DEVS
****Sponsored by LFG Equities Corp and Disseminated on behalf of DevvStream
DEVS: A pioneering environmental asset company listed on Nasdaq
XCF, IP3, Southern, and DevvStream Sign Non-Binding MOU to Evaluate America-First Nuclear Power for Clean Fuels Production and AI Data Centers
XCF Global and DevvStream Combine Capabilities to Bring Transferable 45Z Clean Fuel Credits to Market with Potential Value of up to ~$.60 per Gallon for Qualifying SAF Production
DevvStream Highlights Southern Energy Renewables’ Hapag-Lloyd LOI for Green Methanol Project Development and Long-Term Offtake and New Environmental Attributes MOU
READ THE INVESTOR PRESENTATION HERE
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Hello Everyone,
If you've been watching DEVS, you already know it can move. What's changed since our last look is the story underneath it — a signed three-way merger, a clean fuels platform with a Louisiana production facility, and a carbon credit business that's been quietly building for years. This one's worth a closer look right now.
DEVS is in a position right now where it may have bottomed out ahead of the upcoming merger.
Just yesterday DEVS highlighted a pair of developments that underscore growing momentum around its green methanol strategy. Southern Energy Renewables, a key partner, announced a Letter of Intent with global shipping giant Hapag-Lloyd AG for the potential long-term purchase of green methanol from Southern's planned Louisiana facility. DevvStream views the LOI as meaningful market validation, as Hapag-Lloyd's interest signals that large-scale maritime customers are actively seeking renewable fuel alternatives to meet decarbonization targets.
Alongside the Hapag-Lloyd news, DevvStream announced a new Memorandum of Understanding with Southern under which DevvStream would serve as Southern's environmental asset advisor. The arrangement would see DevvStream advise on the identification, structuring, and monetization of environmental attributes — including carbon credits, certificates, and book-and-claim instruments — generated by Southern's green methanol operations. Management believes this advisory role could enhance project economics by creating additional revenue streams that help offset the cost of producing and adopting low-carbon fuels.
Both announcements are framed as further support for the previously disclosed proposed three-way business combination among DevvStream, Southern Energy Renewables, and XCF Global. When completed, the combined entity would span renewable fuel production, clean fuels infrastructure development, and environmental asset monetization — positioning it as a vertically integrated platform in the energy transition space.
You should note that all three developments remain at early stages. The Hapag-Lloyd LOI is subject to definitive documentation and project milestones, the Southern MOU contains non-binding provisions pending final agreements, and the proposed merger still requires regulatory and shareholder approvals.
The update was encouraging as we have previously covered the news that DevvStream, XCF Global (Nasdaq: SAFX), and Southern Energy Renewables have executed a Definitive Business Combination Agreement dated April 14, 2026 for a proposed three-party business combination. The transaction remains subject to required regulatory and shareholder approvals and other customary closing conditions.
DevvStream is doing something that doesn't come along often — building a business where environmental impact and economic return aren't in conflict. That's a harder problem to solve than it sounds, and it's the foundation everything else is built on.
At its core, DevvStream is a carbon management firm specializing in the development, investment, and monetization of environmental assets. By partnering with corporations, governments, and project developers worldwide, the company generates and manages high-integrity environmental credits and certificates that support decarbonization and sustainability objectives.
Under its typical project structure, DevvStream receives 25% of the credits generated for the life of the project, though specific terms vary by agreement. This structure may allow DevvStream to participate in project economics without directly funding the underlying capital expenditures, though there is no guarantee that projects will generate credits at anticipated levels or at all.In 2024, DEVS acquired a 50% stake in the Monroe Sequestration Facility, one of the largest carbon storage facilities in N. America at 425 square miles with an estimated storage capacity of up to ~260 million metric tons of CO₂, subject to permitting, development, and verification. Potential economics may include benefits under Section 45Q (currently up to $85/ton for eligible sequestration), subject to qualification, compliance with IRS rules, and applicable tax law, which may change. No assurance can be given that the facility will qualify for Section 45Q credits or that current credit levels will be maintained.
That foundation is now the launching pad for something bigger — a strategic transformation that adds clean fuels production to the company's existing environmental asset business.
This transformation is anchored by the three-way business combination, for which the company executed a Definitive Business Combination Agreement in April 2026. Subject to regulatory approvals and shareholder votes, the combined entity will integrate DevvStream's carbon-credit origination and monetization capabilities with a biomass-to-methanol-to-sustainable aviation fuel (SAF) platform, creating a vertically integrated clean fuels business. By leveraging regional wood-waste biomass paired with carbon sequestration, the platform aims to produce green methanol and carbon-negative SAF at scale — positioning itself to serve both aviation and maritime industries as global emissions mandates tighten.
This integrated model is designed to address one of the most critical challenges in the energy transition: cost. Today, sustainable aviation fuel carries a significant premium compared to conventional jet fuel, limiting widespread adoption. By combining lower-cost biomass feedstocks with environmental-asset monetization, DevvStream aims to reduce the effective cost of SAF while simultaneously generating additional revenue streams. This dual approach has the potential to create a more financeable and scalable industrial platform, supported by diversified income from fuels, methanol, and carbon credits.
The merger also opens the door to adjacent opportunities — including e-methanol and broader clean energy infrastructure across North America — that wouldn't be accessible to DevvStream as a standalone carbon credit business. Meanwhile, the carbon market itself continues to expand, with various industry estimates projecting it could potentially reach $1 trillion as corporate and government decarbonization commitments accelerate.
Execution is already underway. Through its partnership with Southern Energy Renewables and Frontline BioEnergy, the company is advancing a biomass-to-jet fuel project in Louisiana, with pilot-scale production units for bio-methanol and SAF conversion representing a key step toward technical validation and commercialization.
From a financial standpoint, the company has also taken concrete steps to strengthen its financial position, reducing debt by approximately $5.9 million net in early 2026 while securing additional working capital to support near-term operations. Policy and regulation are moving in DevvStream's direction. Emerging global frameworks, including potential carbon pricing mechanisms in the maritime sector, are expected to increase demand for both carbon credits and low-carbon fuel alternatives. These tailwinds are particularly relevant given DevvStream’s growing portfolio of environmental credits, which provides flexibility to serve a wide range of customers seeking to meet emissions targets under both compliance and voluntary markets.
At the same time, conflict in the Middle East has created uncertainty around global fuel supply, potentially driving significant increases in fuel costs. This environment could potentially make DevvStream’s merger even more attractive.
Taken together, this is a company in the middle of a genuine transformation — one that connects environmental asset monetization to clean fuel production in a way that's designed to be both scalable and financially self-reinforcing. The foundation is now in place. The question now is execution, and that's what makes this worth watching.
In parallel with its operating initiatives, DevvStream has established a digital-asset treasury anchored in Bitcoin (BTC) and Solana (SOL) — combining reserve strength, on-chain yield, and strategic exposure to real-world-asset ("RWA") tokenization. As of April 12, 2026, Solana was earning staking rewards on approximately 12,509 SOL at approximately 6.32% annualized yield. Staking yields are variable, not guaranteed, and subject to change. Beyond the treasury, DevvStream intends to pursue blockchain initiatives to enhance the transparency and efficiency of environmental markets, supporting the compliant digital representation of verified carbon credits and renewable energy certificates as tradable instruments.
The company sees its tokenization platform as a long-term bridge between environmental asset markets and mainstream digital finance.
The digital-asset program is intended to support liquidity and financing flexibility and may reduce—but does not eliminate—reliance on equity financing. The program is governed under an institutional framework developed with FRNT Financial and held in segregated custody at BitGo to support transparency and risk controls.
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MANAGEMENT
Sunny Trinh
CHIEF EXECUTIVE OFFICER
As co-founder and CEO, Sunny is responsible for building and executing DevvStream’s project pipeline through his vast network of sustainable technology and corporate relationships. He has spent over 25 years in the technology sector and directly in developing new verticals in ESG and carbon markets.
He also serves as the Chief Digital Alchemist for Devvio Inc., where he develops new business models in the ESG and carbon markets. Prior to DevvStream, Sunny led innovation as VP of Ecosystem at Avnet Inc. (AVT: NASDAQ). He was also the COO for Jooster and VP of Sales for Arrow Electronics (ARW: NYSE) where he led the design team for a Corvette driven by a quadriplegic.
Sunny served as CEO for 9:Fish Surfboards and was an adjunct professor for Cal Lutheran University’s MBA program where he started the school’s technology tract. Sunny holds a B.S. and M.E in Engineering, an M.B.A. degree, and holds several patents on electronic accessories for cell phones.
David Goertz
CHIEF FINANCIAL OFFICER
David provides accounting, assurance, taxation and business advisory services to private and public companies, not-for-profit organizations and incorporated professionals. David has specialized knowledge of the manufacturing, mining, real estate, and technology industries. He also has a keen understanding of public company operations, restructurings, acquisitions and IPOs.
Chris Merkel
CHIEF OPERATING OFFICER
Chris is the VP and Chief Operating Officer of DevvStream. Prior to joining the team, Chris spent 24 years managing strategic customers, growing technical services verticals and held sales leadership roles at Avnet (AVT: NASDAQ) and Arrow Electronics (ARW: NYSE). He has engaged with companies at every stage, from pre-funded startups to global enterprises in markets such as IIoT, consumer, industrial and medical. Additionally, Chris spent 5 years with Sierra Pacific Industries in a general sales and operations management role. He has over 30 years of sales, operations and general management experience successfully managing diverse teams and projects.
Sincerely,
DISCLAIMER
Additional Information and Where to Find It
In connection with the proposed business combination transaction among XCF, DevvStream and Southern, XCF will prepare and file relevant materials with the Securities and Exchange Commission (the "SEC"), including a registration statement on Form S-4 that will contain preliminary proxy statements of DevvStream and XCF that also constitutes a prospectus of XCF (the "Proxy Statements/Prospectus"). A definitive proxy statement is expected to be mailed to stockholders of DevvStream and XCF as of a record date to be established for voting on the proposed business combination transaction and other matters as described in the Proxy Statements/Prospectus. DevvStream, XCF and Southern may also file other documents with the SEC and Canadian securities regulatory authorities regarding the proposed transaction. This communication is not a substitute for any proxy statement, registration statement or prospectus, or any other document that DevvStream and Southern (as applicable) may file with the SEC or Canadian securities regulatory authorities in connection with the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF DEVVSTREAM ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENTS/PROSPECTUS WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED BY DEVVSTREAM OR SOUTHERN WITH THE SEC OR CANADIAN SECURITIES REGULATORY AUTHORITIES, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, IN CONNECTION WITH THE PROPOSED TRANSACTION, WHEN THEY BECOME AVAILABLE BECAUSE THESE DOCUMENTS CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. DevvStream's investors and security holders will be able to obtain free copies of the Proxy Statement/Prospectus (when they become available), as well as other filings containing important information about DevvStream, Southern, and other parties to the proposed transaction, without charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by (i) XCF will be available free of charge under the tab "Financials" on the "Investors" page of XCF's website at https://xcf.global/investor-relations/financials/sec-filings/ or by contacting XCF's Investor Relations Department at [email protected] and (ii) DevvStream will be available free of charge under the tab "Financials" on the "Investor Relations" page of DevvStream's website at www.devvstream.com/investors/ or by contacting DevvStream's Investor Relations Department at [email protected].
Participants in the Solicitation
DevvStream, Southern, XCF, EEME and their respective directors and certain of their respective executive officers and employees may be deemed to be participants in the solicitation of proxies from DevvStream's and XCF's stockholders in connection with the proposed transaction. Information regarding directors and executive officers of (i) XCF is contained in a Current Report on Form 8-K/A, filed with the SEC on October 31, 2025, its Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 31, 2026, and in other documents subsequently filed with the SEC and (ii) DevvStream is contained in DevvStream's proxy statement for its 2025 annual meeting of stockholders, filed with the SEC on November 18, 2025 and in other documents subsequently filed with the SEC. Additional information regarding the participants in the proxy solicitations and a description of their direct or indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement/Prospectus and other relevant materials filed with the SEC (when they become available). These documents can be obtained free of charge from the sources indicated above.
No Offer or Solicitation
This communication is for informational purposes only and is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Cautionary Note Regarding Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as "aims," "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "seeks," "should," "will," "would," or similar expressions and the negatives of those terms.
Forward-looking statements in this communication include, without limitation, statements regarding: the proposed business combination among DevvStream, XCF Global, and Southern Energy Renewables and the anticipated timing, structure, and completion thereof; Southern's biomass-to-methanol and sustainable aviation fuel platform and its Louisiana production facility; the anticipated Letter of Intent between Southern and Hapag-Lloyd AG and the potential long-term offtake arrangement contemplated thereby; the Memorandum of Understanding between DevvStream and Southern regarding environmental asset advisory services and the potential revenue streams and project economics associated therewith; DevvStream's role in identifying, structuring, and monetizing environmental attributes, including carbon credits, certificates, and book-and-claim instruments; the potential value, generation, and monetization of carbon credits under the Monroe Sequestration Facility and other projects; the potential applicability and value of tax credits under Sections 45Q and 45Z of the Internal Revenue Code; the anticipated benefits and synergies of the proposed three-way business combination; the combined entity's anticipated position as a vertically integrated clean fuels platform; projected carbon market growth; DevvStream's digital asset treasury strategy, including anticipated staking yields and treasury management outcomes; and the general business outlook and strategic direction of DevvStream, XCF, Southern, and EEME Energy SPV I LLC ("EEME").
While the Definitive Business Combination Agreement executed on April 14, 2026 constitutes a binding agreement among the parties, it does not obligate the consummation of the proposed transaction, which remains subject to the satisfaction or waiver of specified closing conditions, including receipt of required regulatory approvals and the approval of the stockholders of DevvStream and XCF.
These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements, including but not limited to:
- the failure to complete the proposed business combination for any reason, including the failure to obtain required regulatory or governmental approvals;
- the failure to obtain the required approvals of the stockholders of DevvStream or XCF;
- the failure to satisfy other closing conditions set forth in the Definitive Business Combination Agreement;
- the inability to secure adequate financing for the construction, development, or operation of Southern's Louisiana biomass-to-methanol and SAF facility;
- delays, cost overruns, or technical failures in the development, construction, or commissioning of Southern's production facility or related infrastructure;
- the failure of the Hapag-Lloyd LOI to result in a definitive offtake agreement, or the failure of Southern to meet the milestones required thereunder;
- the non-binding nature of the Southern MOU and the possibility that a definitive advisory agreement may not be executed or may differ materially from current expectations;
- the inability to generate carbon credits, environmental certificates, or other environmental attributes at anticipated levels, or at all, from DevvStream's projects, including the Monroe Sequestration Facility;
- the failure of the Monroe Sequestration Facility or other projects to qualify for, or to continue to qualify for, tax credits under Section 45Q or other applicable incentive programs, or changes in the level of such credits;
- the failure of qualifying SAF production to generate, or to generate at anticipated levels, transferable tax credits under Section 45Z of the Internal Revenue Code;
- volatility in carbon credit markets, including changes in pricing, demand, or regulatory frameworks governing voluntary and compliance carbon markets;
- changes in applicable laws, regulations, or tax policy, including with respect to clean fuel incentives, carbon pricing mechanisms, environmental permitting, or digital asset regulation;
- risks associated with digital assets and cryptocurrency, including price volatility, cybersecurity risks, regulatory uncertainty, and variability in staking yields;
- the inability to realize anticipated synergies, operational efficiencies, or revenue streams following completion of the proposed business combination;
- competition from other producers of sustainable aviation fuel, green methanol, or carbon credits, and changes in feedstock availability or pricing;
- general capital market conditions, including the availability and cost of financing for early-stage energy transition companies; and
- other risks and uncertainties described in DevvStream's filings with the SEC and SEDAR+, and in XCF's filings with the SEC.
DevvStream Corp., XCF Global, Inc., Southern Energy Renewables, Inc., and EEME Energy SPV I LLC undertake no obligation to update or revise any forward-looking statements to reflect new information, future events, or changed circumstances, except as required by applicable securities law. The contents of any website referenced in this communication are not incorporated by reference herein, and any reference to a website is an inactive textual reference only. Past references to any website should not be relied upon as representing current information.
Investors are encouraged to review DevvStream Corp.'s filings with the SEC, including its most recent Annual Report on Form 10-K for the fiscal year ended July 31, 2025, filed with the SEC on November 6, 2025, and any subsequently filed reports, as well as DevvStream's filings on SEDAR+ at www.sedarplus.ca. Investors are also encouraged to review XCF Global, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 31, 2026, and any subsequently filed reports. All such filings are available without charge at www.sec.gov, on DevvStream's investor relations page at www.devvstream.com/investors/, and on XCF's investor relations page at https://xcf.global/investor-relations/financials/sec-filings/. These filings contain important information about each company's business, financial condition, and risk factors that is not reflected in this promotional material.