Agreement enables Go-Station to advance EV charging infrastructure while generating high-integrity carbon credits
VANCOUVER, British Columbia, Dec. 05, 2023 (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 Go-Station, Inc. (“Go-Station”), an electric vehicle (“EV”) charging company offering a complete range of EV charging services and turnkey solutions, today announced a definitive agreement to leverage Go-Station’s network of EV charging stations in the United States for carbon credit generation. This agreement will establish a new revenue stream for Go-Station, enabling further expansion of the company’s EV charging infrastructure.
By encouraging increased EV charging and usage, which in turn displaces gasoline-fueled vehicles on the roadways, Go-Station’s charging infrastructure has the potential to significantly reduce greenhouse gas emissions while generating high volumes of carbon credits. 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, according to Company estimates. In exchange for services related to the development and monetization of carbon credits from Go-Station’s EV charging stations, DevvStream will retain a portion of the carbon credits generated. Carbon credits generated within the United States are expected to be sold on the voluntary carbon market.
To facilitate the expansion of Go-Station’s current charging network beyond the United States, the agreement also stipulates that Go-Station will collaborate with DevvStream on a plan to install additional charging stations in Canada. EV charging in Canada can generate credits under the Canadian Compliance Clean Fuel Regulations (“CFR”) program as well as the British Columbia (“BC”) Low Carbon Fuel Standard (“LCFS”) program. According to industry data, the price of CFR credits is expected to be between $300 and $350 CAD per credit, while the BC LCFS credit price averaged around $495 CAD in October 2023.
DevvStream’s Low Carbon Fuels Advisor, Dr. Michael Rensing, will oversee the generation of CFR and BC LCFS credits under this agreement. Dr. Rensing has been instrumental in developing and implementing successful low-carbon fuel policies and legislation, including British Columbia’s, which is one of the most successful LCFS Programs in North America. Carbon credits that are sold into the BC LCFS market are among the world’s highest in value, with prices in 2022 averaging over $440 CAD per credit[1].
“According to CleanTechnica.com, over 670,000 EVs were sold in the first half of 2023, with over 80 percent of those being battery electric vehicles,” said Sunny Trinh, CEO of DevvStream. “While EV adoption has undeniably grown, the lack of adequate charging infrastructure has proven to be a barrier. Our partnership with Go-Station helps augment the expansion of charging infrastructure by providing a built-in financing mechanism—high-quality carbon credits. In particular, we are extremely excited about the CFR and BC LCFS credits that will be generated in Canada, which are expected to command a premium price reflective of their high value. This project combines the highly scalable nature of DevvStream’s business model with the significant opportunity that exists within carbon markets for private sector companies to drive alternative revenue streams stemming from sustainable business practices.”
“Deploying a first-class charging solution is an expensive proposition with a long payback cycle,” said Andrew Hisey, President and CEO of Go-Station. “Go-Station and DevvStream are committed to finding creative financing solutions to deploy charging stations at scale and enhance the EV charging experience for everyone. We are excited to leverage both companies’ groundbreaking innovations and collective expertise to tackle the challenges of expanding EV charging access.”
DevvStream stakeholders can learn more about this and other initiatives during the 28th Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change to be held in Dubai, United Arab Emirates from November 30 to December 12, 2023. Members of DevvStream’s leadership team will travel to Dubai to join world leaders, politicians, experts and private sector leaders for discussion of the climate crisis, and solutions at hand, on a global level. Company representatives will share insights on the critical role that both compliance and voluntary carbon markets must play in helping governments and corporations achieve net zero goals. Interested parties can request a meeting with DevvStream via email to the following address: COP28@devvstream.com. Note that the Company’s leadership is only available to meet from December 3 through December 8.
About Go-Station
Go-Station is an EV charging company that offers a complete range of EV charging services, including turnkey charging solutions. The company serves a variety of verticals including multi-family developments, workplaces, retail centers, fueling stations, ports of entry, and fleet operators transitioning to electrification. For more information, go to www.Go-Station.com.
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 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”.
Disclaimer
This news release contains forward-looking statements, including statements that are not historical facts. All statements other than statements of historical fact included in this release are forward-looking statements, including statements relating to the implementation of decarbonization projects and the carbon credits expected to be generated in connection therewith. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, and which are described in the Company's public filings available under its profile at www.sedarplus.ca. The reader is cautioned not to place undue reliance on any forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company does not intend to update any of the included forward-looking statements except as required by Canadian securities laws.
On Behalf of the Board of Directors,
Sunny Trinh, CEO
DevvStream Media Contacts
DevvStream@icrinc.com and info@fcir.ca
Phone: (332) 242-4316
[1] https://www2.gov.bc.ca/assets/gov/farming-natural-resources-and-industry/electricity-alternative-energy/transportation/renewable-low-carbon-fuels/rlcf017_-_low_carbon_fuel_credit_market_quarterly_report_20230209.pdf?v=0.263
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