- Flowcarbon has initiated a refund process for investors following the cancellation of the Goddess Nature Token (GNT) launch.
- The GNT token aimed to tokenize carbon credits but encountered significant market and regulatory obstacles.
- Despite raising $70 million, Flowcarbon continues to navigate complexities within the carbon market.
Flowcarbon, a pioneering platform in the blockchain-driven carbon credit space, co-founded by former WeWork CEO Adam Neumann, has started issuing refunds to investors after it canceled the eagerly awaited launch of its Goddess Nature Token (GNT).
The startup’s vision of transforming carbon markets through the tokenization of carbon credits faced numerous challenges. These included difficult market conditions and pushback from established carbon registries, which were major factors in halting the GNT’s launch.
The GNT Token Launch: A Missed Opportunity
Notable investors such as the well-known venture capital firm Andreessen Horowitz have been eagerly waiting for over a year, but the anticipated launch did not occur.
Flowcarbon’s spokesperson confirmed that refunds commenced a few weeks ago. These refunds were originally prepared since last year but faced postponements due to widespread delays across the industry.
As part of the refund process, purchasers were required to acknowledge waivers of any claims against the company and consent to confidentiality agreements.
Designed to be supported at a 1:1 ratio by carbon credits—certificates utilized by major corporations to counterbalance their carbon emissions—the GNT aimed to broaden investor access to the carbon market.
Despite its innovative approach, Flowcarbon struggled to surmount the technical and regulatory barriers that emerged during the project development.
Continuing Efforts in Climate Finance
Notably, Flowcarbon remains engaged in the climate finance sector. In May 2022, the startup successfully secured $70 million in Series A funding, with key investors including Andreessen Horowitz, General Catalyst, and Samsung NEXT. While at least $38 million was raised through the sale of Flowcarbon’s token, it remains uncertain whether retail investors were involved.
Currently, the overall market for energy and environmental-related tokens stands at a capitalization of $186 million, with significant contributions from tokens like Powerledger’s POWR and Energy Web’s EWT, which account for 94% of the total market value.
