A publicly traded carbon company in Canada is buying a lot of new carbon credits to protect the Amazon rainforest. And they’re coming to the Nasdaq next.
What’s happening:
- DevvStream Holdings (CBOE: DESG) has entered into a new purchase agreement for 1.2M carbon credits from the Ipixuna REDD+ Project
By the numbers:
- The new purchase of carbon credits is anticipated to preserve approximately 200,000 hectares of pristine Amazon rainforest territory
- The project is expected to reduce carbon dioxide emissions by roughly 400,000 tonnes annually and protect against deforestation
Why it matters:
- DevvStream has entered into a deal with SPAC Focus Impact Acquisition Corp (NASDAQ: FIAC) to list onto the Nasdaq, which is expected to close imminently and would make DevvStream one of the first publicly listed companies focused on carbon credits on a major stock exchange in the United States
Going deeper:
- DevvStream has taken a unique approach to generating carbon credits, with initial projects being focused on electric vehicle charging infrastructure, manufacturing and even semiconductors
