) (TSX: BEP) recently announced that it will hold its First Quarter 2023 Conference Call and Webcast on Friday, May 5, 2023 at 8:30 a.m. ET to discuss results and business initiatives.
Results will be released on Friday, May 5, 2023 at approximately 7:00 a.m. ET and will be available on our website at https://bep.brookfield.com/ under “Press Releases”. Participants can join by conference call or webcast.
Devon Energy Corp. (NYSE: DVN) recently announced it will report first-quarter 2023 results on Monday, May 8, after the close of U.S. financial markets. The earnings release and presentation for the first-quarter 2023 results will be available on the company’s website at www.devonenergy.com.
On Tuesday, May 9, the company will hold a conference call at 10:00 a.m. Central Time (11:00 a.m. Eastern Time), which will consist primarily of answers to questions from analysts and investors. A webcast link to the conference call will be provided on Devon’s website at www.devonenergy.com. A replay will be available on the website following the call.
Devon Energy is a leading oil and gas producer in the U.S. with a premier multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations.
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