SACRAMENTO, California – DevvStream Corp. (NASDAQ: DEVS), a carbon credit project co-development firm, in conjunction with Monroe Sequestration Partners LLC (MSP), has provided an update on the progress of the Monroe Project, a carbon sequestration facility in northern Louisiana. The site, situated on a 425-square-mile legacy oil and gas field, is estimated to store up to 260 million metric tons (MMT) of CO2, potentially making it one of the largest carbon sequestration reservoirs in the United States.

The Monroe Project is at an advanced stage, with engineering and geological assessments identifying significant carbon emission sources. This aligns with the Louisiana Department of Natural Resources and the Federal CarbonSAFE program’s objectives. The project is a prime candidate for CarbonSAFE funding, designed to support projects with robust geological potential and scalable development strategies.

Sunny Trinh, CEO of DevvStream, highlighted the project’s environmental and financial potential, emphasizing the generation of 45Q tax credits, voluntary carbon offset credits, and storage fees from the sequestered CO2. Bryan Hanks, a board member of the Louisiana Oil and Gas Association, noted the project’s role in providing new opportunities for the local oil and gas industry, job preservation, and economic stimulation.

The Monroe Project’s strategic location near major CO2 emitters ensures efficient access for capturing and storing emissions. It is expected to create jobs and stimulate local businesses, contributing to Louisiana’s sustainable economic growth. The project also aims to further the global push toward net-zero emissions.

Louisiana’s authority to issue Class VI permits for carbon sequestration, known as primacy, offers advantages such as faster project approvals, reduced costs, regulatory certainty, and enhanced scalability for such initiatives. The state also provides incentives for carbon sequestration projects.

DevvStream, founded in 2021, focuses on technology-based solutions in carbon project development, aiming to align sustainability with profitability. MSP, a subsidiary of Crestmont Investments LLC, holds agreements and intellectual property related to the conversion of a large gas field into a carbon sequestration reservoir.

The information in this article is based on a press release statement.

InvestingPro Insights

As DevvStream Corp. (NASDAQ: DEVS) advances its ambitious Monroe Project, recent financial data from InvestingPro offers additional context for investors. The company’s financial health appears challenging, with an adjusted operating income of -$8.55 million for the last twelve months as of Q3 2024. This negative figure aligns with the company’s focus on long-term carbon sequestration projects, which often require significant upfront investments before generating returns.

InvestingPro Tips highlight that DevvStream’s stock price has experienced substantial volatility, with a 1-year price total return of -93.54%. This dramatic decline may reflect market uncertainty about the company’s near-term prospects, despite the potential of projects like the Monroe carbon sequestration facility.

It’s worth noting that DevvStream’s next earnings date is scheduled for December 13, 2024, which could provide crucial updates on the Monroe Project’s progress and its impact on the company’s financial outlook. Investors interested in a deeper analysis can access 8 additional InvestingPro Tips for DevvStream, offering a more comprehensive view of the company’s potential risks and opportunities in the evolving carbon credit market.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);

Source link

By Admin

Leave a Reply

Your email address will not be published. Required fields are marked *