PLANTING COMPLETE ON PERMAGEN’S FLAGSHIP PIG HILL PROJECT IN MANGANA ON THE EAST COAST OF TASMANIA

Permagen, a leading Australian carbon developer focused on producing Australian Carbon Credit units (ACCUs) by restoring native trees, has completed planting on its flagship Pig Hill project in Mangana on the east coast of Tasmania. The project involved planting 60,000 native trees on 200 hectares and implementing landscape-scale restoration to support sustainable farming.

Permagen has worked closely with local stakeholders and its planting partner Pacific Reforestation to revitalise the land at Tower Hill Road from an abandoned like state with weed overgrowth. The improvement will sequester carbon, bring the land back closer to its original native state and support productive farming in the future.

For over 10 years, the Permagen team has partnered with Australian rural landowners to develop large scale green and natural capital projects.

Permagen’s focus is on environmental plantings, which it considers to be the highest integrity ACCUs available. The company’s 2024 pipeline will include multiple sites in North NSW and South NSW.

ACCUs of this type would typically be purchased by large corporate emitters with well enshrined Net Zero commitments to their stakeholders.

Permagen Co-Founder and Director Harrison Holihan states “Planting our first stems today in Tasmania is not only a significant milestone for the Pig Hill project, but also for Permagen as a company. It demonstrates our ability to deliver projects under the ACCU scheme and showcases the robust capabilities and resources we have in place. This is just the opening chapter of a much larger story, with Permagen aiming to plant millions of stems over the coming years.”

Permagen Co-Founder and General Manager Michael Ho comments “Our carbon market has a critical function in helping Australia reach its Net Zero targets. Conversations with corporate buyers point to the integrity and transparency of ACCUs being paramount. At Pig Hill, we are storing carbon in trees, improving biodiversity, and supporting sustainable farming.:

“Intuitively, planting trees should be a cornerstone of supply and yet around 2% of supply comes from plantings ACCUs. The significant price premium for plantings ACCUs is a signal for us to plant more. Permagen has a very busy 2024-2025 ahead and will work closely with corporate partners to make this a reality”, continues Michael Ho

About Permagen

Permagen originates high integrity ACCUs through environmental plantings projects. The company works across the carbon supply chain, from land acquisition, project development, planting to the sale of ACCUs directly to corporate buyers. Permagen partners with local communities, land managers, farmers, corporate emitters, government and traditional owners.

The company’s aim is to accelerate the world’s transition to a net zero carbon future by bringing institutional capital and expertise to projects that might not otherwise be developed. Our priority is to advance the projects with significant social and economic co-benefits in addition to reducing emissions. 

The founding team brings 50+ years’ experience in green project development having raised over $10bn in public markets.