Staff Writer l Palladium - Jun 14 2024
From Water Treatment to Carbon Sequestration

When BlueGreen Water Technologies began their work, the goal was to use technology and chemistry to remove and mitigate algae blooms that are harmful for both human and ecosystem health. An additional outcome of their critical work was the production of high quality carbon credits.

Founded in 2014, BlueGreen leverages the expertise of seasoned environmental scientists and microbiologists. And since October 2023, Palladium has partnered with BlueGreen to secure capital for future growth and expansion into carbon markets. “Additional capital gives them the capacity to execute more projects and generate high-quality carbon credits to pave the way to a net-zero future,” explains Palladium’s Johannes Olschner-Wood.

Working hand-in-hand with BlueGreen’s senior management team, Olschner-Wood and the team have created marketing materials for the company, supported them to make long-term financial projections, considered the strategic importance of their various business lines, and secured investor leads.

All to say, says Olschner-Wood, Palladium is working closely with BlueGreen on the potential growth prospects for the company.

In September of 2023, BlueGreen shared that they had reached a key milestone with their first major carbon project in Utah, at the Mantua Reservoir. The Reservoir has long been afflicted by annual outbreaks of harmful algae. In 2023, the team began work at the Reservoir, putting the organisation’s carbon removal Net Blue™ methodology to the test.

The technology sinks harmful algal blooms to the bottom of the water, which turns into sedimentation and is ultimately permanently buried, locking in carbon absorbed by the algae.

As a result, for the first time in years, the health advisory around the water in the Mantua Reservoir was lifted, toxicity levels were reduced by 60%, and nearly 13,000 tonnes of carbon were removed from the water.
"Our Mantua Reservoir project demonstrates the dual benefits of our technology: addressing a serious environmental hazard while also capturing significant amounts of carbon,” explains Eyal Harel, BlueGreen CEO.

And in a recent announcement, BlueGreen shared that the work in the Mantua Reservoir in Utah resulted in the issuance of ~13,000 verified carbon credits. These carbon credits have been rigorously verified by Earthood and issued by the Social Carbon Foundation under the SOCIALCARBON® standard SM0007, ensuring project integrity.

But certifying the credits is the first step; the next is finding offtakers to purchase them, which is part of what Palladium will be supporting BlueGreen on in the coming months. “We’re looking forward to continuing our work with them to connect corporate offtakers with these and future carbon credits,” says Olschner-Wood.

Another important step for BlueGreen is widening its operational footprint and accessing new geographies to scale the business. Harmful algal blooms are a global phenomenon, and there are cases that BlueGreen could address in geographies where Palladium is already operating.

“With a global presence and expertise in carbon markets,” Olschner-Wood explains, “Palladium is proud to help BlueGreen continue to scale.”