DevvStream Appointed as Exclusive Partner of PLN Indonesia Power for Managing Carbon Credits from Indonesia's Solar Power Portfolio; Providing Latest Company Financing Information
Calgary, Alberta–(ANTARA/Business Wire)– DevvStream Corp. (Nasdaq: DEVS) (“DevvStream” or “the Company”), a carbon management and environmental asset monetisation company, today announced a definitive and 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). The agreement grants DevvStream exclusive rights and ownership over carbon credits generated from PLN IP’s solar power 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 the sale of carbon credits will be shared between DevvStream and PLN IP.
Indonesia is the largest economy in Southeast Asia and the fourth most populous country in the world, with over 283 million inhabitants spread across more than 17,000 islands. Through PT PLN (Persero), Indonesia’s electricity system serves more than 96 million customers, placing PLN among the world’s largest utility companies by number of customers.
This agreement aligns with the acceleration of Indonesia’s clean energy agenda. Indonesia has set a national initiative targeting the addition of up to 100 GW of solar power capacity, while PLN IP has publicly stated that it manages approximately 22.1 GW of power generation capacity across Indonesia. For this initial agreement, DevvStream and PLN IP have identified a portfolio consisting of 45 solar power plants across Indonesia.
“PLN Indonesia Power is one of the leading electricity operators in one of the world’s most important energy markets. This agreement positions DevvStream as its exclusive partner in the creation and monetisation of environmental assets across the identified solar portfolio,” said Sunny Trinh, Chief Executive Officer of DevvStream. “We spent considerable time demonstrating our capabilities in validation, certification, registration, and lifecycle management before this agreement was finalised. We believe this process reflects exactly what DevvStream was founded to do: help major energy partners convert verifiable environmental outcomes into high-integrity, monetisable assets.”
“This partnership expands DevvStream’s reach as a leading environmental asset developer in Asia and strengthens our core operational strategy,” added Scott Harrington, DevvStream’s Head for the Asia-Pacific region. “With a revenue-sharing structure that requires no upfront capital expenditure (CAPEX) infrastructure from DevvStream, we believe this agreement paves the way for scalable opportunities to monetise high-quality environmental assets while supporting PLN IP’s long-term decarbonisation goals.”
“While Indonesia has made significant progress in national electrification efforts, ongoing work is being done to ensure reliable electricity access reaches every corner of the archipelago, especially in remote and developing areas. This gap represents both a social challenge and a long-term infrastructure opportunity. PLN Indonesia Power is developing solar initiatives to support internal operations as well as expand access to local renewable energy, strengthen energy resilience, and prepare the company for sustainable growth in Indonesia’s energy transition,” said Bernadus Sudarmanta, President Director of PT PLN Indonesia Power.
“PLN Indonesia Power adopts a thorough and cautious approach in partnering with international partners for environmental asset monetisation, particularly in Europe and North America. DevvStream’s structured and well-managed capabilities across the entire process cycle, from validation and certification, registration processes to secure asset management, have convinced us of its ability to meet our standards. This agreement supports PLN’s broader decarbonisation objectives by strengthening measures to monetise verifiable environmental outcomes across our power generation portfolio.”
Latest Company Financing Information
In line with the announcement in Indonesia, on 27 April 2026, DevvStream announced a private placement of shares worth $250,000 to an institutional investor consisting of 250,025 pre-funded warrants at a purchase price of $0.9999 per pre-funded warrant, in accordance with the Company’s Current Report on Form 8-K filed with the SEC on 27 April 2026. The Company believes this financing further supports its capital position and provides additional flexibility to continue executing strategic priorities. DevvStream previously stated that this financing is intended to support working capital and short-term execution as progress is made towards the previously announced business combination proposal involving XCF Global, Inc. and Southern Energy Renewables Inc.
About DevvStream
DevvStream (Nasdaq: DEVS) is a carbon management company focused on developing, investing in, and selling environmental assets worldwide, including carbon credits and renewable energy certificates. Visit devvstream.com for more information.
Forward-Looking Statements Disclaimer
This press release 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, which involve numerous risks and uncertainties. All statements, other than historical facts, are forward-looking statements, including statements regarding: