Nereid receives support from Regions20

Nereid and Regions20 agreement

Friday October 21th, we received a support letter from Regions20 to finance some of our sustainable infrastructure projects matching their goals in terms of environmental protection and sustainable goals, according to CEO David Albertani.

Regions20 is a foundation based in Geneva and sponsor of the Subnational Climate Fund (SCF) with their partners Pegasus Capital Advisor acting as the asset manager. The SCF received a first commitment of 150 MUSD, targeting soon 750 MUSD.

Regions20 Chairman Melchior de Muralt invited Nereid last March to pitch at the Business Federation (FER) in Geneva. He also introduced us to AltaSea with the aim to deploy one of our pilots in California. A MoU has been signed with AltaSea on October 14th. Terry Taminenn, Chairman of AltaSea and former secretary of the California environmental protection agency, saw immediately the interest to team us with Texel Energy to develop a 24/24 water and electricity generation system. Such a system would be used at AltaSea as a backup in case of emergency (Sept 16th PR). The pilot system would become a showcase to further develop the US market.

With this strong support and a very dynamic team, we will install and validate our pilots in 2023 with the aim to activate the support, financing and technical assistance of Regions 20. Thanks to all our partners.