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CALGARY - DevvStream Corp. (NASDAQ: DEVS), a micro-cap company currently valued at $10.12 million, announced a carbon management agreement with Energy Efficient Technologies (EET) that will provide the company with revenue from carbon credits, international renewable energy certificates, and shared utility-bill savings. According to InvestingPro data, this agreement comes at a crucial time as the company faces profitability challenges, with negative EBITDA of $11.33 million in the last twelve months.
According to the Friday announcement, EET specializes in reducing electricity use in commercial buildings by 8%-35% on average. The engineering firm has validated energy savings for major clients including a global hospitality group with over 8,000 hotels, a major quick-service restaurant network, and a large brewing company. InvestingPro analysis indicates DevvStream’s financial health score is currently rated as WEAK, suggesting this partnership could be vital for improving the company’s financial position.
The partnership adds building-efficiency assets to DevvStream’s existing portfolio of hydro, solar, waste-to-energy, carbon-capture, and biogas projects. EET estimates that deploying its CryoGenX4 technology across 8,000 data centers could save $20 billion in power costs, reduce 166 billion kWh of energy use, and avoid 117 million tonnes of CO₂ annually.
"We believe EET’s proven record of double-digit energy savings positions us to unlock a high-value stream of efficiency-based credits and cost-sharing revenue," said Sunny Trinh, CEO of DevvStream, in the press release.
Joe Mearman, CEO of EET, stated that his company has delivered verified double-digit energy-use reductions for clients such as Marriott, McDonald’s cold-chain distribution network, Anheuser-Busch, and Cogent Communications data centers.
The agreement is subject to independent validation of energy savings, issuance of environmental assets by applicable registries, and continued performance by project partners.
DevvStream, founded in 2021, specializes in the development, investment, and sale of environmental assets, while EET has been working on energy efficiency technologies since 1988. The stock currently trades at $0.36, near its 52-week low of $0.18, having declined over 97% in the past year. InvestingPro subscribers have access to 10 additional investment tips and comprehensive financial metrics to better evaluate the company’s potential.
In other recent news, DevvStream Corp. has signed two memoranda of understanding in Indonesia to develop waste-to-energy projects. These initiatives, in collaboration with PT Tren Solusi Transformasi Indonesia and PT Kartika Satu Graha Mandiri, aim to convert landfill waste into renewable power, potentially adding new revenue streams through carbon credits and International Renewable Energy Certificates. Additionally, DevvStream has partnered with UAE-based Fayafi Investment Holding to launch a joint venture, Fayafi x DevvStream Green Ventures, with an initial funding commitment of $100 million. This venture is designed to support global decarbonization and climate infrastructure projects, expanding DevvStream’s reach and revenue potential. Furthermore, the company has joined the Singapore Carbon Market Alliance, enhancing its ability to trade high-integrity carbon credits under Article 6 of the Paris Agreement. This membership allows DevvStream to engage with potential buyers of these credits, which are expected to hold a premium in the market. These developments indicate DevvStream’s strategic efforts to diversify its portfolio and enhance its presence in the global carbon management sector.
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