DevvStream Holdings Inc. announced a memorandum of understanding (MOU) with Bluegrace Energy ("Bluegrace") establishing DevvStream as the exclusive carbon credit manager for an 8.3-million-hectare Amazon rainforest protection project in Bolivia. Under the terms of the MOU, DevvStream will provide carbon credit management services and will receive a portion of any resulting credits. Forest-based carbon credit projects typically utilize the REDD+ framework, which establishes a methodology for carbon credit generation resulting from the avoidance of deforestation.

However, projects that rely on REDD+ occasionally struggle to meet the standards outlined in the Core Carbon Principles, including additionality, permanence and baseline measurement procedures. As a result, the Company plans to design the project around an alternative methodology, one that relies on technologies such as artificial intelligence, machine learning, and computer/satellite imaging to capture more precise data, ensuring accurate quantification of carbon credits. In addition to land preservation, the overall project's goals include providing financial resources for the implementation of social initiatives and humanitarian activities that benefit indigenous communities living within the territories.

These initiatives include infrastructure, education, water treatment, health care, and transportation.