Since our last update, a number of events have brought us closer to funding.

Having terminated our agreement with 350PPM, in September 2024 we received a letter of engagement from an FCA-regulated international commercial finance firm, to raise £10.5 million convertible debt.

Subject to the completion of their due diligence, which is currently in progress, a binding offer is hopefully imminent, and this will enable us to move to the next stage of commercialisation and we will begin a phased approach to bring our technology to the UK:

• Our strategic plan for a minimum of six industrial waste sites and deployment of three-tonne per hour plant, certified to SWIP (small waste plant incineration plant) standards, remains unchanged other than the timing, which is subject to cleared funds.
• Secure six industrial waste sites with grid access under long-term leases and three to five- year rolling offtake contracts to supply biochar and energy. The plant construction time is six months per plant and selected sites will have planning and permit approval times of six to nine months.
• The first plant deployed will secure UK compliance and DNV certification.
• Then implementation of industrial site civil works, purchase, and deployment of the first plant will cost c. £6m-£9M CAPEX plus plant lease finance supported by back-to-back offtake contracts to then generate sustainable gross revenue of £22.5m from six sites within 15 months. This will enable us to leverage into the next round of institutional capital raising.
• We will then conduct a thorough feasibility study to select suitable capped landfill sites based on specific risk mitigation criteria and economic viability from our in-house database of landfill sites in the UK.
• From here, we will shortlist and secure the first right of refusal on capped landfill sites to use non-invasive technology for risk assessment due diligence site selection and future repurposing.

In tandem, our Brazilian manufacturer is progressing with its contractual arrangement for the sale of three of its plants in Portugal, with Stopford Consultancy working under our EPCM agreement to oversee the construction and commissioning.

As foreshadowed within the provisions of our project-specific joint venture agreement with one of the plant manufacturers, we are considering the merits of a share swap arrangement subject to respective valuations which would secure the technology IP and also provide us with access to the Brazilian market. This arrangement will have more clarity as and when we progress to an acceptable binding offer with our funder.