DevvStream and Green Cross International (GCI) to Explore Federal Projects with National Governments Aimed at Advancing Decarbonization Activities

Letter of intent between DevvStream and GCI creates a framework to collaborate with the federal governments of GCI partner nations located in Africa, Europe, and South America

VANCOUVER, British Columbia, Nov. 30, 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 Green Cross International (“GCI”), a global non-governmental organization with a mission to respond to the combined challenges of security, poverty and environmental degradation to ensure a sustainable and secure future, today announced the signing of a letter of intent to explore the implementation of decarbonization projects with GCI partner nations located in Africa, Europe, and South America. Federal representatives of each nation will work with DevvStream and their local Green Cross National Organization (“GCNO”) to define project-specific parameters, goals, and timing. Details regarding nation-specific pilot projects are expected to be announced in Q1 2024.

As a result of the collaboration, DevvStream will work alongside GCI and partner nations to explore opportunities for the generation of Internationally Transferred Mitigation Outcomes (“ITMOs”), a specific type of carbon credit issued under the Paris Agreement, Article 6 framework. ITMOs are eligible to be traded to other nations and are typically in higher demand—and command higher prices—than non-ITMO voluntary carbon credits. Under any agreements with partner nations, DevvStream would retain a portion of the carbon credits generated in exchange for services related to their development and monetization.

“Our partnership with GCI will give DevvStream global access to governments at the national level, thanks to GCI’s integrated network of governmental organizations across nearly 30 nations,” said Sunny Trinh, CEO of DevvStream. “Our initial pilot projects will not only help our first partner nations achieve their net-zero goals by introducing advanced emissions-reducing technologies, but these projects will also provide an easily reproducible template for other nations to follow, making our efforts even more impactful. We’re excited to get started, and we look forward to sharing more details as they’re finalized.”