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
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