Flowcarbon, a blockchain-based carbon credit platform co-founded by former WeWork CEO Adam Neumann, is refunding investors after the anticipated launch of its “Goddess Nature Token” (GNT) failed to materialize. High-profile backers like Andreessen Horowitz had been waiting over a year for the token’s debut, but no launch occurred, according to a recent report by Forbes.
Flowcarbon cited unfavorable market conditions and resistance from carbon registries as the primary reasons for issuing refunds. Despite the refunds, the company has not made any public announcements, although a spokesperson confirmed to Forbes that refunds had been offered to retail GNT buyers since last year under “standard and customary terms.” As part of the refund process, investors were asked to sign a waiver of claims and adhere to confidentiality agreements.
The GNT token was intended to be backed 1:1 by carbon credits, which are certificates companies buy to offset their carbon emissions. These credits represent a metric ton of carbon dioxide removed or prevented from entering the atmosphere. Tokenizing these credits aimed to broaden investor participation in the carbon market, but progress has been slow across the industry.
Neumann’s venture initially attracted $70 million in Series A funding in May 2022 from Andreessen Horowitz, General Catalyst, and Samsung NEXT. At least $38 million of that amount was raised through Flowcarbon’s token sale, although it remains unclear how much came from retail investors.
Currently, energy and environment-related tokens, including Powerledger’s POWR and Energy Web’s EWT, make up 94% of the $186 million market cap, highlighting the dominance of other players in the sector.