DevvStream Adds New York City-Based Green Energy Technology to its Growing Network of EV Charging Partners for Carbon Credit Generation
VANCOUVER, British Columbia, Jan. 11, 2024 (GLOBE NEWSWIRE) -- DevvStream Holdings Inc. ("DevvStream" or the "Company") (Cboe CA: DESG) (OTCQB: DSTRF) (FSE: CQ0), a leading carbon credit project co-development and generation firm specializing in technology-based solutions, and Green Energy Technology ("GET"), a turnkey installer of electric vehicle ("EV") charging stations for last-mile delivery services, hotels, casinos, and high-end retail enterprises, today announced a definitive agreement (the "Agreement") to leverage GET's network of EV charging stations in the New York City metropolitan area for carbon credit generation. This Agreement will establish a new revenue stream for GET, enabling further expansion of the company's growing EV charging infrastructure within and beyond the New York City area, while building upon DevvStream's rapidly expanding portfolio of EV charging locations.
By encouraging increased EV charging and usage, which in turn displaces gasoline-fueled vehicles on the roadways, GET's charging infrastructure has the potential to significantly reduce greenhouse gas emissions while generating high volumes of carbon credits. DevvStream estimates that the average Level 2 EV charger generates approximately 40 credits per year with medium use, while a Level 3 EV charger generates approximately 500 credits annually. In exchange for services related to the development and monetization of carbon credits from GET's EV charging stations, DevvStream will retain a portion of the carbon credits generated.
"Electric vehicles are a key driver of our shift toward a clean energy future, but it is imperative that we invest in the infrastructure needed to facilitate that transition," said Sunny Trinh, CEO of DevvStream. "Carbon credit revenues represent an untapped financing source for infrastructure providers, and we are committed to working alongside leading EV charging companies, like Green Energy Technology, to unlock those revenues in order to encourage the expansion of their charging infrastructure. We look forward to working with GET to generate credits from their current inventory while dramatically increasing their reach."
"What excites us most about the work we do is that we know we are contributing to the greening of America," said Marc Horowitz, owner/partner of GET. "We track how much carbon we prevent from being emitted into the atmosphere by measuring the exact number of kilowatt hours ("kWh") of electricity that are being dispensed from our DC fast charger ("DCFC") ports. Based on conservative projections confirmed by third-party vendor analysis, we estimate that over 13 million kWh will be consumed in 2024 alone, based on no more than 3 charges per port per day on our contracted properties. With plans to install over 80 DCFC ports this year, we will enable our client properties to make a significant impact on their ESG goals. We even plant a tree in the ground for every charger we install."
Today's announcement comes on the heels of DevvStream's recently signed agreement with Go-Station, an EV charging solutions provider, to generate high-quality carbon credits via charging infrastructure around the United States. Through that agreement, the partners will also collaborate on the development of plans to install additional charging stations in Canada, and the subsequent generation of high-value credits under the Canadian Compliance Clean Fuel Regulations ("CFR") program as well as the British Columbia ("BC") Low Carbon Fuel Standard ("LCFS") program. Taken together, these announcements demonstrate DevvStream's commitment to becoming the leading carbon credit generation partner for EV infrastructure developers worldwide.
About Green Energy Technology
Founded in 2019, Green Energy Technology is a leading solution provider of electric charging station infrastructure for last-mile trucking, school buses, hotels, hospitals, retail, sporting venues, and OEMs as a total turnkey provider. GET understands the critical aspects of its projects for its clients and self-performs all aspects of the process. This allows the company to ensure continuity of the installation process and to assure the quality and timely completion of projects for its pre-qualified vendors.
About DevvStream
Founded in 2021, DevvStream is a leading authority in the use of technology in carbon project development. The Company's mission is to create alignment between sustainability and profitability, helping organizations achieve their climate initiatives while directly improving their financial health. With a pipeline of over 140 technology-based projects worldwide, DevvStream makes it simple for corporations and governments to address their net-zero goals while generating premium carbon credits in the process. DevvStream takes a programmatic approach to evaluating project opportunities, and co-develops projects spanning energy-efficient buildings, facilities and homes, industrial facilities, LED systems, EV charging stations, and technologies to seal oil wells. The Company's end-to-end proprietary solution removes the risk and complexity from every step, allowing organizations to move from project ideation to credit monetization with ease. The result is a multi-year stream of carbon credit revenue that transforms sustainability into a financial investment. In addition, for organizations that need help to offset their most difficult-to-reduce emissions, we also provide premium carbon credits for purchase.
On September 13, 2023, DevvStream and Focus Impact Acquisition Corp (Nasdaq: FIAC) ("Focus Impact") announced that they have entered into a definitive business combination agreement for a business combination that would result in the combined company (DevvStream) to be listed on the Nasdaq Stock Market under the ticker symbol "DEVS". On December 11, 2023, DevvStream announced the filing of a registration statement on Form S-4 with the U.S. Securities and Exchange Commission, which contains a preliminary proxy statement/prospectus in connection with the proposed business combination between DevvStream and Focus Impact (the "Business Combination"). Upon closing, the Business Combination is expected to result in DevvStream being the first publicly traded carbon credit company on a major U.S. stock exchange.
Disclaimer
Certain statements in this news release may be considered forward-looking statements. Forward-looking statements are statements that are not historical facts and generally relate to future events or DevvStream's future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expect", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology. These forward-looking statements, including, without limitation DevvStream's expectations with respect to future performance and anticipated financial impacts of the Agreement and Business Combination are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by DevvStream and its management, are inherently uncertain and subject to material change. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the ability of GET or Go-Station's EV charging stations to generate monetizable carbon credits; (2) the occurrence of any event, change or other circumstances that could give rise to the termination of negotiations and any subsequent definitive agreements with respect to the Business Combination; (3) the outcome of any legal proceedings that may be instituted against Focus Impact, DevvStream, the combined company or others; (4) the inability to complete the Business Combination due to the failure to obtain approval of the stockholders of Focus Impact and DevvStream or to satisfy other conditions to closing; (5) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations; (6) the ability to meet Nasdaq's or another stock exchange's listing standards following the consummation of the Business Combination; (7) the risk that the Business Combination disrupts current plans and operations of Focus Impact or DevvStream as a result of the announcement and consummation of the Business Combination; (8) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and retain its management and key employees; (9) costs related to the Business Combination; (10) changes in applicable laws or regulations; (11) the possibility that Focus Impact, DevvStream or the combined company may be adversely affected by other economic, business, and/or competitive factors; (12) estimates of expenses and profitability and underlying assumptions with respect to stockholder redemptions and purchase price and other adjustments; (13) various factors beyond management's control, including general economic conditions and other risks, uncertainties and factors set forth in the section entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in the Registration Statement on Form S-4 that includes a proxy statement and prospectus of Focus Impact (the "Registration Statement"), filed with the SEC on December 4, 2023, and other filings with the SEC; and (14) certain other risks identified and discussed in DevvStream's Annual Information Form for the year ended July 31, 2023, and DevvStream's other public filings with Canadian securities regulatory authorities, available on DevvStream's profile on SEDAR at www.sedarplus.ca.
These forward-looking statements are expressed in good faith, and DevvStream believes there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and DevvStream is not under any obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in DevvStream's public filings with Canadian securities regulatory authorities. This news release is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in DevvStream and is not intended to form the basis of an investment decision in DevvStream. All subsequent written and oral forward-looking statements concerning DevvStream, the proposed transaction or other matters and attributable to DevvStream or any person acting on DevvStream's behalf are expressly qualified in their entirety by the cautionary statements above.
On Behalf of the Board of Directors,
Sunny Trinh, CEO
DevvStream Media Contacts
[email protected] and [email protected]
Phone: (332) 242-4316
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7c189102-d956-47c5-9f74-d7539b237dde
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