Base Carbon

What Base Carbon does

Base Carbon Inc. is a Toronto-based public company (Cboe Canada: BCBN; OTCQX: BCBNF) founded in 2021 and listed via reverse takeover in February 2022, that allocates capital, development expertise, and operational resources to carbon credit projects in the global voluntary and compliance markets. The company operates a portfolio of three core projects: the Rwanda Cookstoves Project (~250,000 fuel-efficient cookstoves, ~4.6M credits expected, transitioned to Verra VM0050 methodology and CORSIA-eligible as of February 2026), the Vietnam Household Devices Project (~850,000 cookstoves and 364,000 water purifiers, ~18.4M credits expected across two phases, with Phase 1 already returning 100% of invested capital plus $15M+ in gains), and the India ARR Project (~6.5M trees planted on degraded Uttar Pradesh farmlands, ~1.2M credits expected over a 20-year life, transitioning to Verra VM0047 methodology and pursuing ABACUS quality designation). Headcount is approximately 17 employees including executive leadership and independent directors. Total assets of approximately $109M and zero debt sit against a market capitalization of approximately $57M as of March 2026, with the company having repurchased 21.5% of shares outstanding since June 2022.

Base Carbon generates revenue primarily through carbon credit sales via contracted offtake agreements (notably Citigroup for the first 7.4M Vietnam Phase 1 credits), revenue-sharing arrangements with project developers (DelAgua for Rwanda), and direct sales into compliance markets including CORSIA-eligible aviation buyers. Pricing varies materially by credit type and buyer segment: CORSIA Phase One (2024-2026) credits are estimated at $26-$63 per tonne, while Vietnam Phase 2 credits carry a fixed purchase option of $5.00 per credit for Base Carbon. The company holds contractual expansion options within existing assets (additional 4.7M credits in Vietnam; 20M additional trees in India) and is pursuing adjacency expansions into biochar, mangroves, seagrass, and regenerative agriculture methodologies. Distribution is concentrated in a small number of anchor counterparties and selectively targeted compliance and high-integrity voluntary buyers including the Symbiosis Coalition (Google, Meta, Microsoft, Salesforce).

Underlying technology consists of internal data management tools and workflow applications that leverage verified digital credentials, permissioned data stores, distributed ledgers, and auto-executed contract conditions to manage first-mile carbon project data — architectural primitives rather than AI/ML capabilities. Base Carbon's portfolio is registered with Verra (VCS 2923, 2557, 4150, 4892), and the Rwanda project was the first globally to receive both the Article 6 Authorized label (December 2023) and CORSIA First Phase Eligible designation, positioning the company at the high-integrity end of the compliance carbon market with structural advantages over voluntary-only peers.

Name

Base Carbon

Legal name

Base Carbon Inc.

Website

https://basecarbon.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Base Carbon is a Toronto-listed carbon capital allocator that finances and co-develops global voluntary and compliance carbon credit projects (Rwanda, Vietnam, India), monetizing credits through contracted offtakes like Citigroup and CORSIA-eligible sales to international airlines and tech buyers.

Ownership category

akta.pro rank

Product category

Carbon Credit Markets / Environmental Finance

NAICS

Support Activities for Forestry (1153)

akta.pro primary industry

Renewable Energy & Energy Efficiency Offset Projects (Grid/Off-grid, Cookstoves, Buildings/Industry) (EUABABAN)

akta.pro secondary industries

Project-Originated Carbon Credit Marketing & Offtake (Primary Market) (EUAGAIAC), Carbon Forestry Project Development & Origination (Afforestation/Reforestation/IFM) (IMAMAJAD), Carbon Offtake Structuring & Contracting (ERPA, Long-term Offtakes, Price Floors) (EUABADAE)

Keywords

• Voluntary carbon credits
• Carbon project financing
• CORSIA-eligible credits
• Nature-based removals
• Compliance carbon markets

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Marketing or Sales, Technology or R&D

Revenue model

1. Carbon Credit Sales and Monetization: Base Carbon generates revenue primarily through the sale of carbon credits held in inventory and credits subject to revenue-sharing arrangements with project partners. The company sells credits through contracted offtake agreements (e.g., Citigroup for Vietnam Phase 1 credits at $5/credit for Phase 2) and direct sales to compliance market buyers including CORSIA participants. Revenue is recognized upon delivery and monetization of carbon credits with varying pricing based on credit type (voluntary vs CORSIA-eligible).
2. Revenue Sharing from Project Partners: Revenue-sharing arrangement with DelAgua Group on Rwanda Cookstoves Project credits. DelAgua remits proceeds from carbon credit sales to Base Carbon after deducting their revenue share portion and applicable insurance premiums. In Q1 2026, DelAgua remitted approximately $0.7 million to Base Carbon from approximately 200,000 CORSIA-eligible carbon credit sales.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels10 records

Core offering

Base Carbon is a carbon capital allocator that provides financing, project development expertise, and management operating resources to carbon reduction and removal projects in global voluntary and compliance carbon markets. The company invests in and manages a portfolio of carbon credit projects—including cookstove, water purifier, and afforestation/reforestation projects—and monetizes the resulting verified carbon credits through contracted offtake agreements, revenue-sharing partnerships, and direct sales to corporate buyers, airlines, and tech coalitions.

Product overview

Base Carbon is a carbon capital allocator providing financing, development expertise, and management operating resources to projects in global voluntary and compliance carbon markets. Rather than a single product, Base Carbon operates a portfolio of carbon credit projects including the Rwanda Cookstoves Project (fuel-efficient cookstove distribution), Vietnam Household Devices Project (cookstoves and water purifiers), and India ARR Project (afforestation/reforestation/revegetation). The company also develops Data Transparency Tools for internal workflow automation and partner data management. Revenue is generated through structured deals with project developers, offtake agreements, and revenue sharing arrangements, with credits sold to corporate buyers and compliance markets including CORSIA.

Differentiator

Problem solved

Functional benefit

Products and services

• Rwanda Cookstoves Project Carbon credit project generating verified credits through deployment of approximately 250,000 fuel-efficient cookstoves to families in rural Rwanda. Transitioned to Verra VM0050 methodology and achieved CORSIA-eligible tagging, enabling sale into global aviation carbon offsetting markets. Expected to generate approximately 4.6 million credits.
• Vietnam Household Devices Project Carbon credit project involving distribution of 850,000 fuel-efficient cookstoves and 364,000 water purifiers to families in rural Vietnam. Phase 1 produced 7.4 million credits contracted to Citigroup. Phase 2 option provides right to purchase credits at $5.00/credit with expansion option for an additional 350,000 cookstoves and 236,000 water purifiers.
• India ARR (Afforestation, Reforestation, and Revegetation) Project Nature-based carbon removal project involving planting approximately 6.5 million trees on degraded rural farmlands in Uttar Pradesh, India. Pursuing ABACUS quality designation adopted by Symbiosis Coalition (Google, Meta, Microsoft, Salesforce). Expected to generate approximately 1.2 million high-quality removal credits over 20-year project life, with expansion options for 20 million additional trees.
• Data Transparency Tools Suite of data management tools and workflow applications leveraging verified digital credentials, permissioned access to data stores, distributed ledgers, and auto-executed contract conditions to simplify workflow, data, and document management for project development partners and carbon credit market participants.

Quantifiable outcome

• Vietnam Phase 1 returned 100% of invested capital plus generated $15+ million in returns from $36.3M in carbon credit sales
• +4 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered strategic, core and minor.

• STX GroupstrategicStrategic or Co-development Partner · 1 December 2023STX Group and Base Carbon partnered to launch innovative carbon investment vehicle focused on scaling global markets for carbon removals. Partnership established fund for institutional investments in carbon removal projects.
• SIPCO (Sustainability Investment Promotion and Development Joint Stock Company)coreStrategic or Co-development Partner · 1 May 2022SIPCO, in collaboration with Women's Union of Vietnam, distributes household devices (cookstoves and water purifiers) to families in rural Vietnam. Base Carbon funded manufacturing and distribution of 850,000 cookstoves and 364,000 water purifiers. SIPCO is parent company INTRACO's subsidiary with 100+ registered carbon projects.
• Women's Union of VietnamcoreChannel Partner/ Reseller/ Distributor · 1 May 2022Women's Union of Vietnam (17+ million members) provides device distribution services as well as continuous education and support to participating households in Vietnam Household Devices project.
• CitigroupcoreChannel Partner/ Reseller/ Distributor · 1 May 2022Citigroup contracted to purchase first 7.4 million carbon credits generated from Vietnam Household Devices project under fixed-price offtake arrangement.
• DelAgua GroupcoreStrategic or Co-development Partner · 1 January 2022DelAgua Group is the project developer for the Rwanda Cookstoves Project. Base Carbon funds distribution of approximately 250,000 fuel-efficient cookstoves to families in rural Rwanda. DelAgua completed first CORSIA-eligible sales in Q1 2026 with revenue sharing arrangement with Base Carbon. DelAgua has been active in Rwanda since 2012 and distributed over 1.2 million stoves as part of Tubeho Neza project.
• Value Network Ventures Pte. Ltd. (VNV)coreStrategic or Co-development Partner · 1 January 2022VNV facilitates development of India ARR Project, a nature-based carbon removal project focused on reforestation of degraded rural farmlands in Uttar Pradesh. VNV has been at forefront of climate action since 2007 with programs impacting 7 million rural households across 3 million hectares in 16+ countries.
• INTRACOminorStrategic or Co-development Partner · 1 January 2022INTRACO is SIPCO's parent company and has developed 100+ registered carbon projects on behalf of well-known multinational corporations.
• VerracoreOthersVerra is the carbon credit registry that registers and verifies Base Carbon's carbon projects. Rwanda project received first Article 6 Authorized label from Verra. Projects transitioning to updated methodologies (VM0050, VM0047) through Verra's approval process.

Scale indicators15 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• South Pole Group: Global carbon project developer and advisory firm financing and developing nature-based and technology-based carbon projects for both voluntary and compliance markets. Closely comparable to Base Carbon in funding/structuring emission reduction projects and selling credits to enterprise buyers.
• Puro.earth: Carbon removal marketplace and registry for engineered and nature-based removal credits. Listed as a Base Carbon partner on its website, Puro overlaps in the marketing and offtake of newly originated carbon credits to corporate buyers seeking high-quality supply.
• Forest Carbon Partners: Develops and finances nature-based carbon credit projects, with a focus on afforestation/reforestation. Highly comparable to Base Carbon's India ARR project channel and shared exposure to VM0047 / ABACUS procurement standards.
• Carbonbay: Carbon credit trading platform focused on project-originated credits and primary-market offtakes. Comparable business model in intermediating supply from developers to corporate/compliance buyers.

Emerging players

• Sylvera: Independent carbon credit ratings agency that evaluates project quality and additionality, analogous to the BeZero BBB rating Base Carbon's Rwanda project has achieved. Adjacent to Base Carbon's business because credit ratings gate access to premium corporate offtake.
• BeZero Carbon: Carbon credit ratings agency that assigned Base Carbon's Rwanda project a BBB rating (top 10% of global cookstove projects). Comparable as an enabler of price discovery and demand validation for project-originated credits.
• Renoster: Carbon project finance platform that aggregates and monetizes carbon credits from developers. Directly comparable to Base Carbon's intermediary capital-allocation model between project developers and credit buyers.
• Patch: Carbon credit infrastructure and API platform that aggregates supply from project developers for enterprise buyers. Comparable in the primary-market credit intermediation channel Base Carbon operates through.

Broad incumbents

• Terrapass: Established North American carbon offset provider with a broad portfolio of nature-based and project-based credits and B2B sales motion. Comparable end-market overlap with Base Carbon in voluntary carbon sales to enterprises.

Others

• Gold Standard: Carbon credit standards body and registry that certifies and methodologies-approves carbon projects (analogous to Verra, which is Base Carbon's registry). Ecosystem-adjacent rather than directly competing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/base-carbon
• Xx.com/BaseCarbonInc

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Base Carbon