Based on its impactful work in the carbon offset market, Viridios Capital completed a $55 million capital raise with impressive partners.
SYDNEY, AUSTRALIA, Nov. 28, 2022 (GLOBE NEWSWIRE) -- Viridios Capital CEO Eddie Listorti is excited to announce his company just recently completed a $55 million capital raise. In this effort, the company received backing from some impactful investors, including ROC Partners and Privatus Capital Partners, which was set up by James McMurdo, a one-time executive at Goldman Sachs.
Eddie Listorti has long said that the integrity and quality of carbon credits in Australia can only be assured if such pricing is left in the hands of the free market. If pricing caps are put into place, as most of the top carbon emitters are calling for, the system simply won't work as well as it could.
"The free market should determine the price of these credits because it's not a one-size-fits-all solution," Eddie Listorti said in an interview with The Australian Financial Review recently.
Many offset projects require a large stockpile of capital to generate that first credit that can benefit the surrounding community. If that is to work, Eddie Listorti said, homogenous pricing can't be in the mix.
Viridios Capital was founded in large part as a way to improve the transparency that is lacking in the carbon offset market and clarify how certain global projects could result in the amazing potential for a reduction of emissions.
Viridios Capital has an asset management division focused solely on investing in global carbon offset projects. It also has an AI division that provides a SaaS-based international information database on carbon offset projects.
In Australia, the voluntary offset market is currently booming. Recently proposed reforms from the Albanese government will significantly increase demand for these carbon offsets from the biggest polluters in the country.
It's a fear of many that speculators would drive the price of carbon through the roof. However, that fear can be quelled through the free market, which would help to guarantee legitimate abatement occurred while also encouraging additional similar projects around the world.
Part of the challenge now, according to Eddie Listorti, is helping people understand why a carbon credit on one particular project costs $10, for instance, while it might cost $150 for another project. That's what Viridios Capital is hoping to achieve through its various arms -- helping people understand the specific impact the projects will deliver for the environment.
As Eddie Listorti explained:
"When we established Viridios, we knew that price transparency and analytics would be key to attracting capital to an emerging asset class such as carbon."
That's what the SaaS database does, allowing users to compare nearly 7,000 projects on metrics such as abatement potential, age, price, and more.
And at the same time, Viridios Capital is directly impacting carbon neutrality by investing in eco-friendly projects worldwide.
About Eddie Listorti
Eddie Listorti is the Founding Partner and CEO of Viridios Group. He has a proven track record with 30 years in business and banking. His experience includes managing teams of over 2,000 people and annual revenues exceeding AUD 2 billion. Mr Listorti has held board positions in industry bodies and joint venture partnerships.
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