DevvStream to Purchase 1.2 Million Carbon Credits for Conservation of 200,000 Hectares of Amazon Territory
DevvStream Holdings has announced an agreement to purchase 1.2 million carbon credits from the Ipixuna REDD+ Project in Brazil's Amazon rainforest. The transaction will be funded through newly authorized shares following DevvStream's Nasdaq listing, expected by October 31, 2024. The project covers 196,025.30 hectares of Amazon territory and is expected to reduce emissions by 13.2 million tCO2e over 30 years. The initiative, managed by the indigenous Parintintin tribe, aims to enhance environmental conservation, reduce deforestation-related GHG emissions, and improve local living conditions. The project is certified under the Cercarbono Certified Carbon Standard Program.
DevvStream Holdings ha annunciato un accordo per l'acquisto di 1,2 milioni di crediti di carbonio dal Progetto Ipixuna REDD+ nella foresta pluviale amazzonica del Brasile. La transazione sarà finanziata tramite nuove azioni autorizzate a seguito della quotazione di DevvStream al Nasdaq, prevista entro il 31 ottobre 2024. Il progetto copre 196.025,30 ettari di territorio amazzonico e si prevede che ridurrà le emissioni di 13,2 milioni di tCO2e nell'arco di 30 anni. L'iniziativa, gestita dalla tribù indigena Parintintin, mira a migliorare la conservazione ambientale, ridurre le emissioni di gas serra legate alla deforestazione e migliorare le condizioni di vita locali. Il progetto è certificato secondo il Programma di Standard di Carbonio Certificato Cercarbono.
DevvStream Holdings ha anunciado un acuerdo para comprar 1,2 millones de créditos de carbono del Proyecto Ipixuna REDD+ en la selva amazónica de Brasil. La transacción será financiada a través de nuevas acciones autorizadas tras la incorporación de DevvStream al Nasdaq, prevista para el 31 de octubre de 2024. El proyecto abarca 196.025,30 hectáreas de territorio amazónico y se espera que reduzca las emisiones en 13,2 millones de tCO2e durante 30 años. La iniciativa, gestionada por la tribu indígena Parintintin, tiene como objetivo mejorar la conservación ambiental, reducir las emisiones de gases de efecto invernadero relacionadas con la deforestación y mejorar las condiciones de vida locales. El proyecto está certificado bajo el Programa de Estándar de Carbono Certificado Cercarbono.
DevvStream Holdings는 브라질 아마존 우림에 있는 Ipixuna REDD+ 프로젝트로부터 120만 탄소 크레딧을 구매하기로 합의했다고 발표했습니다. 이 거래는 DevvStream의 나스닥 상장 이후 새로 승인된 주식으로 자금을 조달할 예정이며, 상장은 2024년 10월 31일까지 예상됩니다. 이 프로젝트는 아마존 지역의 196,025.30 헥타르를 포함하며, 향후 30년 동안 1,320만 tCO2e의 배출량 감소가 예상됩니다. 원주율인 Parintintin 부족이 관리하는 이 이니셔티브는 환경 보존을 강화하고, 산림 파괴로 인한 온실가스 배출을 줄이며, 지역 주민들의 생활 조건을 개선하는 것을 목표로 합니다. 이 프로젝트는 Cercarbono 인증 탄소 표준 프로그램에 따라 인증을 받았습니다.
DevvStream Holdings a annoncé un accord pour l'achat de 1,2 million de crédits carbone du projet Ipixuna REDD+ dans la forêt amazonienne du Brésil. La transaction sera financée par des actions nouvellement autorisées suite à l'introduction de DevvStream sur le Nasdaq, prévue d'ici le 31 octobre 2024. Le projet couvre 196 025,30 hectares de territoire amazonien et devrait réduire les émissions de 13,2 millions de tCO2e sur une période de 30 ans. L'initiative, gérée par la tribu indigène Parintintin, vise à améliorer la conservation de l'environnement, à réduire les émissions de gaz à effet de serre liées à la déforestation et à améliorer les conditions de vie locales. Le projet est certifié selon le programme de standard de carbone certifié Cercarbono.
DevvStream Holdings hat eine Vereinbarung zum Kauf von 1,2 Millionen CO2-Zertifikaten aus dem Ipixuna REDD+-Projekt im brasilianischen Amazonasgebiet bekannt gegeben. Die Transaktion wird durch neu genehmigte Aktien finanziert, die im Zuge des Nasdaq-Listings von DevvStream, das voraussichtlich bis zum 31. Oktober 2024 erfolgen soll, bereitgestellt werden. Das Projekt umfasst ein Gebiet von 196.025,30 Hektar im Amazonas und wird erwartet, dass es über 30 Jahre hinweg 13,2 Millionen tCO2e an Emissionen reduziert. Die Initiative, die von dem indigenen Parintintin-Stamm geleitet wird, zielt darauf ab, den Umweltschutz zu verbessern, Emissionen von Treibhausgasen, die mit Abholzung verbunden sind, zu reduzieren und die Lebensbedingungen der lokalen Bevölkerung zu verbessern. Das Projekt ist nach dem Cercarbono zertifizierten Kohlenstoffstandardprogramm zertifiziert.
- Acquisition of 1.2 million carbon credits from a certified Amazon conservation project
- Project expected to generate 13.2 million tCO2e reduction over 30 years
- Upcoming Nasdaq listing, positioning as first carbon company on major U.S. exchange
- Project certified under Cercarbono Certified Carbon Standard Program
- Payment through share issuance may lead to dilution for existing shareholders
Project is expected to reduce emissions by 13,227,635 tCO2e during its 30-year life, an average of 440,921 tCO2e per year
Transaction to be funded with DevvStream shares post-Nasdaq listing
Company expects to begin trading on Nasdaq on or before October 31, 2024
Vancouver, British Columbia--(Newsfile Corp. - October 24, 2024) - DevvStream Holdings Inc. (CBOE: DESG) (OTCQB: DSTRF) (FSE: CQ0) ("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") to purchase 1.2 million carbon credits from the Ipixuna REDD+ Project (the "Project"), subject to final approval by the board of Focus Impact Acquisition Corp. ("Focus Impact"). In exchange for the credits, the vendor will receive newly authorized shares of common stock of the public company ("NewCo") resulting from DevvStream's previously announced business combination with Focus Impact (the "Business Combination"). Upon closing of the Business Combination-projected to occur on or before October 31, 2024-NewCo is expected to be named DevvStream Corp. and begin trading on the Nasdaq Stock Market LLC ("Nasdaq") under the ticker symbol "DEVS." The Company expects the carbon credit purchase Agreement to close in conjunction with and conditional upon the Business Combination and Nasdaq listing.
Figure 1
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The Project is located in the Ipixuna Indigenous Territory of Brazil and is designed to enhance environmental conservation efforts, reduce GHG emissions caused by deforestation, and promote decent living conditions in the local villages inhabited by the indigenous Parintintin tribe. The Parintintin people own, manage, and document all Project activities.
Key Highlights of the Project:
- The project is situated in the central-southern region of the state of Amazonas, Brazil, within a legally designated indigenous reserve encompassing 196,025.30 hectares of pristine Amazon rainforest.
- The Project leverages the Reduction of Emissions due to Deforestation and Forest Degradation ("REDD+") methodology, which includes the conservation of carbon reserves, sustainable management of forests, and improvement of forest conditions.
- The Project is certified under the Cercarbono Certified Carbon Standard Program and listed on the EcoRegistry at https://www.ecoregistry.io/projects/125.
"Protecting rainforest land in the Amazon is vital to our planet's health," said Sunny Trinh, CEO of DevvStream. "By purchasing these certified credits, DevvStream is contributing to global carbon storage efforts, supporting the wellbeing of the Parintintin people, and affirming the Company's commitment toward-and unwavering belief in-the global carbon credit market as a whole. As DevvStream moves toward a Nasdaq listing, we will continue to leverage our unprecedented position as the first and only carbon company listed on a major U.S. stock exchange to fundamentally reshape carbon markets for the better, bringing trust, transparency, and integrity to an industry that is poised and ready for change."
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 Nasdaq 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 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.
About Focus Impact Acquisition Corp.
Focus Impact Acquisition Corp. (Focus Impact) is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
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 Focus Impact's 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, Focus Impact's, DevvStream's and the combined company's expectations with respect to future performance and anticipated financial impacts of the proposed transaction, the satisfaction of the closing conditions to the Business Combination and the timing of the completion of the proposed transaction, 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 Focus Impact and its management, and DevvStream and its management, as the case may be, 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 proposed transaction; (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 proposed transaction due to the failure to satisfy any conditions to closing; (4) changes to the proposed structure of the proposed transaction 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 proposed transaction; (6) the risk that the proposed transaction disrupts current plans and operations of Focus Impact or DevvStream as a result of the announcement and consummation of the proposed transaction; (7) the ability to recognize the anticipated benefits of the proposed transaction, 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 proposed transaction; (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) Focus Impact's 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 on Form S-4 that includes a proxy statement and prospectus of Focus Impact (as amended, the "proxy statement/prospectus"), first filed with the SEC on December 4, 2023, as amended from time to time, 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 Focus Impact, DevvStream and the combined company believe 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 none of Focus Impact, DevvStream or the combined company is under any obligation, and expressly disclaim 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 the reports, which Focus Impact has filed or will file from time to time with the SEC and 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 Focus Impact or DevvStream and is not intended to form the basis of an investment decision in Focus Impact or DevvStream. All subsequent written and oral forward-looking statements concerning Focus Impact and DevvStream, the proposed transaction or other matters and attributable to Focus Impact and DevvStream or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.
On Behalf of the Board of Directors,
Sunny Trinh, CEO
DevvStream Media & Investor Contacts
DevvStream@icrinc.com
info@fcir.ca
Phone: (332) 242-4316
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