Evaluating only Carbon Streaming Corporation’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. Documented cause: Market collapse.
Key Events Timeline
FOUNDING
Carbon Streaming founded in Toronto; listed on TSX raising C$200M to finance carbon offset projects via streaming agreements.
FUNDING
Stock peaked at C$12; company held streaming agreements across forestry and cookstove projects in 12 countries.
DOWN ROUND
VCM carbon prices fell to under $2/tonne from $18 peak; stock trading at C$1.20 as streaming portfolio became uneconomical.
SHUTDOWN
CEO resigned; C$85M in streaming agreements written down; company entered court-supervised restructuring with 95% shareholder loss.
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Documented cause
Carbon Streaming Corporation (CSC) raised C$200M via TSX listing in 2021, modeled as a Franco-Nevada style royalty company for carbon credits. The stock peaked at C$12 in late 2021 and collapsed to under C$0.50 by 2023 as voluntary carbon prices fell from $18/tonne to under $2/tonne. CEO Justin Cochrane resigned in August 2023. The company wrote down C$85M in streaming agreements and entered a restructuring process, with shareholders losing over 95% of their investment.
Lesson
“Royalty financing models for commodities require stable long-term price floors that voluntary carbon never had.”
Failure anatomy
Collapse type
Bankruptcy
📉 MEDIUM
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