DevvStream's Electric Vehicle Charging Carbon Offset Program to launch in India, enabling the accelerated expansion of E-Fill's EV charging infrastructure
E-Fill and DevvStream to generate high-value voluntary carbon credits from EV charging stations across India
DevvStream's business combination with Focus Impact Acquisition Corp. and uplisting to the Nasdaq continues to progress towards completion
Vancouver, British Columbia and Houston, Texas--(Newsfile Corp. - May 30, 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 E-Fill Electric LLC ("E-Fill"), a pioneering provider of technology-driven electric vehicle ("EV") solutions, today announced a definitive agreement (the "E-Fill Agreement") to leverage E-Fill's network of EV charging stations in India for carbon credit generation. The E-Fill Agreement is anticipated to establish a new revenue stream for E-Fill, enabling expansion of the company's EV charging infrastructure.
Through the E-Fill Agreement, E-Fill will serve as a launch partner for DevvStream's Electric Vehicle Charging Carbon Offset Program ("EVCCOP") in India, which aims to accelerate electric mobility by generating revenue for EV charging network owners and operators. The program achieves this by producing and selling voluntary carbon credits, which are generated when EV owners charge their vehicles. The program is tailor-made for ChargePoint Operators and Mobility Service Providers that own/operate Level 1, Level 2, or DC Fast Charging stations, public or private, for passenger vehicles or heavy-duty vehicles like e-buses and e-trucks. 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.
By encouraging increased EV charging and usage, which in turn displaces internal combustion vehicles on the roadways, E-Fill's operations in India 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.
With the rapid expansion of EV use and manufacturing in India, the nation represents a key market for EV charging infrastructure expansion. Counterpoint Research reported that India's EV sales nearly doubled in 2023 and are expected to increase by 66% in 2024 to constitute 4% of total passenger vehicle sales nationwide. In turn, the Indian government has introduced legislation to further promote the nation as a manufacturing destination for EVs, while at the same time providing financial support for the advancement of EV charging infrastructure, which today consists of more than 12,000 public charging installations.
"With India prioritizing the adoption and growth of domestic manufacturing of EVs, there is a significant need for expanded EV charging infrastructure to support this shift, and carbon markets present a massive untapped source of funding for technology providers like E-Fill," said Sunny Trinh, CEO of DevvStream. "DevvStream's EVCCOP will allow E-Fill to create a lucrative new revenue stream from its existing EV charging network through the generation of high value carbon credits which can finance further network expansion. As progress continues toward DevvStream's business combination with Focus Impact Acquisition Corp., we look forward to sharing additional updates related to the onboarding of additional partners into this and other DevvStream programs."
"DevvStream's world-class expertise and credibility in carbon markets make them the perfect partner for E-Fill as we continue to help our ChargePoint Operator partners in scaling up charging infrastructure in India to meet growing demand," said Mayank Jain, CEO of E-Fill Electric. "We are committed to empower our retail and business-to-business ChargePoint Operator partners in expanding EV charging infrastructure across India, and the revenues generated through the DevvStream program will provide an innovative financing aid as we begin to generate high-value carbon credits from EV charging activities."
Today's announcement represents a key milestone in the growth of DevvStream's EVCCOP, coming on the heels of the company's recent announcement of a similar agreement with Go-Station for carbon credit generation and monetization in the EV charging sector, as well as the signing of Stay-N-Charge, an EV charging network and charger directory. Joining the program is easy: it's free and takes just a few minutes online. Every year, during Q1, participants submit their latest EV charger inventory and charging session data from the previous year via API or using DevvStream's provided templates. To learn more, please contact DevvStream at programs@devvstream.com.
Progress on Business Combination
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.
The Business Combination is currently expected to close in the third quarter of 2024, subject to the satisfaction of closing conditions under the Business Combination Agreement. Upon completion of the Business Combination, the combined company (DevvStream) is expected to be listed on the Nasdaq Stock Market LLC ("NASDAQ") under the ticker symbol "DEVS".
About E-Fill Electric
E-Fill Electric (EFEV Charging Solutions Pvt. Ltd.) isn't just a manufacturer; they are an innovation engine for the EV revolution. With over 7+ patents and a powerhouse R&D team, they design and build certified AC & DC chargers (from 3.3kW to a whopping 120kW) and also manufacture electric three-wheelers. But E-Fill Electric's vision extends far beyond hardware. They have developed their own OCPP/I-compliant CMS and mobile apps, creating a fully integrated EV ecosystem. Their innovative business model acts as a central hub, connecting OEMs, EV owners, cab fleets, commercial parking operators, and even individual businesses. This fosters collaboration, ensuring a smooth and accessible EV experience for everyone.
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.
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 E-Fill 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/211097
