As our name implies, Ocean-based Climate Solutions, Inc. ("Ocean-based") is focused on leveraging and amplifying the ocean's natural countermeasures to climate change. The oceans cover 70% of earth's surface, and absorb up to 50% of excess CO2 from fossil fuel emissions. But recent studies suggest this natural carbon sink is declining due to warming.
Our suite of ocean technologies can help restore and amplify these natural processes without any negative impact on marine ecosystems.
Ocean-based is a privately-held company based in the USA, whose parent company Atmocean, Inc. (www.atmocean.com) was founded in 2006. It was recognized as a wave energy leader in 2012 by Sandia National Laboratories; awarded grants from Oregon Wave Energy Trust and the UK Technology Strategies Board; since 2006 conducted over 100 days of ocean testing offshore Texas, California, Oregon, Hawaii, Peru, and Newfoundland Canada; and performed wave tank testing at Plymouth University (UK), and Texas A&M University.
This year, Ocean-based is pleased to introduce its Corporate Gigaton Challenge as an alternative financing mechanism to remove CO2. The target is one gigaton of cumulative CO2 removed within 15 years, using technologies provided by Ocean-based.
Under this program, multi-national corporations fund the deployment of CO2-removal technologies by issuing common stock rather than paying in cash. Rather than reduce corporate earnings, this program expands the number of shares issued, with the corporate market capitalization recovered as investors allocate more funds to public companies with higher "ESG" profiles. With higher market cap, the net result is the company eliminates its CO2 footprint at zero or even "negative" cost.