Facility located in South Sulawesi, Indonesia is already operational and is expected to begin generating I-RECs during the first half of 2025
The Southeast Asia hydroelectric market is expected to grow from 70 gigawatts in 2024 to 89 gigawatts by 2029, at a CAGR of 4.8%
Calgary, Alberta--(Newsfile Corp. - December 18, 2024) - DevvStream Corp. (NASDAQ: DEVS) ("DevvStream" or the "Company"), a leading carbon credit project co-development and generation firm specializing in technology-based solutions, today announced an agreement (the "Agreement") transferring ownership of all renewable and carbon assets generated by the PT.Siteba Energy Hydroelectric Power facility (the "Facility") to DevvStream in the form of international renewable energy certificates ("I-RECs"). DevvStream will manage the I-REC certification process and will receive a significant portion of the net value of I-RECs created from the Facility. Today's announcement comes on the heels of DevvStream's recently signed agreement with Sogod Energy to generate I-RECs via the Medellin solar power generation facility in the Philippines. Taken together, these announcements demonstrate DevvStream's commitment to becoming the leading I-REC generation partner for renewable energy production throughout Asia. The Agreement represents an advancement in the Project Development category of DevvStream's three-tiered corporate strategy and is anticipated to begin generating I-RECs during the first half of 2025.
Hydroelectric power represents a vital renewable energy source for the nation of Indonesia. Based on data from the Energy and Mineral Resources Ministry, the nation's hydroelectric power plants had a total installed capacity of 6,689 megawatts at the beginning of 2023, amounting to 53% of the total renewable power supply. Moreover, the hydroelectric power market in broader Southeast Asia is projected to grow significantly in the coming years, with the installed capacity expected to increase from 70 gigawatts in 2024 to 89 gigawatts by 2029, representing a compound annual growth rate ("CAGR") of 4.8%. This growth is primarily being driven by rising investments in hydropower projects and the growing demand for renewable energy across the region.
"Establishing a diverse asset portfolio across an array of environmental and energy transition assets is critical to the Company's success," said Sunny Trinh, CEO of DevvStream. "Our intention is not only to produce high volumes of I-RECs, but to generate these I-RECs from a broad spectrum of renewable energy sources-including solar, hydropower, biomass, geothermal, landfill gas, and more-across multiple geographic regions. Our Agreement with PT.Siteba Energy represents a critical first engagement in what we believe will be multiple upcoming large-scale commitments across the nation of Indonesia. I'd like to extend my appreciation to our associate, Derek P. Maras, for his continued hard work in establishing the Company's presence in Indonesia and across the ASEAN union. We're extremely proud to partner with PT.Siteba Energy on this important hydropower infrastructure project that is already providing numerous benefits to the region."
"Hydropower in Indonesia has vast potential, and it has not yet been fully realized," said Pak Bondi, Director of PT.Siteba Energy. "Our facility is a critical part of the energy provision infrastructure in the local area, providing renewable energy for the people of Siteba Village, North Walenrang District, Luwu Regency, and the surrounding areas. We are proud to work with DevvStream to produce high-quality I-RECs based on our operations, which will contribute toward our mission to promote the welfare and prosperity of all our customers."
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 diverse approach to the carbon market, DevvStream operates across three strategic domains: (1) an offset portfolio consisting of nature-based, tech-based, and carbon sequestration credits for immediate sale to corporations and governments seeking to offset their most difficult-to-reduce emissions; (2) project investment, acquisitions, and industry consolidation to extend the company's reach, allowing it to become a full end-to-end solutions provider; and (3) project development, where the company serves as project manager for eligible activities such as EV charging in exchange for a percentage of generated credits.
For more information, please visit www.devvstream.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this news release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and generally relate to future events, trends 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 include statements regarding DevvStream's intentions, beliefs, projections, outlook, analyses and current expectations concerning, among other things, DevvStream's ability to continue as a going concern and to realize the benefits of its recently completed business combination, DevvStream's ability to remain listed on Nasdaq, the volatility of the market price and the liquidity of DevvStream's common shares, the impact from future regulatory, judicial, legislative or regulatory changes in DevvStream's industry, the trends in the carbon credit markets, future performance and anticipated financial impacts of certain transactions by DevvStream or others, the growth and value of the global carbon credit market traded value, the potential of carbon credits to provide carbon emission reductions and reduce carbon emissions to limit global warming, estimated C02 capture, sequestration, decarbonization or storage capacities or potentials of different projects in which DevvStream is investing, or DevvStream's opportunity pipeline and the ability of such opportunities to generated carbon or tax credits each year, or the market growth and value of international renewable energy certificates, 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. Given these risks, uncertainties, and other factors, you should not place undue reliance on these forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties.
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 under no 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 filings made by, or to be made by, DevvStream from time to time with the SEC and with the Canadian securities regulatory authorities. This news release is not an offer to sell or the solicitation of an offer to buy, any securities of DevvStream and 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. All subsequent written and oral forward-looking statements concerning DevvStream or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.
Contact
ir@devvstream.com
Phone: (408) 365-4348
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234269
SOURCE: DevvStream Corp.
