Printer Friendly

Planktos Forms Hungarian Partnership to Revive Ancient Carpathian Forests While Generating Carbon Credits.

SAN FRANCISCO -- California based ocean and forest restoration firm Planktos, Inc. today announced the formation of a joint venture with Klimafa, Inc., a carbon forestry firm, that is in the process of working with Hungary's government to turn large tracts of degraded land and retired pasturage into protected mixed growth woodlands. Planktos, a wholly owned subsidiary of Solar Energy Limited (OTCBB:SLRE), will earn up to an 80% equity interest in Klimafa in return for arranging financing for the venture, primarily through the pre-sale of carbon credits, and for advancing initial working capital.

Klimafa has concluded initial agreements with Hungary's Environmental Bureau, National Park Service and National Academy of Sciences to begin preliminary work on 1000 hectares of the Bukk National Park in northeast Hungary. Planktos and Klimafa are now conducting studies to develop the most ecologically sound indigenous species mix and planting model to maximize wildlife habitat, biodiversity and carbon sequestration in the Hungarian bioregion.

Eighty-five percent of Hungary was once crowned with old growth forests of oak, beech and poplar, but today less than 17% of wooded land remains. Most native forest was sacrificed to farming, but the terms of Hungary's recent entry into the European Union now stipulate the permanent retirement of nearly one million hectares of this agricultural land. Given Planktos' and Klimafa's advanced carbon forestry techniques and governmental parkland protection, each hectare of this terrain could sequester up to 1000 tons of atmospheric carbon dioxide over the next 60 years and generate equivalent greenhouse gas emission offset credits in the European Union Emission Trading System (EUETS). Such credits are currently trading at approximately EUR 25/ton CO2e across most Kyoto certified European exchanges.

According to Dr. David Gazdag, Klimafa's Managing Director in Budapest, "Klimafa means 'climate tree' in Hungarian and we believe our restoration activities will sequester many millions of tons of CO2 in both old and new national parklands, and contribute significantly to the battle against global warming and climate change. Our federal officials also recognize this work could greatly enhance Hungary's natural environment, water quality, rural jobscape, and eco-tourism revenues, and the government has been tremendously supportive."

Planktos CEO Russ George, and a Managing Director of Klimafa, adds, "The carbon forest potential of Hungary and neighboring states is truly marvelous whether considered from an environmental, social welfare or investment point of view. We are proud to partner with Hungary's far-sighted leaders to deliver such a diversely beneficial development model to their people and Eastern Europe as a whole."

For more information, please refer to the following websites:

Klimafa, Inc. -- www.klimafa.com

Planktos, Inc. -- www.planktos.com

A number of assertions in this press release may be considered to be forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including timely development, and market acceptance of products and technologies, competitive market conditions, and the ability to secure additional sources of financing. The actual results Solar may achieve could differ materially from any forward-looking statements due to such risks and uncertainties.
COPYRIGHT 2006 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Feb 23, 2006
Words:515
Previous Article:Canadian Municipality, the Region of Peel, Saves Taxpayers $8 million Using Itron Enterprise Energy Management Software.
Next Article:Altera Announces Upcoming Schedule of Events with the Financial Community.
Topics:


Related Articles
A global effort.
Healing the soil, healing the earth.
Bogging down in the sinks.
Implementing AF & PA's climate vision.
New Currency for Conservation: how do you protect the services nature provides while still encouraging economic growth?
A work in progress: Canada agreed to join the Kyoto Protocol process in December 1997; to meet its targets Ottawa promised to cut greenhouse gas...
Vanishing forest: a northern forest is disappearing at a rapid pace--that spells trouble for billions of animals.
Lesson plans.
Carbon on credit: global warming and the derivatives markets.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters