VANCOUVER, BC, July 19, 2022 – DevvStream Inc. (“DevvStream” or the “Company”) is pleased to announce that it has executed an agreement with TS-Nano to become its principal carbon streaming partner for the deployment of its patented sealant technology targeting the elimination of methane emissions from leaky oil and gas wellbores. The partnership with TS-Nano is an important step for reaching carbon mitigation targets.
Highlights
- DevvStream delivers ESG solutions to the energy sector through carbon streaming agreement with TS-Nano
- DevvStream makes up front investment of US$1.25M for access to carbon streams from sealing methane leaking oil and gas wells
- DevvStream will be entitled to majority ownership of the resulting carbon credit rights from the initial projects with a share of credits on all future projects
- Offset project crediting period is expected to be up to 20 years
- Devvio makes equal equity investment in TS Nano alongside DevvStream
- Addressable market of up to 3 million decommissioned oil and gas wells in the US and 225,000 in Canada leaking methane into the atmosphere
“We are excited to announce this definitive agreement with TS-Nano, which has developed a patented, nano-based sealant that is specifically engineered to seal very thin microcracks (below 30 micrometers) to stop methane from leaking out of abandoned oil and gas wells,” said Sunny Trinh, DevvStream’s CEO. “This investment aligns with our mandate of deploying capital into high-return carbon credit projects that address climate change in an innovative, technologically focused manner.”
Reducing methane emissions is critically important in the fight against climate change, with methane release being responsible for roughly 30% of the increase in global temperatures since the pre-industrial era.[1] Methane is up to 80 times more potent than carbon dioxide at trapping heat over the first 20 years after it reaches the atmosphere. [2]
As part of the agreement, DevvStream will be responsible for funding capital costs associated with sealing TS-Nano’s oil and gas well projects and will initially invest US$1.25 million into sealant projects that will initially target oil wellbores that emit at least 100 metric tons of methane per annum. The ongoing partnership will have a minimum term of 10 years, with each individual offset project having a crediting period of up to 20 years. TS-Nano will oversee the wellbore capping of projects while DevvStream will manage, quantify and certify the carbon credit data. In exchange for the contribution of capital, data management, and carbon credit certification services, DevvStream will be entitled to majority ownership of the resulting carbon credit rights from the projects capitalized from the initial $1.25M invested by DevvStream. In addition, DevvStream will share ownership of the carbon credits from all TS-Nano sealant projects during the term of the Agreement.
The oil wellbore methane capping offset project are expected to be developed under the American Carbon Registry according to the updated greenhouse gas quantification methodology. DevvStream expects the initial carbon offsets from the project to be generated in 2023.
“We are very pleased with this capital infusion and partnership with DevvStream and Devvio. We are using a new form of climate tech financing to reduce methane emissions from the atmosphere.” Mahmoud Taha, CEO of TS-Nano stated. “TS-Nano’s sealant is a superior solution to conventional cement, with one foot of TS-Nano sealant providing the sealing effectiveness of more than 100 feet of perfectly placed cement. With methane being a powerful greenhouses gas and having a global warming potential 28-34 times that of CO2, [3] our technology can be a powerful tool for climate change mitigation in the oil and gas sector.”
About TS Nano
TS-Nano is a technology and manufacturing company based in New Mexico that designs and manufacturers nano-modified polymer sealants along with the engineering to solve leaks in the most challenging conditions. TS-Nano sealants are developed with superior durability and penetration characteristics to meet the most stringent performance requirements. TS-Nano and its highly experienced management team hold numerous patents in the field of nano-technology, transportation products and polymers. For more information, please visit www.ts-nano.com.
About Devvio
Devvio is a leading provider of large-scale enterprise Web3 solutions for ESG, payments, supply chain, IoT, workplace safety, identity, and asset/records management. Leveraging the world’s first and only ISO-compliant green blockchain, Devvio’s next-generation platform delivers over 8 million transactions per second while remaining flexible, cost-effective, regulatory compliant, private, secure, auditable, and globally scalable, with a RESTful API interface that makes integration simple. By delivering groundbreaking solutions for enterprise while furthering humanitarian goals, Devvio is on a mission to provide the world’s trusted source of ESG truth and to enable the world’s infrastructure for transferring value. For more information, please visit www.devv.io and www.devvESG.com.
About DevvStream
DevvStream believes that the solutions necessary to reverse climate change exist in the world today but are encumbered by barriers, such as lack of financing. DevvStream helps to remove this barrier by providing non-dilutive capital to enable companies with solutions necessary to reduce or eliminate CO2 emissions in exchange for carbon credit rights. Through these rights, the Company generates and manages carbon credits by utilizing the most technologically advanced, blockchain-based platform. The Company invests in green projects that generate renewable energy, improve energy efficiencies, eliminate or reduce emissions, and sequester carbon directly from the air. DevvStream’s business model includes mutual collaboration and partnership with Devvio, a leading ESG-focused blockchain company and United Cities North America, an affiliate of the United Nations with a focus building sustainable and net-zero smart cities and communities. For more information, please visit www.devvstream.com.
On Behalf of the Board of Directors,
Sunny Trinh
CEO
[email protected]
Disclaimer
All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties, including a successful deployment of TS-Nano’s technology and creation and certification of the respective carbon credits. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
SOURCE: DevvStream Inc.
Featured Image MegaPixl @ Doucefleur
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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding DevvStream Inc.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to DevvStream Inc.’s industry; (b) market opportunity; (c) DevvStream Inc.’s business plans and strategies; (d) services that DevvStream Inc. intends to offer; (e) DevvStream Inc.’s milestone projections and targets; (f) DevvStream Inc.’s expectations regarding receipt of approval for regulatory applications; (g) DevvStream Inc.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) DevvStream Inc.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute DevvStream Inc.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) DevvStream Inc.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) DevvStream Inc.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) DevvStream Inc.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of DevvStream Inc. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) DevvStream Inc.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact DevvStream Inc.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing DevvStream Inc.’s business operations (e) DevvStream Inc. may be unable to implement its growth strategy; and (f) increased competition.
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