en.Wedoany.com Reported - Software company NoviqTech has announced it will divest its Carbon Central, Fuel Central, NoviqAI, and Quantum Intelligence platforms and related intellectual property, shifting its focus to carbon dioxide removal (CDR) through its subsidiary, Coralia.
According to the announcement, the company is considering selling these technology assets to India's Renaissance Infrastructure. The total transaction value is $1 million, with an initial payment of $200,000 and the remaining $800,000 to be paid in quarterly installments, guaranteed by Renaissance.
Through this adjustment, NoviqTech will be able to advance a large-scale offtake agreement with Pure Data Centres Group. The two parties are negotiating a contract involving 70% of the carbon removal credits generated by Pure Data Centres Group's flagship biochar project in the Great Barrier Reef region of North Queensland.
This strategic shift stems from the NoviqTech board's belief that the greatest opportunity for shareholder value creation lies in the carbon dioxide removal sector. Consequently, the company plans to focus its efforts on developing and commercializing Coralia's biochar CDR projects and related low-carbon concrete products. By redirecting capital and management capacity to Coralia, NoviqTech expects to strengthen its balance sheet. The company anticipates saving over $100,000 per month through this transaction, as all employees currently responsible for NoviqTech's services will transfer to Renaissance.
As part of Coralia's operations, NoviqTech will drive CDR opportunities and support a new research partnership with Swinburne University of Technology in Melbourne to advance the use of biochar in low-carbon concrete. The company stated that this collaboration will target the data center sector.
Meanwhile, NoviqTech has also made key leadership changes internally. The company announced that Freddy El Turk will step down as Managing Director, effective immediately, with Executive Director Timothy Brooks taking over the role.
From a macro perspective, this move will enable NoviqTech to leverage its expertise in environmental data and carbon dioxide measurement, reporting, and verification (MRV) to participate in the global carbon removal market.
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