CALGARY, Alberta – DevvStream Corp. (NASDAQ: DEVS), a carbon credit project development firm with a market capitalization of $19.4 million, has introduced a new business line named DevvStream for Commerce, aimed at facilitating carbon offset sales through B2B and B2B2C channels. According to InvestingPro data, the company’s stock has shown significant volatility, with a notable 9% gain in the past week despite challenging market conditions. The company’s inaugural offering, the DevvStream Personal Impact Voluntary Offset Tool (D-PIVOT), is designed to help online shoppers at Shopify-hosted stores to offset the carbon footprint associated with the shipping of their purchases.
D-PIVOT allows consumers to add carbon offsets from DevvStream’s portfolio to their orders during the checkout process, effectively reducing or neutralizing the carbon emissions from product shipping. The tool is free for Shopify (NYSE:) e-commerce stores and integrates seamlessly into the checkout flow. Additionally, online vendors will receive a share of the revenue from the carbon offsets sold through their storefronts.
The launch of D-PIVOT comes at a time when e-commerce sales in the United States have reached 16.2% of total sales in Q3 of 2024, with Shopify powering approximately 28% of online stores. Meanwhile, the transportation and logistics industry is responsible for nearly 30% of the country’s greenhouse gas emissions. With DevvStream’s upcoming earnings report scheduled for December 20, InvestingPro analysis indicates the company maintains a moderate debt level despite current market challenges. This new tool provides a direct method for consumers to contribute to environmental sustainability.
Minimus Fulfillment, a third-party logistics company, has partnered with DevvStream to offer D-PIVOT to its clients, many of whom use Shopify for their online stores. This partnership is expected to promote early adoption of the tool among Minimus’s clientele.
DevvStream CEO Sunny Trinh highlighted the ease of use of D-PIVOT, stating that it allows consumers to make a tangible difference in the fight against climate change by supporting verified environmental projects. Paul Shrater, co-founder and COO of Minimus Fulfillment, expressed enthusiasm for the partnership, noting the additional revenue opportunity for clients and the alignment with customers’ environmental interests.
DevvStream, founded in 2021, focuses on leveraging technology in carbon project development, with a mission to align sustainability with profitability. The company operates across offset portfolio sales, project investment, and project management, aiming to become a comprehensive solutions provider in the carbon market.
This news article is based on a press release statement and contains forward-looking statements, which involve risks and uncertainties. These statements are not guarantees of future performance, and actual results may differ materially. InvestingPro subscribers have access to 13 additional investment tips for DEVS, including detailed analysis of the company’s financial health score of 0.42, which currently signals potential challenges. For comprehensive insights into DevvStream’s valuation and growth prospects, investors can access exclusive analysis and real-time updates through an InvestingPro subscription.
In other recent news, DevvStream Corp. has announced significant changes to its warrant terms following a business combination with DevvStream Holdings Inc. The adjustments include a change in the warrant price from $11.86 to $1.52 per common share and modifications to the redemption trigger prices. Each warrant is now exercisable for 0.9692 common shares, a change necessitated by the issuance of common shares for capital raising purposes in connection with the business combination.
In addition to the warrant adjustments, DevvStream has also made substantial strides in renewable energy and carbon sequestration. The company has secured solar International Renewable Energy Certificates (I-RECs) from a project in the Philippines, indicating its expansion into the renewable energy certification market. This facility, developed by Sogod Energy Inc., is expected to produce over 1.2 million I-RECs annually upon completion.
Furthermore, in collaboration with Monroe Sequestration Partners LLC, DevvStream is progressing the Monroe Project, a carbon sequestration facility in northern Louisiana. This project is anticipated to store up to 260 million metric tons of CO2, potentially making it one of the largest carbon sequestration reservoirs in the U.S. These recent developments underline DevvStream’s commitment to sustainable economic growth and the global push towards net-zero emissions.
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