DevvStream Named Exclusive Partner to PLN Indonesia Power for Carbon Credit Management of Indonesian Solar Portfolio; Provides Corporate Financing Update

CALGARY, Alberta--(BUSINESS WIRE)--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.

About DevvStream

DevvStream (Nasdaq: DEVS) is a carbon management company focused on the development, investment, and sale of environmental assets worldwide, including carbon credits and renewable energy certificates. Visit devvstream.com for more information.

Cautionary Note Regarding Forward-Looking Statements

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, that involve substantial risks and uncertainties. All statements, other than historical facts, are forward-looking statements, including statements regarding: the anticipated benefits of the PLN IP agreement; the potential revenue generated from carbon credit sales under the agreement; the Company’s ability to create, validate, certify, register, store, and liquidate PLN IP’s carbon credits in the anticipated quantities and on the anticipated timelines; the potential use of host-country Letters of Authorization and alignment with Article 6 of the Paris Agreement; the Company’s expectations regarding the private placement, capital position, working capital, near-term execution, and strategic priorities; legal, economic, regulatory, and political conditions; and any assumptions underlying any of the foregoing. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “plan,” “could,” “would,” “project,” “predict,” “continue,” “target,” “aim,” “objective,” “goal,” “designed,” or the negatives of these words or other similar terms or expressions that concern DevvStream’s expectations, strategy, priorities, plans, or intentions. Forward-looking statements are based upon current plans, estimates, and expectations that are subject to risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements.

We can give no assurance that such plans, estimates, or expectations will be achieved, and therefore actual results may differ materially from any plans, estimates, or expectations in such forward-looking statements. Important factors that could cause actual results to differ materially from such plans, estimates, or expectations include, among others: anticipated benefits of the PLN IP agreement; the Company’s ability to generate carbon credits from PLN IP’s solar portfolio in the quantities and on the timelines currently anticipated; the risk that validation, certification, registry, or liquidation processes under applicable program rules are delayed, denied, or result in fewer credits than anticipated; the risk that carbon credit prices decline materially from current levels; the availability and eligibility of host-country Letters of Authorization and alignment with applicable Article 6 of the Paris Agreement mechanisms, which remain subject to regulatory and governmental determination; the risk that the revenue-sharing structure does not produce the economic returns currently anticipated; the occurrence of any event that could give rise to termination of any of the documents related to the PLN IP agreement; the uncertainty of DevvStream’s capital requirements and cash runway, including receipt by DevvStream of any necessary financing; general economic, financial, legal, political, and business conditions and other risks and uncertainties including those set forth in DevvStream’s Form 10-K for the fiscal year ended July 31, 2025, filed with the SEC on November 6, 2025, and subsequent reports filed with the SEC and Canadian securities regulatory authorities available on DevvStream’s profile at www.sedarplus.ca.

While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. We caution you not to place undue reliance on any of these forward-looking statements as they are not guarantees of future performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations, financial condition and liquidity, and the development of new markets or market segments in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this communication.

Any forward-looking statements speak only as of the date of this communication. DevvStream undertakes no obligation to update any forward-looking statements, whether as a result of new information or developments, future events, or otherwise, except as required by law. Neither future distribution of this communication nor the continued availability of this communication in archive form on DevvStream’s website at www.devvstream.com/investors/ should be deemed to constitute an update or re-affirmation of these statements as of any future date.