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
DevvStream@icrinc.com and info@fcir.ca
Phone: (332) 242-4316
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7c189102-d956-47c5-9f74-d7539b237dde
DevvStream (NASDAQ:DEVS)
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DevvStream (NASDAQ:DEVS)
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