DevvStream Holdings Inc. Announces Completion of Business Combination with Focus Impact Acquisition Corp.; Secures Up to US$43M of Additional Capital to Execute Growth Plans

Core Viewpoint - DevvStream Holdings Inc. has completed its business combination with Focus Impact Acquisition Corp., becoming the first publicly traded carbon credit generation company on a major U.S. stock exchange, with shares expected to trade on Nasdaq under the ticker "DEVS" starting November 7, 2024 [3][4]. Company Overview - DevvStream specializes in technology-based solutions for carbon credit project co-development and generation, aiming to democratize access to carbon markets and assist organizations in meeting climate and decarbonization targets [5][15]. - The company has a pipeline of over 140 technology-based projects worldwide, focusing on energy-efficient buildings, industrial facilities, and electric vehicle charging stations [15]. Business Combination Details - The business combination resulted in the renaming of Focus Impact Acquisition Corp. to DevvStream Corp., with Class A and Class B common stocks converted into common shares of DevvStream Corp. at a ratio of 0.9692 [4]. - The completion of this transaction positions DevvStream to execute its accelerated growth plans and enhance its financial stability [6]. Financial Aspects - DevvStream has secured access to up to $43 million in additional financing to support its growth strategy and enhance its operations in carbon markets [5]. - The company anticipates generating revenues from various projects, including carbon sequestration federal tax credits and the sale of voluntary carbon offset credits [10]. Recent Developments - DevvStream has made significant progress since announcing the business combination, including acquiring a 50% equity stake in a carbon sequestration hub facility in Louisiana, which has an estimated storage capacity of 260 million metric tons of CO2 [9]. - The company signed a definitive agreement to purchase 1.2 million carbon credits for the conservation of 200,000 hectares of Amazon territory, expected to reduce emissions by approximately 13.2 million metric tons of CO2 over 30 years [11]. - DevvStream has established programs such as the Electric Vehicle Charging Carbon Offset Program and the Buildings and Facilities Carbon Offset Program to generate carbon credits and support sustainability efforts [12][13].