DevvStream Adds OK2Charge to Its Expanding Network of EV Charging Partners for Carbon Credit Generation
DevvStream Holdings has announced an agreement with OK2Charge to use OK2Charge's EV charging network for generating carbon credits. This partnership aims to boost EV infrastructure in rental properties, generating significant carbon credits to fund further expansion. By participating in DevvStream's Electric Vehicle Charging Carbon Offset Program (EVCCOP), OK2Charge will receive a majority of the net revenues from the sale of these credits, with DevvStream retaining a portion for their services. This collaboration follows DevvStream's recent agreements with other EV infrastructure developers, strengthening its position as a leading carbon credit generation partner globally.
- New revenue stream for OK2Charge through carbon credit sales.
- Expansion of EV charging infrastructure in rental properties.
- Majority net revenue share for OK2Charge from carbon credits.
- Strengthening DevvStream's position in the carbon credit market.
- None reported.
Agreement allows for the advancement of EV charging infrastructure in the rental property market while generating high-integrity carbon credits
Vancouver, British Columbia--(Newsfile Corp. - June 27, 2024) - DevvStream Holdings Inc. (NEO: DESG) (OTCQB: DSTRF) (FSE: CQ0) ("DevvStream" or the "Company"), a leading carbon credit project co-development and generation firm specializing in technology-based solutions, and OK2Charge, a software-as-a-service platform for electric vehicle ("EV") charging stations, today announced an agreement (the "Agreement") to leverage OK2Charge's network of EV charging stations for carbon credit generation. This Agreement will establish a new revenue stream for OK2Charge, enabling further expansion of the company's growing EV charging infrastructure, while building upon DevvStream's rapidly expanding Electric Vehicle Charging Carbon Offset Program ("EVCCOP").
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By encouraging increased EV charging and usage, which in turn displaces internal combustion vehicles on the roadways, OK2Charge's operations seek to significantly reduce greenhouse gas emissions while generating high volumes of carbon credits to help fund network expansion efforts. By participating in DevvStream's EVCCOP, partners receive a majority of the net revenues generated by the sale of carbon credits on an annual basis, reflecting the emission reductions (measured in tonnes of CO2e) generated by their chargers, with DevvStream in turn retaining a portion of the carbon credits generated in exchange for services related to the development and monetization of carbon credits from EV charging stations.
"Electric vehicles play a crucial role in our transition to a clean energy future. However, it is essential to invest in the charging infrastructure necessary to support this transition," said Sunny Trinh, CEO of DevvStream. "Carbon credit revenues offer an underutilized financing avenue for EV charging infrastructure providers. We are dedicated to collaborating with leading EV charging companies like OK2Charge to unlock these revenues and promote the expansion of their charging networks. We anticipate working with OK2Charge to generate credits from their existing and future inventory, significantly enhancing their reach and impact."
"DevvStream's expertise and credibility in carbon markets make them the ideal partner for OK2Charge as we scale charging infrastructure to meet growing demand," said Eric Broughton, CEO of OK2Charge. "We are dedicated to empowering real estate property owners and managers to differentiate from the competition by offering exclusive-use, secure smart chargers to their residents, tenants, and guests. The revenues generated through the DevvStream carbon credit program will enable us to expand our network more quickly, aiding our quest to make the planet greener, cleaner and healthier for everyone."
Today's announcement follows DevvStream's recent agreements with Go-Station, Green Energy Technology, and E-Fill, demonstrating the Company's ongoing commitment to becoming the leading carbon credit generation partner for EV infrastructure developers worldwide.
In addition, as part of its continuing efforts to increase the Company's visibility in Europe, DevvStream has entered into a six-month marketing agreement with Scandinavian Alliance, a full-service consultancy focused on the promotion of green energy companies in Norway, Sweden, Denmark, Finland, and other nations in northern Europe. Remuneration is expected to be provided via issuance of shares of common stock, following the finalization of the Company's contemplated business combination with Focus Impact Acquisition Corp.
About OK2Charge
The first and only smart EV charging software company built from the ground up for real estate owners and operators, OK2Charge makes eco-friendly energy more accessible for tenants, residents, and guests who use electric vehicles. The company is building the software platform needed to enable smart charging at thousands of destinations - bringing clean energy to the last mile of real estate where people work, live, and vacation.
About DevvStream
Founded in 2021, DevvStream is a technology-based sustainability company that advances the development and monetization of environmental assets, with an initial focus on carbon markets. DevvStream works with governments and corporations worldwide to achieve their sustainability goals through the implementation of curated green technology projects that generate renewable energy, improve energy efficiencies, eliminate or reduce emissions, and sequester carbon directly from the air-creating carbon credits in the process.
On September 13, 2023, DevvStream and Focus Impact Acquisition Corp. (NASDAQ: FIAC) announced that they had entered into a definitive Business Combination Agreement (the "Business Combination Agreement") for a potential business combination (the "Business Combination") that is expected to result in DevvStream being the first publicly traded carbon streaming company on a major U.S. stock exchange. The Company previously announced the filing of a registration statement on Form S-4 (as amended to date, the "Registration Statement") with the U.S. Securities and Exchange Commission ("SEC") on December 4, 2023.
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 OK2Charge Agreement and the timing and occurrence of the 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 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; (2) the outcome of any legal proceedings that may be instituted against Focus Impact, DevvStream, the combined company or others; (3) 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; (4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations; (5) the ability to meet Nasdaq's or another stock exchange's listing standards following the consummation of the Business Combination; (6) 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; (7) 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; (8) costs related to the Business Combination; (9) changes in applicable laws or regulations; (10) the possibility that Focus Impact, DevvStream or the combined company may be adversely affected by other economic, business, and/or competitive factors; (11) estimates of expenses and profitability and underlying assumptions with respect to stockholder redemptions and purchase price and other adjustments; (12) 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, and other filings with the SEC; and (13) 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
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214594
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