FORT LAUDERDALE, Fla., July 09, 2024 (GLOBE NEWSWIRE) -- ZEFIRO METHANE CORP. (Cboe Canada: ZEFI) (Frankfurt: Y6B) (the “Company”, “Zefiro”, or “ZEFI”) today announced the presale of a portion of its carbon offset portfolio to EDF Trading, a leading player in the international wholesale energy market and part of EDF Group, a global leader in low-carbon energies. Zefiro has expanded its efforts to seal potentially hazardous oil and gas wells and these credits, verified by certified third-party auditors, will be generated from this initiative.
Financial terms of the transaction were not disclosed.
The agreement further establishes Zefiro as a leader in carbon offsets generated by methane abatement, which had its value and efficacy certified by a 2023 American Carbon Registry report. Industry experts currently estimate that there is a great number of abandoned oil and gas wells spread throughout 26 different states, and these sites can potentially leak toxic methane gas 28 times more hazardous than carbon dioxide emissions, diminish air quality, and irreparably harm critical land and drinking water resources.
EDF Trading is a leading player in the international wholesale energy market and part of EDF Group, a global leader in low-carbon energies
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“For over two years, our team has strived to position Zefiro at the vanguard of the carbon offset marketplace from the reduction of methane,” said Talal Debs, Founder and Chief Executive Officer, Zefiro Methane Corp. “Our emphasis on quality has helped define this rapidly evolving sector, and we are proud to have taken this latest step forward with a firm that has long operated at the leading-edge of the energy commodities space.”
“While carbon dioxide is the more widely recognized threat, methane emissions are responsible for a great portion of global warming today,” said Dr. Thomas Schroder, Head of Environmental Products, EDF Trading. “Sealing abandoned gas and oil wells is a very obvious solution to address this challenge and gives us an opportunity to offer high-quality carbon offsets from methane reduction.”
About Zefiro Methane Corp.
Zefiro is an environmental services company, specializing in methane abatement. Zefiro strives to be a key commercial force towards Active Sustainability. Leveraging decades of operational expertise, Zefiro is building a new toolkit to clean up air, land, and water sources directly impacted by methane leaks. The Company has built a fully integrated ground operation driven by an innovative monetization solution for the emerging methane abatement marketplace. As an originator of high-quality U.S.-based methane offsets, Zefiro aims to generate long-term economic, environmental, and social returns.
About EDF Trading
EDF Trading, the wholly-owned trading arm of EDF (Électricité de France), is a leader in the international wholesale energy markets. The company manages a portfolio of assets which give it the ability to source, supply, transport, store, blend and convert physical commodities around the world. These capabilities enable EDF Trading to deliver essential asset optimization services, risk management and wholesale market access to the EDF Group and its third-party customers, helping them to realize the value inherent in their asset portfolios.
EDF Trading is an active player in the main carbon compliance markets in the EU, UK and the US supporting businesses around the world to achieve their environmental goals through the voluntary carbon markets. EDF Trading provides market access for EUAs, UKAs and RECs, as well as hedging services to meet businesses’ internal requirements. In the voluntary carbon markets, EDF Trading partners with various project developers to support the development and offtake of carbon credits upstream, offering bespoke solutions from a growing portfolio of selected high quality carbon projects spanning different technologies, methodologies and geographies.
More information about EDF Trading can be found at the following link: https://www.edftrading.com/
On behalf of the Board of Directors of the Company,
ZEFIRO METHANE CORP.
“Talal Debs”
Talal Debs, Founder & CEO
For further information, please contact:
Zefiro Investor Relations
1 (800) 274-ZEFI (274-9334)
investor@zefiromethane.com
For media inquiries, please contact:
Rich Myers - Profile Advisors (New York)
media@zefiromethane.com
+1 (347) 774-1125
Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information is often, but not always, identified by the use of words such as “seeks”, “believes”, “plans”, “expects”, “intends”, “estimates”, “anticipates” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. In particular, this news release contains forward-looking information including statements regarding: the Company’s intention to reduce emissions from end-of-life oil and gas wells and eliminate methane gas; the Company’s partnerships with industry operators, state agencies, and federal governments; the Company’s expectations for continued increases in revenues and EBITDA growth as a result of these partnerships; the Company’s intentions to build out its presence in the United States; the anticipated federal funding for orphaned well site plugging, remediation and restoring activities; the Company’s expectations to become a growing environmental services company; the Company’s ability to provide institutional and retail investors alike with the opportunity to join the Active Sustainability movement; the Company’s ability to generate long-term economic, environmental, and social returns; and other statements regarding the Company’s business and the industry in which the Company operates. The forward-looking information reflects management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking information. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed timeframes or at all. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to: (i) adverse general market and economic conditions; (ii) changes to and price and volume volatility in the carbon market; (iii) changes to the regulatory landscape and global policies applicable to the Company's business; (iv) failure to obtain all necessary regulatory approvals; and (v) other risk factors set forth in its Prospectus dated April 8, 2024 under the heading “Risk Factors”. The Company operates in a rapidly evolving environment where technologies are in the early stage of adoption. New risk factors emerge from time to time, and it is impossible for the Company’s management to predict all risk factors, nor can the Company assess the impact of all factors on Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking information. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The forward-looking information included in this news release is made as of the date of this news release and the Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.
Statement Regarding Third-Party Investor Relations Firms
Disclosures relating to investor relations firms retained by Zefiro Methane Corp. can be found under the Company's profile on SEDAR+ at www.sedarplus.ca/.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5d067543-f73e-4345-86a5-b60875a34126
