Carbon developer Permagen Limited (Permagen or the Company) has successfully raised private funding from key strategic and institutional investors to accelerate the development of high integrity carbon projects across the country. The strategic investors validate Permagen’s business model and its focus on nature- based offsets to provide corporate emitters with reliable carbon credits alongside creating social co- benefits.

Permagen is at the forefront of addressing the need for Australia and its corporate citizens deliver on its 2050 net zero emissions targets.

Permagen’s strategic backers now include Regal Funds-backed Attunga Capital, a power and carbon fund manager, Square Resources, a leading natural resources marketing and trading house and agriculture fund manager Growth Farms. The partnership with Growth Farms and its two decades of asset management capability across 62,000 hectares of prime farmland will give Permagen a deep funding source, and exposure to a land bank for high yield carbon projects and distribution into key plantings regions across Australia.

The same team founded and listed leading renewables developer Genex Power (ASX: GNX), which has built over $1 billion of green projects in Australia. Permagen aims to become the leading provider of high integrity Australian Carbon Credit Units (ACCUs). The Company will develop nature-based projects on rural land whereby carbon is sequestered through native tree planting or by working with landowners to integrate carbon farming into their productive activities.

Demand for ACCUs has significantly increased as businesses seek to offset currently unavoidable emissions, reflected in the >100% rise in pricing since 2021. According to analysis by advisor RepuTex, the value of ACCUs could increase as high as $110 per ACCU by 2032 versus an average of around $33 this year.

Permagen’s view on long-term carbon price is supported by two factors. First, emitters are increasingly gobbling up offsets to meet 2030 and 2050 net zero targets. Second, ‘cheap’ offsets, arguably most of the current supply, are subject to increasing scrutiny by multiple stakeholders. Thus, offsets from high integrity projects that demonstrate real abatement will become highly sought after. Sequestering carbon by planting trees is proven to be scalable solution.

Chairman Simon Kidston believes this stage of the carbon market is akin to the renewables industry boom
of 2013-14: “Having seen similar trends in the infancy of the renewables industry over a decade ago, we believe that demand for ACCUs is going to continue to rise as corporates in hard-to-abate sectors seek to offset emissions using high integrity credits over the coming decades.

Shareholders are demanding stronger ESG outcomes from businesses and that’s just starting to be reflected in the growing demand for ACCUs. We’ve seen this occur already in international carbon markets and Australia is now starting to follow.

Importantly, not all credits are created equal. While the end-product appears the same, the method of sequestering carbon differs greatly between practices, and this is reflected in the price ranges of ACCUs on the spot market. The value of integrity is starting to be recognised in the market and we think that will increase with time”

Funds received from the capital raise will be used to accelerate the development of Permagen’s immediate project pipeline with planting to commence in 2023.


For any media inquiries, please contact Paul Cheal on 0427 755 296 or

For any landowner inquiries, please contact Harrison Holihan at

About Permagen: Permagen is an Australian carbon developer. Permagen specialises in developing
plantings projects which sequester carbon on farmland, resulting in improved overall farm resilience,
productivity, and increased biodiversity. Permagen partners with landowners providing them with a stream
of long-term stable cashflows. The team behind Permagen has significant experience in the ESG and
green sector.