Report
Graham Mattison

A Leading Player in the Growing Carbon Marketplace

Base Carbon is a leading provider of high-quality carbon offsets that can be purchased by third parties to meet their carbon offset goals. Through a disciplined underwriting process, a strong balance sheet, and an experienced team, the company seeks to be the preferred carbon project partner for developers and buyers of carbon credits. Robust portfolio of existing projects. Base Carbon has invested in three successful projects that are either currently generating credits and cash or will soon be producing credits that can be sold. The portfolio includes both carbon abatement and carbon removal projects, and the company now has working partnerships with three different local partners in three different countries. High degree of ‘knowability’ helps to minimize project risk. Base Carbon invests in projects that can be considered ‘brownfield’, meaning they are not firsts of their kind, and the project partners have proven development track records. Further, most of the total capital investment is spent in the early phase rollout of the project, in contrast to many other types of upstream investments, such as resource plays, where much of the project capital is expended in proving the reserves or producing the asset. Significant insider ownership and an ongoing share buyback program. The founders, directors, and management of Base Carbon own more than 12% of the shares outstanding. Further, the company has been repurchasing its shares since June 2022, having bought back ~7% of shares to date. Experienced and broad management team. Base Carbon has assembled a leading team that includes experts with established track records in sourcing and developing carbon projects around the globe. In addition, the team has extensive experience and expertise in project finance, portfolio management, and risk and legal management. The company’s expertise in all facets of the business, in particular portfolio and risk management, helps provide a competitive advantage in selecting profitable projects.
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Water Tower Research
Water Tower Research

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Analysts
Graham Mattison

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