Yahoo Finance EXCLUSIVE: DevvStream Collaborates With E-Fill Electric, Targets Carbon Credits In India's EV Charging Network
DevvStream Holdings Inc. (OTC:DSTRF), a carbon credit co-development firm, and E-Fill Electric LLC, an EV solutions provider, have entered a definitive agreement to use E-Fill’s EV charging stations in India to generate carbon credits, creating a new revenue stream and supporting infrastructure expansion.
E-Fill will be a launch partner for DevvStream’s Electric Vehicle Charging Carbon Offset Program (EVCCOP) in India.
The program generates and sells carbon credits when EV owners charge their vehicles, providing revenue for charging network operators.
The program is designed for operators of Level 1, Level 2, or DC Fast Charging stations, both public and private.
On average, a Level 2 charger generates about 40 credits annually, while a Level 3 charger generates around 500 credits.
E-Fill’s operations in India aim to cut greenhouse gas emissions by boosting EV charging and replacing internal combustion vehicles.
Through DevvStream’s EVCCOP, partners earn revenue from carbon credits to fund network expansion, while DevvStream retains a portion for developing and monetizing the credits.
India’s EV market is booming, with sales doubling in 2023 and expected to rise 66% in 2024.
The government supports this growth with pro-EV legislation and funding for charging infrastructure, currently over 12,000 public stations.
“DevvStream’s EVCCOP will allow E-Fill to create a lucrative new revenue stream from its existing EV charging network through the generation of high value carbon credits which can finance further network expansion. As progress continues toward DevvStream’s business combination with Focus Impact Acquisition Corp., we look forward to sharing additional updates related to the onboarding of additional partners into this and other DevvStream programs,” stated Sunny Trinh, CEO of DevvStream.
DevvStream entered into a SPAC merger with Focus Impact Acquisition Corp. (NASDAQ:FIAC) to become the first publicly traded carbon streaming company on Nasdaq. The transaction is expected to close in the third quarter of fiscal 2024, with the combined company trading under the ticker symbol “DEVS.”
Price Action: DSTRF closed at $0.32 on Wednesday.
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This article EXCLUSIVE: DevvStream Collaborates With E-Fill Electric, Targets Carbon Credits In India's EV Charging Network originally appeared on Benzinga.com
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