SINGAPORE and TOKYO, April 24, 2024 — noco-noco Inc. (NASDAQ: NCNC), (“noco-noco”), has signed a Memorandum of Understanding with Binex Inc. Tokyo (“Binex”) to jointly develop agriculture-based carbon-credits. With its core mission in climate action to reduce carbon emissions, noco-noco, apart from its X-SEPATM separator technology that extends lithium-ion battery life by approximately five times, also collaborates with partners to develop carbon credits. Currently, with thousands of hectares of nature-based deforestation credits under development in Papua New Guinea, noco-noco seeks to diversify into agriculture-based carbon credits by collaborating with Binex.
Binex is currently engaged in advancing the production of biofuels by cultivating sorghum, a member of the Gramineae family. The specific variety of sorghum used boasts high yields, capable of generating substantial biomass. Developed through collaborative research with the University of Tokyo, Binex aims to revolutionize the biofuel industry with this innovative approach. While conventional grain-type sorghum has a biomass of 40 to 60 tons/hectare/yeari, the types of sorghum that Binex uses have yields of over 250 tons/hectare/yearii.
In the face of escalating climate challenges, Binex’s sorghum project aligns with multiple United Nations Environmental, Social, and Governance (ESG) goals, including enhancing food security, reducing carbon emissions, improving soil health, and boosting farmers’ livelihoods. Sorghum, known for its resilience, thrives in marginal lands, enhancing soil quality. Utilizing sorghum stalks and leaves for biofuel production offers an eco-friendly alternative to oil and coal, complementing its traditional food cultivation purpose. This innovative initiative is poised to generate carbon credits through significant soil carbon sequestration during cultivation.
Armed with sorghum cultivation data from various countries and 10,000 hectares’ worth of sorghum seeds currently in stock and ready to be deployed, Binex will embark on large-scale cultivation soon. Cultivation was initiated in Thailand last year (See photo in article) and Binex plans to begin cultivation in Australia later this year.
Sorghum, with its deep roots and resilient components resistant to degradation, offers a tangible opportunity for soil carbon sequestration. Historically, estimating soil carbon storage during crop cultivation has been challenging due to its susceptibility to decomposition and variability based on land conditions. By prioritizing persistent components with enduring stability spanning hundreds or even thousands of years,iii this initiative is poised to establish the credibility and permanence necessary for high-quality carbon credits.
Studies by Binex have shown that through its lignite content, only 18 to 20 tons of carbon per hectareiv can be sequestered and maintained without degradation over an extended period. Further research is underway to increase carbon capture content, such as non-tillage cultivation and the use of bacteria for carbon capture, and it is projected that more carbon can be sequestered by combining these methods. Through methods like cultivation in root boxes and measurement of actual root mass, Binex aims to accurately quantify the carbon content within these roots progressing to project root mass in large-scale cultivated areas. By focusing on the carbon sequestered in the persistent components of the root, Binex will work towards the development of GHG sequestration and the production of high-quality carbon credits.