Transactions increase total portfolio of purchased carbon credit inventory to 3.7 million credits
Advances the Company's strategic plan to broaden and diversify its asset portfolio, as a complement to its carbon management and project investment businesses
Company appoints Carl Stanton and Wray Thorn to its Board of Directors
Sacramento, California--(Newsfile Corp. - November 8, 2024) - DevvStream Corp. (NASDAQ: DEVS) ("DevvStream" or the "Company"), a leading carbon credit project co-development and generation firm specializing in technology-based solutions, today announced definitive agreements for the purchase of 2.5 million carbon credits (the "Purchase") in exchange for common shares of DevvStream. The carbon credits purchased were selected from a field of over 120 million potential candidates and are representative of multiple key categories: nature-based, biochar, and renewable power. Combined with the 1.2 million credits previously acquired from the Ipixuna REDD+ Project, the Purchase brings DevvStream's total portfolio of purchased credits to 3.7 million.
The Company's carbon portfolio serves as an important component of its strategic plan, alongside its carbon management and project investment initiatives. The Purchase immediately broadens and diversifies DevvStream's asset base, providing a strategic complement to its own carbon credit generation programs and carbon sequestration offerings. The timing of the Purchase was driven by two high-level prevailing trends: (a) lingering uncertainty within the carbon market leading to broad price declines, and (b) an overall decrease in carbon credit issuances and retirements. Because the global carbon credit market value is expected to grow to $2.68 trillion by 2028 according to Research and Markets, DevvStream's management believes that the current downward trends signify an important buying opportunity. Moreover, the Company believes that its unique, capital-light business model and existing customer relationships will enable rapid value generation from its portfolio of credits.
Effective November 7, 2024, Tom Anderson, Chairman, and Ray Quintana, Director, have stepped down from the Company's board of directors. Carl Stanton and Wray Thorn, partners and co-founders of Focus Impact Partners, will succeed Mr. Anderson and Mr. Quintana as directors of the Company and Mr. Stanton will serve as new Chairman of the Company's board of directors.
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 unique 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.
Disclaimer
Certain statements in this news release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and generally relate to future events, trends 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 include statements regarding the Company's intentions, beliefs, projections, outlook, analyses and current expectations concerning, among other things, the trends in the carbon credit markets described in this news release, future performance and anticipated financial impacts of certain transactions, including the Purchase, described in this news release, or the growth of the global carbon credit market value, 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. Given these risks, uncertainties, and other factors, you should not place undue reliance on these forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties.
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 under no 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 filings made by, or to be made by, DevvStream from time to time with the SEC as well as public filings with Canadian securities regulatory authorities. This news release is not an offer to sell or the solicitation of an offer to buy, any securities of the Company and 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. This news release is not intended to form the basis of an investment decision in DevvStream. All subsequent written and oral forward-looking statements concerning DevvStream or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.
