DevvStream Adds Hydroelectric Power Facility to its Asia I-REC Program
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) ha annunciato un accordo per acquisire la proprietà di asset rinnovabili e di carbonio dalla struttura idroelettrica PT.Siteba Energy situata nel Sud Sulawesi, Indonesia, sotto forma di certificati internazionali di energia rinnovabile (I-RECs). L'impianto è già operativo e si prevede che inizi a generare I-RECs nel primo semestre del 2025. DevvStream gestirà il processo di certificazione degli I-REC e riceverà una parte significativa del valore netto.
Questo accordo segue la recente partnership di DevvStream con Sogod Energy per la generazione di I-REC da un impianto solare nelle Filippine, dimostrando l'espansione dell'azienda nel mercato dell'energia rinnovabile dell'Asia. Si prevede che il mercato idroelettrico del sud-est asiatico cresca da 70 gigawatt nel 2024 a 89 gigawatt entro il 2029, con un tasso di crescita annuale composto (CAGR) del 4,8%. In Indonesia, le centrali idroelettriche avevano una capacità installata totale di 6.689 megawatt all'inizio del 2023, rappresentando il 53% dell'offerta di energia rinnovabile del paese.
DevvStream (NASDAQ: DEVS) ha anunciado un acuerdo para adquirir la propiedad de activos renovables y de carbono de la instalación hidroeléctrica PT.Siteba Energy en el sur de Sulawesi, Indonesia, en forma de certificados internacionales de energía renovable (I-RECs). La instalación ya está operativa y se espera que comience a generar I-RECs en la primera mitad de 2025. DevvStream gestionará el proceso de certificación I-REC y recibirá una parte significativa del valor neto.
Este acuerdo sigue a la reciente asociación de DevvStream con Sogod Energy para la generación de I-REC desde una instalación solar en Filipinas, demostrando la expansión de la empresa en el mercado de energía renovable de Asia. Se proyecta que el mercado hidroeléctrico del sudeste asiático crezca de 70 gigavatios en 2024 a 89 gigavatios para 2029, con una tasa de crecimiento anual compuesta (CAGR) del 4.8%. En Indonesia, las plantas hidroeléctricas tenían una capacidad instalada total de 6,689 megavatios a principios de 2023, lo que representa el 53% del suministro de energía renovable del país.
DevvStream (NASDAQ: DEVS)는 인도네시아 남술라웨시의 PT.Siteba 에너지 수력 발전소로부터 재생 가능 에너지 및 탄소 자산을 국제 재생 가능 에너지 인증서(I-RECs)의 형태로 인수하는 계약을 발표했습니다. 이 시설은 이미 운영 중이며 2025년 상반기 중 I-RECs를 생성할 것으로 예상됩니다. DevvStream는 I-REC 인증 프로세스를 관리하고 순가치의 상당 부분을 수취하게 됩니다.
이번 계약은 필리핀의 태양광 시설에서 I-REC 생성을 위한 Sogod Energy와의 최근 파트너십에 이어지며, 아시아 재생 가능 에너지 시장에서 회사의 확장을 보여줍니다. 동남아시아 수력 발전 시장은 2024년 70기가와트에서 2029년에는 89기가와트로 성장할 것으로 예상되며, 연평균 성장률(CAGR)은 4.8%에 이를 것으로 보입니다. 인도네시아에서 수력 발전소는 2023년 초 총 설치 용량이 6,689메가와트로, 이는 국가의 재생 가능 에너지 공급의 53%를 차지합니다.
DevvStream (NASDAQ: DEVS) a annoncé un accord pour acquérir la propriété d'actifs renouvelables et de carbone de l'installation hydroélectrique PT.Siteba Energy située dans le sud de Sulawesi, en Indonésie, sous forme de certificats internationaux d'énergie renouvelable (I-RECs). L'installation est déjà opérationnelle et devrait commencer à générer des I-RECs au premier semestre 2025. DevvStream gérera le processus de certification des I-REC et recevra une part significative de la valeur nette.
Ce partenariat fait suite à la récente collaboration de DevvStream avec Sogod Energy pour la génération d'I-REC à partir d'une installation solaire aux Philippines, démontrant l'expansion de l'entreprise sur le marché de l'énergie renouvelable en Asie. Le marché hydroélectrique d'Asie du Sud-Est devrait passer de 70 gigawatts en 2024 à 89 gigawatts d'ici 2029, avec un taux de croissance annuel composé (CAGR) de 4,8 %. En Indonésie, les centrales hydroélectriques avaient une capacité installée totale de 6 689 mégawatts début 2023, représentant 53 % de l'offre d'énergie renouvelable du pays.
DevvStream (NASDAQ: DEVS) hat eine Vereinbarung zur Übernahme von Eigentum an erneuerbaren Energien und Kohlenstoffanlagen von der PT.Siteba Energy Wasserkraftanlage in Südsulawesi, Indonesien, bekanntgegeben, und zwar in Form von internationalen erneuerbaren Energien Zertifikaten (I-RECs). Die Anlage ist bereits in Betrieb und wird voraussichtlich im ersten Halbjahr 2025 mit der Erzeugung von I-RECs beginnen. DevvStream wird den I-REC-Zertifizierungsprozess verwalten und einen erheblichen Teil des Nettowerts erhalten.
Diese Vereinbarung folgt auf die jüngste Partnerschaft von DevvStream mit Sogod Energy zur I-REC-Erzeugung aus einer Solaranlage auf den Philippinen, was die Expansion des Unternehmens im asiatischen Markt für erneuerbare Energie demonstriert. Der Markt für Wasserkraft im südostasiatischen Raum wird von 70 Gigawatt im Jahr 2024 auf 89 Gigawatt bis 2029 wachsen, bei einer jährlichen Wachstumsrate (CAGR) von 4,8 %. In Indonesien hatten die Wasserkraftwerke Anfang 2023 eine installierte Gesamtleistung von 6.689 Megawatt, was 53 % des erneuerbaren Stromangebots des Landes entspricht.
- Agreement secures new revenue stream from I-REC generation starting H1 2025
- Expansion into Indonesia's growing hydroelectric market
- Strategic diversification of renewable energy portfolio
- Partnership in market with 4.8% CAGR projection (2024-2029)
- None.
Insights
The expansion into hydroelectric I-REC generation in Indonesia marks a strategic move for DevvStream. The Southeast Asian hydroelectric market's projected growth from
This I-REC agreement represents a meaningful revenue opportunity for DevvStream. The operational status of the facility reduces development risk, with I-REC generation expected to commence in H1 2025. The company's strategy to diversify across multiple renewable sources and geographies enhances revenue stability and market reach. The significant portion of net I-REC value secured through the agreement, combined with Indonesia's strong renewable energy growth trajectory, positions DevvStream favorably in the environmental commodities market. The partnership model demonstrates scalability potential across the ASEAN region, particularly valuable given the area's accelerating renewable energy adoption.
Facility located in South Sulawesi, Indonesia is already operational and is expected to begin generating I-RECs during the first half of 2025
The Southeast Asia hydroelectric market is expected to grow from 70 gigawatts in 2024 to 89 gigawatts by 2029, at a CAGR of
Calgary, Alberta--(Newsfile Corp. - December 18, 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 an agreement (the "Agreement") transferring ownership of all renewable and carbon assets generated by the PT.Siteba Energy Hydroelectric Power facility (the "Facility") to DevvStream in the form of international renewable energy certificates ("I-RECs"). DevvStream will manage the I-REC certification process and will receive a significant portion of the net value of I-RECs created from the Facility. Today's announcement comes on the heels of DevvStream's recently signed agreement with Sogod Energy to generate I-RECs via the Medellin solar power generation facility in the Philippines. Taken together, these announcements demonstrate DevvStream's commitment to becoming the leading I-REC generation partner for renewable energy production throughout Asia. The Agreement represents an advancement in the Project Development category of DevvStream's three-tiered corporate strategy and is anticipated to begin generating I-RECs during the first half of 2025.
Hydroelectric power represents a vital renewable energy source for the nation of Indonesia. Based on data from the Energy and Mineral Resources Ministry, the nation's hydroelectric power plants had a total installed capacity of 6,689 megawatts at the beginning of 2023, amounting to
"Establishing a diverse asset portfolio across an array of environmental and energy transition assets is critical to the Company's success," said Sunny Trinh, CEO of DevvStream. "Our intention is not only to produce high volumes of I-RECs, but to generate these I-RECs from a broad spectrum of renewable energy sources-including solar, hydropower, biomass, geothermal, landfill gas, and more-across multiple geographic regions. Our Agreement with PT.Siteba Energy represents a critical first engagement in what we believe will be multiple upcoming large-scale commitments across the nation of Indonesia. I'd like to extend my appreciation to our associate, Derek P. Maras, for his continued hard work in establishing the Company's presence in Indonesia and across the ASEAN union. We're extremely proud to partner with PT.Siteba Energy on this important hydropower infrastructure project that is already providing numerous benefits to the region."
"Hydropower in Indonesia has vast potential, and it has not yet been fully realized," said Pak Bondi, Director of PT.Siteba Energy. "Our facility is a critical part of the energy provision infrastructure in the local area, providing renewable energy for the people of Siteba Village, North Walenrang District, Luwu Regency, and the surrounding areas. We are proud to work with DevvStream to produce high-quality I-RECs based on our operations, which will contribute toward our mission to promote the welfare and prosperity of all our customers."
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 diverse approach to the carbon market, DevvStream operates across three strategic domains: (1) an offset portfolio consisting of nature-based, tech-based, and carbon sequestration credits for immediate sale to corporations and governments seeking to offset their most difficult-to-reduce emissions; (2) project investment, acquisitions, and industry consolidation to extend the company's reach, allowing it to become a full end-to-end solutions provider; and (3) project development, where the company serves as project manager for eligible activities such as EV charging in exchange for a percentage of generated credits.
For more information, please visit www.devvstream.com.
Cautionary Note Regarding Forward-Looking Statements
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 DevvStream's intentions, beliefs, projections, outlook, analyses and current expectations concerning, among other things, DevvStream's ability to continue as a going concern and to realize the benefits of its recently completed business combination, DevvStream's ability to remain listed on Nasdaq, the volatility of the market price and the liquidity of DevvStream's common shares, the impact from future regulatory, judicial, legislative or regulatory changes in DevvStream's industry, the trends in the carbon credit markets, future performance and anticipated financial impacts of certain transactions by DevvStream or others, the growth and value of the global carbon credit market traded value, the potential of carbon credits to provide carbon emission reductions and reduce carbon emissions to limit global warming, estimated C02 capture, sequestration, decarbonization or storage capacities or potentials of different projects in which DevvStream is investing, or DevvStream's opportunity pipeline and the ability of such opportunities to generated carbon or tax credits each year, or the market growth and value of international renewable energy certificates, 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 and with the Canadian securities regulatory authorities. This news release is not an offer to sell or the solicitation of an offer to buy, any securities of DevvStream 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. 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.
Contact
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Phone: (408) 365-4348
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FAQ
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