DevvStream Adds Two Indonesian Waste-to-Energy Agreements, Strengthening Asia Environmental Asset Program and Diversifying Portfolio

Rhea-AI Summary

DevvStream (NASDAQ: DEVS) has signed two new memoranda of understanding (MoUs) in Indonesia for waste-to-energy (WtE) projects, expanding its environmental asset portfolio in Southeast Asia. The agreements with PT Tren Solusi Transformasi Indonesia and PT Kartika Satu Graha Mandiri involve a municipal WtE facility in West Java and a landfill waste conversion project in Depok City, respectively. These projects will generate International Renewable Energy Certificates (I-RECs) and carbon credits, potentially creating recurring revenue streams. The Southeast Asia WtE market is expected to grow from $4.22 billion in 2025 to $7.70 billion by 2030, representing a 12.8% CAGR. These MoUs complement DevvStream's existing projects in Indonesia and the Philippines, diversifying its revenue mix across hydro, solar, carbon sequestration, and biogas assets.

Positive

• Expansion into the fast-growing Southeast Asian WtE market with projected 12.8% CAGR from 2025-2030
• Potential new recurring revenue streams through I-RECs and carbon credits
• Portfolio diversification across multiple renewable energy sectors (WtE, hydro, solar, biogas)
• Strategic expansion of ASEAN presence with projects in Indonesia and Philippines

Negative

• MoUs are non-binding and subject to definitive agreements
• No immediate revenue impact as environmental assets are not yet issued
• Financial terms and potential revenue not disclosed

Insights

Clean Energy Financial Analyst

DevvStream adds two Indonesian waste-to-energy MoUs, expanding its ASEAN environmental asset portfolio with potential new revenue streams.

DevvStream's announcement of two new waste-to-energy (WtE) memoranda of understanding in Indonesia represents a strategic expansion of its Southeast Asian environmental asset portfolio. These non-binding agreements with PT Tren Solusi Transformasi Indonesia and PT Kartika Satu Graha Mandiri would allow DevvStream to structure, certify, and market International Renewable Energy Certificates (I-RECs) and carbon credits from these projects, potentially creating new recurring revenue streams once environmental assets are issued.

The strategic value lies in portfolio diversification. These WtE projects complement DevvStream's existing hydroelectric agreement in South Sulawesi and solar energy collaboration in the Philippines, creating a multi-technology approach across the ASEAN region. This diversification across hydro, solar, WtE, biogas, and carbon sequestration potentially reduces technology-specific risks while positioning the company to capitalize on multiple environmental markets simultaneously.

The market timing appears opportune. The Southeast Asia WtE sector's projected 12.8% CAGR from $4.22 billion in 2025 to $7.70 billion by 2030 indicates DevvStream is entering a growth market. Indonesia specifically presents a compelling opportunity due to its dual challenges of waste management and power generation needs.

However, investors should note these are non-binding MoUs subject to definitive agreements. The timeline from MoU to revenue generation remains unclear, and the actual economic impact cannot be quantified from the information provided. The company's ability to successfully monetize environmental assets from these projects will depend on navigating complex certification processes and finding buyers for the generated I-RECs and carbon credits.

MoUs with PT Tren Solusi Transformasi Indonesia and PT Kartika Satu Graha Mandiri introduce new I-REC and carbon-credit revenue streams alongside DevvStream's previously announced Indonesian hydro asset

Calgary, Alberta--(Newsfile Corp. - June 9, 2025) - DevvStream Corp. (NASDAQ: DEVS) ("DevvStream" or the "Company"), a leading carbon management firm specializing in the development, investment, and sale of environmental assets, today announced two new memoranda of understanding ("MoUs") in Indonesia:

• PT Tren Solusi Transformasi Indonesia — municipal waste-to-energy ("WtE") facility in West Java.
• PT Kartika Satu Graha Mandiri — WtE project converting landfill waste in Depok City into grid-connected renewable power.

Pursuant to each MoU, DevvStream expects to structure, certify, and market International Renewable Energy Certificates ("I-RECs") and verified carbon credits, which has the potential to generate recurring revenue once environmental assets are issued. The MoUs are non-binding and subject to the successful execution of definitive agreements.

Strengthening a Diversified Southeast-Asia Pipeline and Overall Portfolio

• Expanding ASEAN footprint. These anticipated WtE projects follow DevvStream's previously announced hydroelectric agreement in South Sulawesi, Indonesia, as well as the Company's solar energy collaboration in Medellin, Philippines, underscoring diverse potential growth across the region.
• Large addressable WtE market. According to Mordor Intelligence, the Southeast Asia WtE sector is projected to grow from (US)$4.22 billion in 2025 to (US)$7.70 billion by 2030, a 12.8% CAGR.
• Diversified revenue sources. WtE now joins hydro, solar, carbon sequestration, biogas and other asset classes in DevvStream's revenue mix.

"By entering into MoUs for two Indonesian waste-to-energy projects, we aim to deepen our ASEAN footprint alongside the hydro asset announced in South Sulawesi and our solar collaboration in Medellin, Philippines," said Sunny Trinh, CEO, DevvStream. "Waste-to-energy is among the region's fastest-growing segments, projected to expand from roughly US $4 billion today to about US $7.7 billion by 2030. Adding this vertical—alongside hydro, solar, biogas, and carbon sequestration—further diversifies our prospective revenue base and potentially positions DevvStream to deliver high-integrity assets while addressing Southeast Asia's dual challenges of waste and power."

About DevvStream

Founded in 2021, DevvStream is a leading carbon management firm specializing in the development, investment, and sale of environmental assets, energy transition, and innovative carbon management solutions. The Company's mission is to create alignment between sustainability and profitability, helping organizations achieve their climate initiatives while directly improving their financial health.

With a diverse approach to energy transition and carbon markets, DevvStream operates across three strategic domains: (1) an offset portfolio consisting of nature-based, tech-based, and carbon sequestration credits for immediate sale to corporations and governments seeking to offset their most difficult-to-reduce emissions; (2) project investment, acquisitions, and industry consolidation to extend the company's reach, allowing it to become a full end-to-end solutions provider; and (3) project development, where the company serves as project manager for eligible activities such as EV charging or renewable energy generation in exchange for a percentage of generated credits or I-RECs.

For more information, please visit www.devvstream.com.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this news release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and generally relate to future events, trends or DevvStream's future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expect", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology. These forward-looking statements include statements regarding DevvStream's intentions, beliefs, projections, outlook, analyses and current expectations concerning, among other things, DevvStream's ability to continue as a going concern and to realize the benefits of its recently completed business combination, DevvStream's ability to remain listed on Nasdaq, the volatility of the market price and the liquidity of DevvStream's common shares, the impact from future regulatory, judicial, legislative or regulatory changes in DevvStream's industry, the trends in the carbon credit markets, future performance and anticipated financial impacts of certain transactions by DevvStream or others, the growth and value of the global carbon credit or I-REC market traded value, the potential of carbon credits to provide carbon emission reductions and reduce carbon emissions to limit global warming, estimated CO2 capture, sequestration, decarbonization or storage capacities or potentials of different projects in which DevvStream is investing, or DevvStream's opportunity pipeline and the ability of such opportunities to generate I-RECs, carbon credits, or tax credits each year, or the market growth and value of these markets, are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by DevvStream and its management are inherently uncertain and subject to material change. Given these risks, uncertainties, and other factors, you should not place undue reliance on these forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Any agreement described herein is subject to customary conditions and the ongoing performance of project partners. Successful execution of projects described herein is subject to regulatory approvals and the performance of local partners, and there can be no assurance that all contemplated environmental assets will be issued or monetized. Moreover, there can be no assurance that any future agreements described herein will be executed.

These forward-looking statements are expressed in good faith, and DevvStream believes there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and DevvStream is under no obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in filings made by, or to be made by, DevvStream from time to time with the SEC and with the Canadian securities regulatory authorities. This news release is not an offer to sell or the solicitation of an offer to buy, any securities of DevvStream and this news release is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in DevvStream. All subsequent written and oral forward-looking statements concerning DevvStream or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

Contact
ir@devvstream.com
Phone: (408) 365-4348

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/254879

FAQ

What are the two new waste-to-energy projects announced by DevvStream (DEVS)?

DevvStream announced MoUs for a municipal waste-to-energy facility in West Java with PT Tren Solusi Transformasi Indonesia and a landfill waste conversion project in Depok City with PT Kartika Satu Graha Mandiri.

How will these waste-to-energy projects generate revenue for DevvStream (DEVS)?

The projects will generate revenue through the structuring, certification, and marketing of International Renewable Energy Certificates (I-RECs) and verified carbon credits once environmental assets are issued.

What is the projected growth of the Southeast Asia waste-to-energy market by 2030?

The Southeast Asia waste-to-energy market is projected to grow from $4.22 billion in 2025 to $7.70 billion by 2030, with a CAGR of 12.8%.

What other renewable energy projects does DevvStream (DEVS) have in Southeast Asia?

DevvStream has a hydroelectric agreement in South Sulawesi, Indonesia, and a solar energy collaboration in Medellin, Philippines.

Are the new DevvStream (DEVS) waste-to-energy agreements binding?

No, the MoUs are non-binding and subject to the successful execution of definitive agreements.