DevvStream Corp. (Nasdaq: DEVS) (“DevvStream” or the “Company”), a carbon management and environmental-asset monetization firm, today announced a definitive, exclusive agreement with PT PLN Indonesia Power (“PLN Indonesia Power” or “PLN IP”), a sub-holding of Indonesia’s state-owned electricity company, PT PLN (Persero), giving DevvStream exclusive rights and title to carbon credits resulting from PLN IP’s solar plant operations. Under the agreement, DevvStream will manage the creation, validation, certification, registration, storage, security and liquidation of PLN IP’s carbon credits. Potential revenue generated from carbon credit sales will be shared between DevvStream and PLN IP.
Indonesia is Southeast Asia’s largest economy and the world’s fourth-most populous country, with more than 283 million people across more than 17,000 islands. Through PT PLN (Persero), Indonesia’s electricity system serves more than 96 million customers, positioning PLN among the world’s largest utilities by customer count.
The agreement is aligned with Indonesia’s accelerating clean-energy agenda. Indonesia has outlined a national initiative targeting up to 100 GW of new solar capacity, while PLN IP has publicly stated that it manages approximately 22.1 GW of generation capacity across Indonesia. For this initial agreement, DevvStream and PLN IP have identified a portfolio of 45 solar power plants throughout Indonesia.
“PLN Indonesia Power is one of the most significant electricity operators in one of the world’s most important energy markets, and this agreement positions DevvStream as its exclusive partner for environmental asset creation and monetization across the identified solar portfolio,” said Sunny Trinh, Chief Executive Officer of DevvStream. “We spent considerable time demonstrating our validation, certification, registry and lifecycle capabilities before this agreement was finalized, and we believe that process reflects exactly what DevvStream was built to do: help major energy partners convert verifiable environmental outcomes into high-integrity, monetizable assets.”
“This partnership expands DevvStream’s footprint as a premier environmental asset developer in Asia and highlights our core operating strategy,” added Scott Harrington, DevvStream’s Head of APAC. “With a revenue-sharing structure that requires no upfront infrastructure CAPEX from DevvStream, we believe this agreement creates a scalable pathway to monetize high-integrity environmental assets while supporting PLN IP’s long-term decarbonization objectives.”
“Although Indonesia has made meaningful progress toward nationwide electrification, efforts continue to ensure reliable electricity access reaches all parts of the archipelago—particularly in remote and developing regions. This gap represents both a social imperative and a long-term infrastructure opportunity. PLN Indonesia Power is advancing solar initiatives to support internal operations while expanding access to local renewable energy, strengthening energy security, and positioning the company for sustainable growth within Indonesia’s energy transition,” said Bernadus Sudarmanta, President Director of PT PLN Indonesia Power.
“PLN Indonesia Power takes a deliberate and prudent approach when engaging international partners for environmental asset monetization, particularly in Europe and North America. DevvStream’s disciplined lifecycle capabilities—from validation and certification through registry processes to secure asset management—have given us confidence in their ability to meet our standards. This agreement supports PLN’s broader decarbonization objectives by strengthening the pathway to monetize verifiable environmental outcomes across our generation portfolio.”
Corporate Financing Update
In parallel with the Indonesian announcement, DevvStream announced on April 27, 2026, pursuant to the Company’s Current Report on Form 8-K filed with the SEC on April 27, 2026, a $250,000 private placement with an institutional investor comprising 250,025 pre-funded warrants at a purchase price of $0.9999 per pre-funded warrant. The Company believes this financing further supports its capital position and provides additional flexibility to continue executing on strategic priorities. DevvStream previously stated that the financing is intended to support working capital and near-term execution as it advances toward its previously announced proposed business combination involving XCF Global, Inc. and Southern Energy Renewables Inc.
