Carbon Management Program by SEER and DevvStream will be centered around biogas capture and carbon sequestration through biocarbon, or biochar, production
Companies plan to leverage over 150 existing SEER-affiliate biogas installations across North America with numerous multinational utility companies, food processors, brewers, and agriculture firms as well as future large-scale projects in the US and in the Kingdom of Saudi Arabia
In addition to biogas and biocarbon production, the Program will also enable the generation of carbon credits from oil field emission reductions and sequestration projects
Sacramento, California--(Newsfile Corp. - December 12, 2024) - DevvStream Corp. (NASDAQ: DEVS) ("DevvStream" or the "Company"), a leading carbon credit project co-development and generation firm specializing in technology-based solutions, and Strategic Environmental & Energy Resources, Inc. ("SEER"), a leading provider of environmental services, renewable fuels, and industrial waste management solutions, today announced a Carbon Management Program (the "Program") established to quantify and monetize high-quality carbon credits derived from SEER's cutting-edge technologies and projects, with a primary focus on biogas capture. Entry into the biogas industry expands the Company into an estimated $10 billion market in the United States, forecast to surpass $15 billion by 2030. The Program represents a new advancement in the Project Development category of DevvStream's three-tiered corporate strategy and is expected to begin generating revenue in 2025 via sales of biochar credits and technology-based carbon credits. DevvStream will retain a portion of the revenue from credits generated and sold.
The Program will focus on three key areas:
Biogas Capture and Conditioning - Generating methane renewable energy through advanced proprietary biogas capture and treatment.
Mitigation of Fugitive Emissions - Reducing harmful emissions from small vertical oil and gas wells using SEER's patented technologies.
Carbon Sequestration - Establishing biocarbon production facilities in Texas and Saudi Arabia to capture and sequester CO2 effectively. Credits created from biochar are currently priced in excess of $125, according to market participants.
SEER's MV Technologies, LLC ("MV") subsidiary deploys two primary decarbonization technologies: (a) a patented Variable Volume Vapor Recovery Unit ("V3RU") technology for vapor recovery in oil fields, and (b) a proprietary biogas conditioning system ("BCS"). MV currently has over 150 installations of its BCS solution across North America at renewable natural gas and landfill facilities, serving some of the nation's largest utility companies, food processors, brewers, landfills, and agriculture firms.
The Program also builds on SEER's successful initiatives in Saudi Arabia, including its participation in the Green Riyadh project, one of the largest urban afforestation projects in the world, as well as its work with Eco Tadweer, an initiative of the Saudi Economic Cooperation Organization led by the private sector to contribute to national and global efforts in the field of environmental sustainability and, more specifically, the application of a circular carbon economy approach as envisioned by the Saudi Investment Recycling Company.
"SEER has developed and maintained a world-class customer base through the deployment of its advanced decarbonization technology portfolio," said Sunny Trinh, CEO of DevvStream. "The relationships SEER has established and the trust they have earned through proven successes in the field provide an immediate opportunity to create and monetize high-quality carbon credits on a substantial scale. The Program enables us to generate measurable environmental benefits and strong financial results for all shareholders in both the short and long term."
"SEER's innovative technologies perfectly complement DevvStream's growth strategy," said John Combs, CEO of SEER. "The Program allows us to expand the deployment of the V3RU system, quantify its environmental impact, and unlock valuable carbon credit opportunities for our customers within the biogas and RNG sectors. Our relationship with DevvStream represents a significant step in SEER's commitment to decarbonization and to the creation of value for our stakeholders."
"The Program developed by SEER and DevvStream will complement the ongoing environmental and financial success of Eco Tadweer in the Kingdom," said Areej Alturki, President of Eco Tadweer. "As we continue to scale biocarbon production and enhance our decarbonization programs and environmental impact, we are committed to maximizing the monetization of carbon credits and look forward to working with SEER and DevvStream to create maximum value for our Saudi stakeholders."
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.
About Strategic Environmental & Energy Resources, Inc.
Strategic Environmental & Energy Resources, Inc. (SEER) identifies, secures, and commercializes patented and proprietary environmental clean technologies in several multibillion-dollar sectors (including oil & gas, renewable fuels, and all types of waste management, both solid and gaseous) for the purpose of either destroying/minimizing hazardous waste streams more safely and at lower cost than any competitive alternative, and/or processing the waste for use as a renewable fuel for the benefit of the customers and the environment. SEER has two wholly-owned operating subsidiaries: MV Technologies, LLC and SEER Environmental Materials, LLC; and two majority-owned subsidiaries: Paragon Waste Solutions, LLC; and PelleChar, LLC. For more information about the Company visit: www.seer-corp.com.
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 growth of the 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 Jonathan Miller, Chief Communications Officer jon@devvstream.com Phone: (408) 365-4348
