VANCOUVER, British Columbia, Jan. 15, 2024 (GLOBE NEWSWIRE) -- DevvStream Holdings Inc. (“DevvStream” or the “Company”) (Cboe CA: DESG) (OTCQB: DSTRF) (FSE: CQ0), a leading carbon credit project co-development and generation firm specializing in technology-based solutions today announced its plans to integrate its advanced technology platform with Fiùtur and leverage the Standard Market Asset and Registry Template (“SMART”) across its projects. The move will further augment DevvStream’s existing protocols for safeguarding the integrity of its decarbonization programs by programmatically encoding transparent, enforceable SMART governance with its advanced digital monitoring and reporting (“dMRV”) capabilities. In combination with DevvStream’s existing Carbon Offset Program Platform (“COPP”), the integration will support the generation of standardized, “provable” SMART outcomes to help ensure that the Company’s public and private sector decarbonization projects remain transparent with authentic claims that are auditable by market participants, capital providers and governments.
Fiùtur’s open architecture connects specialized platforms across capital markets, commodity markets, reporting, data sources, asset registries and dMRV systems. The result is a digital trust network, linking real-world outcomes with global markets to support the transition economy. DevvStream’s sophisticated, extensible platform and programmatic approach to decarbonization in buildings, EV charging infrastructure and beyond, position it well to generate and distribute trustworthy information via Fiùtur for carbon and other key transition factors such as water and community impacts.
“DevvStream is applying advanced technology to capture data at the source across numerous decarbonization programs, creating scalable pathways for energy transition capital. We had leaders like DevvStream in mind as we designed Fiùtur and SMART. It’s exciting to see the synergies we envisioned become reality,” said Andy Bose, EVP of Market Development and Policy at Fiùtur.
“One of DevvStream’s primary goals is to provide carbon market participants with maximum visibility into the environmental performance of the Company’s decarbonization projects and programs,” said Sunny Trinh, CEO of DevvStream. “We operate across multiple energy decarbonization verticals simultaneously, and it is imperative that the carbon credits we generate are backed by a high degree of credibility and trust, supported by a wide array of data-related insights and information. Integrity is absolutely paramount, which is why SMART Carbon is so important. Combined with our COPP platform, SMART provides DevvStream with additional tools to configure, generate, and distribute trustworthy information to our program stakeholders, an essential element to advancing the energy transition economy.”
About Fiùtur
Fiùtur has developed an open architecture to enable the programmatic encoding of governance and commercial terms across transparent, digitally enforced and automated measurement, reporting and verification (dMRV) protocols to deliver provable, real-world outcomes to global markets. The Fiùtur ecosystem incorporates financial institutions and other capital providers, proprietary and public data sources, insurers, technical firms, certification bodies, industry players, project developers, environmental-commodity registries and markets, corporates, and a myriad of others. To find out more about Fiùtur, please visit www.fiuturx.com.
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. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the anticipated impact of leveraging SMART across the Company’s projects; (2) the ability of the integration of the COPP platform with SMART to support the generation of standardized, “provable” SMART outcomes to help ensure that the Company’s public and private sector decarbonization projects remain transparent with authentic claims; (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
