DevvStream Provides Update on Carbon Sequestration Facility Development

Site capable of storing an estimated 260 MMT of CO2

Company will partner with Monroe Sequestration Partners to generate both 45Q federal tax credits and voluntary offset credits

Company owns a 50% equity stake in the facility

Sacramento, California--(Newsfile Corp. - November 19, 2024) - DevvStream Corp. (NASDAQ: DEVS) ("DevvStream" or the "Company"), a leading carbon credit project co-development and generation firm specializing in technology-based solutions, and Monroe Sequestration Partners LLC (MSP), a subsidiary of Crestmont Investments LLC, today announced a progress update regarding the development of the previously announced MSP carbon sequestration facility (the "Monroe Project").

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Designed to leverage the carbon storage capabilities of a 425-square-mile legacy oil and gas field located in northern Louisiana, the Monroe Project has the potential to become one of the largest carbon sequestration reservoirs in the United States, with an estimated total storage capacity of 260 million metric tons of CO₂.

Monroe Project Update

• Advanced engineering and geologic assessments are uncovering significant carbon emission sources, aligning with the objectives of the Louisiana Department of Natural Resources and the Federal CarbonSAFE program.

• The Monroe Project represents an ideal candidate for CarbonSAFE funding, as the program seeks to support projects with robust geologic potential and scalable development strategies.

• Multiple surface locations have been identified and prioritized for initial monitoring and injection wells, demonstrating the project's readiness for implementation.

"The Monroe Project represents a key component of DevvStream's overarching investment strategy," said Sunny Trinh, CEO of DevvStream. "The project has significant environmental impact potential as well as substantial revenue potential via the generation of 45Q credits and voluntary carbon offset credits, as well as storage fees from accepted CO₂ to be sequestered. We are proud to work with the Louisiana Oil and Gas Association, the state of Louisiana, and MSP, and we are thrilled to see development moving forward as planned."

"Louisiana is committed to carbon capture and sequestration not only for the environmental benefits, but also because it provides a new opportunity for our oil and gas producers to expand their skilled workforce and existing resources," said Bryan Hanks, board member of the Louisiana Oil and Gas Association. "By transitioning to carbon storage, we're giving these industries a path to remain viable in a cleaner energy future, helping preserve jobs, stimulate the local economy, and leverage decades of expertise in subsurface operations. Our initiative alongside MSP and DevvStream allows Louisiana to support both economic resilience and environmental progress."