DevvStream (DEVS) signed a memorandum of understanding with Fayafi Investment Holding of the United Arab Emirates to explore creating a venture to bolster investment in decarbonization and climate infrastructure projects worldwide.
DevvStream, based in Calgary, said Tuesday in a statement that Fayafi x DevvStream Green Ventures "will be structured as an independent entity with ownership expected to be allocated 80% to Fayafi and 20% to DevvStream and economics shared on a pro-rata basis."
"Fayafi will serve as the financial and strategic engine of the venture" with the
initial funding commitment expected to be $100 million, DevvStream said. Firm agreements on the formation of the venture are expected in Q2.
DevvStream shares rose 22% in after-hours trading.
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