VANCOUVER, British Columbia, Jan. 04, 2024 (GLOBE NEWSWIRE) -- DevvStream Holdings Inc. (“DevvStream” or the “Company”) (NEO: DESG) (OTCQB: DSTRF) (FSE: CQ0), a leading carbon credit project co-development and generation firm specializing in technology-based solutions, and Global Green, the American affiliate of Green Cross International, a global non-governmental organization with a mission to respond to the combined challenges of security, poverty and environmental degradation, today announced a definitive agreement (the “Agreement”) to explore decarbonization projects with 29 municipalities in Global Green’s Sustainable Neighborhood Solutions Program (“SNSP”). The Agreement will aim to serve as a key driver of DevvStream’s work to assist municipalities in addressing their net-zero goals while generating high-quality carbon credits in the process.
SNSP is an initiative funded by the U.S. Environmental Protection Agency to assist communities with sustainable neighborhood planning, and its membership includes a wide range of forward-thinking cities and towns nationwide, including Los Angeles, Phoenix, Philadelphia, San Antonio, Seattle, Cincinnati, Milwaukee, St. Louis, Staten Island, Memphis, and Santa Monica. A full list of locations can be found at this link.
The Agreement allows DevvStream and Global Green to quickly and efficiently connect and coordinate with municipal governments across the U.S., empowering cities to achieve their net-zero goals by:
- Generating carbon credits from their current emissions-reducing activities,
- Purchasing high-integrity carbon credits to offset their hard-to-abate emissions, and
- Joining turnkey decarbonization programs such as DevvStream’s Buildings and Facilities Carbon Offset Program, a free-to-join program that helps building owners create revenue from carbon reduction actions.
In exchange for services related to the Agreement, DevvStream will retain a portion of the carbon credits generated or sold. DevvStream expects to announce the first SNSP projects during Q1 2024. Representatives of municipal governments interested in joining the SNSP should contact info@devvstream.com.
“This Agreement provides us with valuable access to city governments that share our vision for building environmentally friendly communities,” said Sunny Trinh, CEO of DevvStream. “Our goal is to make the decarbonization process as simple as possible for our municipal partners, which is why our projects and programs are highly targeted, quick to launch, and straightforward to implement—with data-driven results. We have a deep understanding of the challenges cities face when balancing economic viability with sustainability, and we’ve modeled our solutions to enable both. DevvStream is pleased to be working alongside Global Green to make the nation’s communities more livable and prosperous for all of us.”
About Global Green
Global Green is the American affiliate of Green Cross International, a global non- governmental organization founded by President Gorbachev in 1993. For nearly 30 years, Global Green has served as a recognized national leader in advancing smart solutions to climate change that improve lives and protect the planet, with the mission to foster a global value shift toward a sustainable and secure future. Programmatically, Global Green works to create green cities, neighborhoods, affordable housing, and schools to protect environmental health, improve livability, create sustainable communities, and support the planet's natural systems. In service of its mission, Global Green has partnered with over 50 organizations including local and federal governments, Fortune 100 companies, academic institutions, international groups, and private foundations.
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 the Nasdaq Stock Market 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 proposed business combination between DevvStream and Focus Impact (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.
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 Agreement and 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. certain other risks are identified and discussed in. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the ability of Global Green’s SNSP projects to generate monetizable carbon credits; (2) the anticipated impact of the SNSP projects on achieving net-zero goals; (3) 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; (4) the outcome of any legal proceedings that may be instituted against Focus Impact, DevvStream, the combined company or others; (5) 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; (6) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations; (7) the ability to meet Nasdaq’s or another stock exchange’s listing standards following the consummation of the Business Combination; (8) 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; (9) 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; (10) costs related to the Business Combination; (11) changes in applicable laws or regulations; (12) the possibility that Focus Impact, DevvStream or the combined company may be adversely affected by other economic, business, and/or competitive factors; (13) estimates of expenses and profitability and underlying assumptions with respect to stockholder redemptions and purchase price and other adjustments; (14) 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 (the “Registration Statement”), filed with the SEC on December 4, 2023, and other filings with the SEC; and (15) 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
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/388ffe89-cc69-4f34-aec5-46f8230842e1
