DevvStream Partners with E-Fill to Generate Carbon Credits from India’s EV Charging Network
DevvStream Holdings Inc. (NEO: DESG) (OTCQB: DSTRF) (FSE: CQ0), a prominent carbon credit project co-development and generation firm, has announced a definitive agreement with E-Fill Electric LLC, a technology-driven electric vehicle (EV) solutions provider. This partnership aims to leverage E-Fill’s EV charging station network in India for generating carbon credits, thereby establishing a new revenue stream for E-Fill and supporting the expansion of its EV charging infrastructure.
Key Elements of the Agreement
E-Fill as a Launch Partner for EVCCOP
E-Fill will be the launch partner for DevvStream’s Electric Vehicle Charging Carbon Offset Program (EVCCOP) in India. This program is designed to accelerate electric mobility by generating revenue for EV charging network owners and operators through the production and sale of voluntary carbon credits. These credits are generated when EV owners charge their vehicles.
Program Details
EVCCOP targets ChargePoint Operators and Mobility Service Providers operating Level 1, Level 2, or DC Fast Charging stations, whether public or private. For instance, a Level 2 EV charger generates approximately 40 credits per year with medium use, while a Level 3 EV charger can generate around 500 credits annually. These credits are sold, providing significant revenue to support the expansion of EV charging networks.
Impact on Greenhouse Gas Emissions
By encouraging increased EV charging, the program helps displace internal combustion vehicles, significantly reducing greenhouse gas emissions. E-Fill’s operations in India are expected to generate high volumes of carbon credits, funding further network expansion. Participants in the EVCCOP receive the majority of net revenues from the sale of these carbon credits. DevvStream retains a portion for services related to the development and monetization of these credits.
Market Context and Growth
India’s Rapid EV Adoption
India represents a crucial market for EV charging infrastructure expansion. EV sales in India nearly doubled in 2023 and are projected to grow by 66% in 2024, accounting for 4% of total passenger vehicle sales. The Indian government is actively promoting EV manufacturing and supporting the expansion of EV charging infrastructure, which currently consisting of over 12,000 public charging installations.
Statements from Leadership
Sunny Trinh, CEO of DevvStream, emphasized the importance of carbon markets as a funding source for technology providers like E-Fill. He noted that the EVCCOP would create a lucrative revenue stream for E-Fill, financing further network expansion. Mayank Jain, CEO of E-Fill Electric, highlighted the company’s commitment to scaling up EV charging infrastructure in India and leveraging revenues from DevvStream’s program to generate high-value carbon credits.
Progress and Future Plans
Growth of DevvStream’s EVCCOP
This agreement marks a significant milestone for DevvStream’s EVCCOP, following similar agreements with Go-Station and Stay-N-Charge. The program is free to join, and involves submitting the latest EV charger inventory and charging session data annually.
Business Combination Progress
DevvStream is also progressing towards a business combination with Focus Impact Acquisition Corp., expected to close in Q3 2024. This move aims to list DevvStream as the first publicly traded carbon streaming company on a major U.S. stock exchange, with the combined company expected to trade under the ticker symbol “DEVS” on NASDAQ.