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BLACKLEAF

Project Carbon

Price

R465 000 000,00

Overview

Project Carbon is a privately owned South African clean energy company specializing in energy-from-waste technologies, with a fully integrated solution that transforms discarded and ultra-fine coal waste into commercial energy products. The company is strategically positioned within the national energy transition landscape, offering scalable operations that both rehabilitate environmental liabilities and generate high-yield product for domestic and export markets.

 

The core operational infrastructure includes a 5 million ton per annum coal handling and preparation plant (CHPP), a fines beneficiation circuit (FBC) launched in 2023, and a proprietary binderless coal briquetting (BCB) process. These assets provide Project Carbon with the ability to process coarse to ultra-fine waste coal streams efficiently, cost-effectively, and with lower emissions compared to conventional processing models.

 

With a robust growth pipeline of CHPP, FBC, and BCB projects under development, Project Carbon is on track to deliver exponential revenue and EBITDA expansion over the next five years, making it a highly strategic platform investment.

 

Financial Overview

Project Carbon is forecasting revenue of R436 million for FY2025 and adjusted EBITDA of R77.5 million. For FY2024, the business has reported R24.8 million in available cash with a 38% cash ratio and total assets amounting to R131 million.

 

The company is projecting significant scale-up, with forecasted EBITDA growth from R79.2 million in 2024 to approximately R600 million by 2030. This transformation is anchored by pipeline projects already identified and backed by operational infrastructure.

 

The company maintains a stable, scalable cost structure, with first-quartile C1 cash costs, low capital intensity relative to outputs, and meaningful cash flow conversion from operations.

 

Operational Overview

Project Carbon’s operations are underpinned by three industrial-scale clean coal technologies:

  • Coal Handling and Preparation Plant (CHPP): With a capacity of 5 million tons of feed and 2 million tons of product per annum, this is the backbone of Project Carbon's waste coal conversion process.

  • Fines Beneficiation Circuit (FBC): Commissioned in 2023, this plant is ramping up to full production and is designed to maximize value extraction from ultra-fine coal.

  • Binderless Coal Briquetting (BCB): This process turns low-value fines into a commercial briquetted product without the use of additives or binders, making it environmentally preferred.

Project Carbon produces approximately 125,000 tons of product monthly and has processed over 21 million metric tons of discarded coal to date. These operations directly support South Africa's Just Energy Transition goals while reducing waste and emissions from legacy coal operations.

 

History

Established in 2010, Project Carbon began with a focus on rehabilitating historical coal waste dumps and has since evolved into a leading energy-from-waste business. Over the last 14 years, the company has developed proprietary processing technologies, built deep industry relationships, and scaled production to industrial levels.

 

Strategically located and embedded in the South African coal sector, the business has benefited from stable client relationships, access to high-volume feedstock, and regulatory alignment with environmental and ESG targets.

 

The business has successfully integrated its environmental objectives with its financial goals — producing cleaner coal while mitigating groundwater contamination, air pollution, and environmental damage caused by conventional tailings and slurry systems.

 

Investment Opportunity

Project Carbon is positioned as a rare and highly strategic platform in the emerging clean coal technology space. With more than a decade of operational success and deep technological IP, the business is forecast to deliver over R4 billion in cumulative revenue over the next five years.

 

The company offers investors:

  • An established operating base with proven production and EBITDA

  • Immediate access to a pipeline of growth projects, de-risked through initial rollout

  • Scalable, replicable technology with minimal incremental CAPEX per site

  • Exposure to ESG-aligned returns through waste reclamation and emissions reduction

  • Alignment with South Africa’s Just Energy Transition framework

  • Experienced management with technical, financial, and operational depth

  • Potential to structure the investment for private equity, strategic energy groups, or infrastructure funds

This opportunity is suitable for investors seeking to enter or scale in the energy transition economy with a long-term view on value creation through environmental rehabilitation, circular resource extraction, and energy infrastructure innovation.

All Listings are legally authorized and under representation by BlackLeaf Advisory Group (Pty) Ltd. BlackLeaf Business Marketplace is a division of BlackLeaf Advisory Group.

Disclaimer

All information presented in this listing has been provided directly by the seller or their appointed representatives. BlackLeaf Advisory has conducted preliminary due diligence and confirms that, to the best of our knowledge at the time of listing, the information is accurate, complete, and reflective of the company’s operational and financial standing.

However, BlackLeaf Advisory makes no representations or warranties, express or implied, as to the ongoing accuracy, completeness, or fitness for any particular purpose of any information contained herein. Certain details may have changed since the time of listing, and additional material facts may be discovered during the course of a formal legal, financial, or operational due diligence process.

BlackLeaf Advisory shall not be held liable for any losses, damages, or claims arising directly or indirectly from the use, reliance, or interpretation of any information included in this listing. It remains the sole responsibility of the prospective buyer to conduct their own independent due diligence and to obtain appropriate legal, tax, and financial advice prior to any transaction.

By engaging with this listing, all parties acknowledge and accept the above conditions.



 

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