DevvStream Corp. - DEVS STOCK NEWS

DevvStream (NASDAQ: DEVS) has announced an agreement to acquire ownership of renewable and carbon assets from the PT.Siteba Energy Hydroelectric Power facility in South Sulawesi, Indonesia, in the form of international renewable energy certificates (I-RECs). The facility is already operational and expected to begin generating I-RECs in H1 2025. DevvStream will manage the I-REC certification process and receive a significant portion of the net value.

This agreement follows DevvStream's recent partnership with Sogod Energy for I-REC generation from a solar facility in the Philippines, demonstrating the company's expansion in Asia's renewable energy market. The Southeast Asian hydroelectric market is projected to grow from 70 gigawatts in 2024 to 89 gigawatts by 2029, at a 4.8% CAGR. In Indonesia, hydroelectric power plants had a total installed capacity of 6,689 megawatts in early 2023, representing 53% of the country's renewable power supply.

DevvStream (NASDAQ: DEVS) has announced a partnership with Strategic Environmental & Energy Resources (SEER) to enter the biogas market, estimated at $10 billion in the US and projected to reach $15 billion by 2030. The Carbon Management Program will focus on biogas capture, fugitive emissions mitigation, and carbon sequestration through biochar production.

The program leverages SEER's 150+ existing biogas installations across North America, serving major utility companies, food processors, brewers, and agriculture firms. SEER's subsidiary MV Technologies deploys two key technologies: the V3RU for oil field vapor recovery and a proprietary biogas conditioning system. The partnership extends to projects in Saudi Arabia, including the Green Riyadh project and collaboration with Eco Tadweer. Revenue generation is expected to begin in 2025 through biochar and technology-based carbon credits, with DevvStream retaining a portion of credit sales revenue.

DevvStream (NASDAQ: DEVS) has entered into an agreement to acquire ownership of renewable and carbon assets from Sogod Energy's Medellin Solar Power facility in the Philippines. The facility, approved by the Medellin municipality, will have a 730 MWp capacity and produce over 1.2 million I-RECs annually. The project will be developed in three phases, with phase one completion expected within 6 months.

The facility's total annual energy production capacity is estimated at 1,219,615 MWh. This marks DevvStream's entry into the I-REC market, expanding its presence in global energy transition markets. The I-REC market has shown significant growth, with 283 million certificates issued in 2023, representing a 42% increase from 2022.

DevvStream and Monroe Sequestration Partners provided an update on their carbon sequestration facility development in northern Louisiana. The Monroe Project, utilizing a 425-square-mile legacy oil and gas field, has an estimated storage capacity of 260 million metric tons of CO2. The project is advancing with engineering and geologic assessments, identifying multiple surface locations for monitoring and injection wells. DevvStream owns a 50% equity stake in the facility, which will generate both 45Q federal tax credits (currently $85 per tonne of CO2 stored) and voluntary offset credits. The project benefits from Louisiana's Class VI permit primacy, enabling faster regulatory approvals and streamlined development processes.

DevvStream Corp. (NASDAQ: DEVS) has announced a live investor event scheduled for November 18, 2024, at 12:00 PM ET / 9:00 AM PT. The event will provide updates on the company's commercial progress, long-term goals, and overall business health. The announcement comes amid significant developments in Article 6.4 of the Paris Agreement, which was recently updated at COP29 in Baku, Azerbaijan. The new standards aim to increase demand for carbon credit projects and direct resources to developing nations. The UN-endorsed supervisory body has finalized standards for carbon removals and crediting projects, with implementation planned for early 2025.

DevvStream (NASDAQ: DEVS) has announced the purchase of 2.5 million carbon credits through share-based transactions, increasing its total portfolio to 3.7 million credits. The newly acquired credits span multiple categories including nature-based, biochar, and renewable power. The purchase timing leverages current market conditions, including price declines and decreased credit issuances, amid projections of carbon market growth to $2.68 trillion by 2028. Additionally, the company announced board changes with Carl Stanton and Wray Thorn of Focus Impact Partners joining as directors, with Stanton assuming the Chairman role, replacing departing members Tom Anderson and Ray Quintana.

DevvStream Holdings Inc. plans to integrate its advanced technology platform with Fiùtur to further enhance its decarbonization programs. The move aims to ensure transparent and auditable claims for its public and private sector projects, supporting the transition to a low-carbon economy.

DevvStream Holdings Inc. (DESG) and Green Energy Technology (GET) announced a definitive 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. 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.