Chestnut Carbon Announces Acquisition of Land in Texas, Expanding Largest Gold Standard-Registered Reforestation Project

NEW YORK, Sept. 23, 2024 /PRNewswire/ -- Chestnut Carbon ("Chestnut"), a leading developer of nature-based carbon removal solutions, today announced its expansion into Texas, marking the fifth state in its Chestnut Restoration Project (the "Project"). This acquisition brings Chestnut's total landholdings to over 30,000 acres across the Southeastern U.S. as it enters its third year of planting. The expansion furthers Chestnut's commitment to transforming unproductive land across the U.S. into biodiverse, native forests that benefit both the environment and local communities.

Chestnut makes it inaugural move into Texas with a 300-acre parcel near Nacogdoches. Situated south of the city limits, this land was underutilized as a cattle pasture, limited in its potential due to its proximity to a nearby water treatment plant. By restoring this parcel to a vibrant forest populated with diverse native hardwood and softwood seedlings, Chestnut is maximizing the land's ecological value in its highest and best use. This new forest will enhance regional water quality, improve air quality and support wildlife populations in a state recently impacted by devastating wildfires. Chestnut's commitment to restoring this land exemplifies its dedication to environmental stewardship and community well-being.

Ben Dell, Managing Partner and Co-Founder of Kimmeridge and CEO of Chestnut Carbon said, "We're very pleased to expand our Chestnut Restoration Project into Texas, a significant step that pushes us past the 30,000-acre mark as we work towards our goal of reforesting 500,000 acres of land by 2030. This acquisition underscores our dedication to revitalizing underperforming land with a long-term vision for environmental restoration, sustainable land management, and community engagement." 

Chestnut has already planted over 10 million native tree seedlings over the past two years. Chestnut's partnerships with local operators, including ArborGen Nursery for seedling supply and DDK Forestry & Real Estate for forestry consulting, continue to strengthen the Company's ties to the local community. The Project has bolstered local economies by creating valuable employment opportunities, including 15 full-time and over 100 seasonal positions across the five states in which Chestnut operates.

The Chestnut Restoration Project, the largest registered under the Gold Standard, represents carbon development of the highest integrity, providing a quality nature-based carbon removal solution to sustainability-oriented corporations committed to decarbonization and net zero goals. As such, the Project proudly aligns with seven of the UN Sustainable Development Goals, reinforcing Chestnut's commitment to sustainability and community enhancement. Chestnut supports the following SDGs: Good Health and Well Being (3), Clean Water and Sanitation (6), Decent Work and Economic Growth (8), Sustainable Cities Communities (11), Climate Action (13), Life on Land (15), and Partnership for the Goals (17). Chestnut also adheres closely to the Forest Stewardship Council® (FSC) requirements for healthy and sustainable forest management. 

About Chestnut Carbon:

Founded in 2022 with the support of energy-focused alternative asset manager, Kimmeridge, Chestnut Carbon ("Chestnut") is a leading developer of nature-based carbon removal credits. It generates US-based, high-quality forest carbon offsets that are additional, verifiable and durable, to accelerate the path to net zero across a range of industries. Chestnut's expertise is bolstered by its acquisition of Forest Carbon Works, a public benefit corporation, with a proprietary approach to developing US forest carbon offset projects on family-owned forestland. The Chestnut team is uniquely positioned to address carbon removal, with diverse backgrounds including forestry, carbon regulation, environment, finance and land. For additional information on Chestnut, its strategies and environmental stewardship, please visit https://chestnutcarbon.com/. 

About Kimmeridge:

Founded in 2012 by Ben Dell, Dr. Neil McMahon and Henry Makansi, Kimmeridge is an alternative asset manager focused on the energy sector. The firm is differentiated by its direct investment approach, deep technical knowledge, active portfolio management, proven sustainability track record and proprietary research and data gathering.

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SOURCE Chestnut Carbon