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DevvStream Corp (NASDAQ:DEVS) shares are trading higher by 107% to 40 cents Wednesday afternoon after the company signed a Memorandum of Understanding with UAE-based Fayafi Investment Holding to form a new joint venture called Fayafi x DevvStream Green Ventures.
What to Know: The proposed entity aims to invest in global decarbonization and climate infrastructure projects. The venture would combine DevvStream's technical and operational capabilities with Fayafi's capital and institutional network, with an initial funding commitment of $100 million.
Firm agreements are anticipated in the second quarter of 2025, with project rollouts expected to begin in the latter half of the year.
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What Else: The joint venture will be independently structured, with Fayafi holding 80% ownership and DevvStream 20%, reflecting their respective roles as financial sponsor and technical operator.
Under the MoU, DevvStream will manage project development, carbon asset structuring and credit monetization, while Fayafi will provide financial backing and facilitate regulatory access.
The agreement also grants DevvStream exclusivity during the feasibility stage and first rights on carbon-related projects.
DEVS Price Action: According to data from Benzinga Pro, DevvStream has a 52-week high of $3 and a 52-week low of 18 cents.
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Posted In: DEVS
