BluSky Carbon to Acquire Carbon Alliance Group Inc.

BluSky Carbon Inc. has announced a binding letter of intent to acquire Carbon Alliance Group Inc. This move aims to bolster BluSky’s position in the carbon removal clean technology sector. The acquisition includes all issued and outstanding shares of Carbon Alliance.

Key aspects of the deal include options for feedstock purchase agreements, biochar offtake agreements, and securing a facility for biomass pyrolysis operations. Carbon Alliance's expertise and industry relationships are expected to be beneficial.

Carbon Alliance, established in Florida in 2022, has been active in project development across multiple states. Their future plans include using residual wood waste and biomass for biochar production, which can be used for soil amendments, water treatment, and land reclamation projects.

As part of the agreement, BluSky will pay CAD$20,250 to the seller and issue shares worth CAD$275,000 upon closing. An additional 5% of gross profits from biochar production will be paid to the seller. These shares will be subject to a 4-year lock-up agreement.

This transaction is subject to several conditions, including securing necessary agreements and regulatory approvals. CEO Will Hessert expressed optimism, highlighting the potential advantages of combining resources and expertise with Carbon Alliance.