Louisiana Community Development Authority Authorizes up to $402 Million in Revenue Bonds for Southern Energy Renewables’ Louisiana Fuel Project

Step strengthens Louisiana’s role in U.S. energy leadership and advances project finance process for biomass‑to‑fuel facility

SACRAMENTO, Calif. & NEW ORLEANS -- DevvStream Corp. (Nasdaq: DEVS) (“DevvStream”), a leading carbon management and environmental-asset monetization firm, and Southern Energy Renewables Inc. (“Southern”), a U.S.-based producer of low-cost fuels made from biomass, with a flagship Louisiana project that plans to utilize regional wood-waste biomass to deliver green methanol and carbon-negative sustainable aviation fuel (“SAF”) at scale, today announced that the Louisiana Community Development Authority (LCDA) has approved a resolution authorizing the issuance, subject to further approvals, of up to $402 million of Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Bonds in support of Southern’s planned biomass‑to‑fuel facility in Louisiana.

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The facility is designed to use regional wood‑waste biomass and proven conversion technologies, together with integrated carbon capture, to produce methanol and carbon‑negative SAF at commercial scale. By anchoring this investment in Louisiana, Southern aims to strengthen U.S. energy leadership with a “made in America” supply of advanced fuels that can serve both domestic and international markets, while supporting jobs and industrial activity in a state that has long been central to the nation’s energy economy.

The LCDA approval represents an important milestone in the conventional project‑finance process. It permits Southern, working through LCDA as a conduit issuer, to seek an allocation of “volume cap” from the Louisiana State Bond Commission in the same $402 million amount. The volume‑cap request is currently scheduled for the week of December 15, 2025. At this time, no allocation of volume cap has been made; the final step is expected to be an Executive Order from the Governor of Louisiana, which is currently anticipated in January 2026. Until an Executive Order allocating volume cap is issued and bonds are actually sold, the LCDA approval does not represent committed funding, but Southern and DevvStream believe it does demonstrate meaningful progress toward a conventional U.S. project‑finance structure for the planned biomass‑to‑fuel facility.

“We are grateful for the support we are receiving in Louisiana,” said Jay Patel, Chief Executive Officer of Southern Energy Renewables. “The LCDA’s authorization is an important milestone for our planned Louisiana facility and for our broader effort to produce advanced fuels here in the United States. Louisiana’s combination of feedstock availability, logistics infrastructure, and an experienced energy workforce creates a strong platform for long‑term competitiveness. This step also aligns with federal objectives to strengthen domestic energy security, expand U.S. industrial capacity, and support responsible decarbonization of hard‑to‑serve sectors.”

“We believe that this is the kind of step investors want to see in U.S. project finance: conventional, process-driven, and de-risking,” said Carl Stanton, Chairman of DevvStream. “It creates a potential non-recourse financing path to support scale while protecting equity value, subject to remaining approvals and a successful bond issuance.”

The revenue bonds contemplated under the LCDA resolution are expected to be limited obligations of the issuer payable solely from project‑related revenues and other pledged security, and not from the general funds of the State of Louisiana. Final terms, including interest rates, maturities, security, and covenants, will be determined at the time of any bond issuance and remain subject to additional approvals, documentation, and market conditions.

Southern’s Louisiana fuels project and the LCDA authorization complement the previously announced business combination between DevvStream and Southern to form a new U.S.‑domiciled, Nasdaq‑listed company focused on producing low‑cost, carbon‑negative SAF and green methanol using domestic biomass, integrated carbon capture, and environmental‑asset capabilities.