Vitol invests to become CRM shareholder
Following a subscription of new shares, Vitol BV became a 25% shareholder in Carbon Resource Management Ltd (CRM).
Effective April 1st 2008, Vitol's investment included equity injection into the business and financial support for future development of CRM's CDM business. Vitol brings worldwide marketing and risk management expertise in the carbon emissions market.
"This gives CRM the platform to accelerate growth and the financial strength to become the pre-eminent CDM developer in the market," said Nick Clarke, Chief Executive Officer of Carbon Resource Management.
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CRM signs new waste heat recovery and large CMM projects
During September 2007 CRM signed ERPAs for a large Coal Mine Methane (CMM) and a waste heat recovery project at a cement works in China, bringing the company's portfolio to 25 million tonnes.
Outlining the development plans for the future CRM's CEO, Nick Clarke, said: "We have now positioned our business development capacity in Beijing in readiness for a major growth phase in which we aim to secure contracts in a number of new areas and with new methodologies. We expect to increase our portfolio by 20 million tonnes within the next 18 months and we are confident of achieving that goal."
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CRM captures one-sixth of Chinese CDM market
The Liaoning Changtu Wind Farm project was registered under the Clean Development
Mechanism in April 2007, making it the twelfth Chinese project in Carbon Resource
Management's portfolio to be registered.
Carbon Resource Management's projects now account for one in every six of the 70
Chinese CDM projects registered under the CDM (as of mid-April 2007). Three more
of CRM's Chinese projects have also been submitted for registration.
The company's portfolio in China includes windpower, biomass CHP, Coal Mine Methane
and small-scale hydropower projects.
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CRM signs landmark deal with the Government of Japan
Carbon Resource Management has signed a landmark deal with The New Energy and Industrial
Technology Development Organization (NEDO) which is buying Certified Emission Reductions
on behalf of the Government of Japan. The sale of CERs to NEDO from CRM's Shandong
Yucheng Xinyuan Biomass Heat & Power project marks the company's first entry into
the Japanese market. The company's competitive bid, proactive approach and strong
track record, along with the advanced nature of the project, helped to secure the
contract.
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First ever transaction of exchange traded wind carbon credits from China completed at the CCX
Carbon Resource Management has successfully registered the first carbon credits
originating from a windfarm project in China at the Chicago Climate Exchange (CCX)
and executed on the CCX trading platform.
The carbon credits originate from a wind farm in Northeast China where 23 wind turbines
have been installed, each with a power output of 1,500 kW. The project is expected
to generate approximately 74 GWh of electricity per year. A total of 74,779 credits
were traded at the CCX, corresponding to the period from October 2005 to August
2006. Further credits for the following years are expected to be verified and registered
for trading at the CCX at a later date.
Nick Clarke, CRM's CEO said: "The success of delivering and trading verified emissions
from China to the CCX demonstrates that the mechanisms are in place to effect carbon
trading worldwide and that this is the solution for tackling climate change."
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