Leader in the carbon credit sector, DevvStream (OTC:DSTRF) announced a memorandum of understanding with Bluegrace Energy for managing 8.3 million-hectare Amazon rainforest protection in Bolivia.
The firm aims to implement a unique approach to the project, harnessing advanced technologies such as machine learning, artificial intelligence, and satellite imaging. This will help the firm get more data and ensure precise quantification of carbon credits.
Sunny Trinh, CEO of DevvStream said that the use of AI, machine learning, and advanced imaging techniques will enable protect millions of hectares of land. Further, it will ensure that the carbon credits adhere to Carbon principles surrounding emissions impact, governance, and sustainable development.
Julio Montenegro, CEO of Bluegrace said that the company understood from the start that it can trust a company with expertise, integrity, and transparency for being a significant contributor to the project’s success. Technology-based ESG company, DevvStream advances development as well as monetization of environmental assets.
DevvStream Holdings Inc announced the launch of the Orphaned Oil and Gas Well Sealing Program, which is in line with an established methodology created by the American Carbon Registry as well as in collaboration with DevvStream’s technology partner TS-Nano. Designed for accommodating hundreds of sealant projects including 200 wellbores each-the Program, aims to address the problem of orphaned wellbores.
DevvStream unveiled the Program during a live presentation to representatives of more than 20 states during the National Association of State Trust Lands conference in New Mexico.
Sunny Trinh, CEO of DevvStream said that Orphaned wells are a serious climate concern. He added that greenhouse gas emissions and unplugged wellheads create hazards including soil degradation, groundwater contamination, and ecosystem damage. The CEO further said that approval from American Carbon Registry on quantification, monitoring, reporting, and verification makes the company uniquely positioned to tackle the issue and generate carbon credits.Orphaned wells are inactive and result in millions of metric tons of CO2-equivalent emissions annually. The elimination of methane sources can reduce climate risks and this program adheres to eligibility requirements for the generation of high-quality carbon credits.
TS-Nano has reached a number of critical milestones, including the successful sealing of a dozen wells, the establishment of a dedicated facility in Hobbs, New Mexico,and the hiring of new field service personnel. TS-Nano will assume the role of certified methane testing professional. DevvStream is expecting to implement a hybrid financing model, with both outside partners and the company giving the capital for addressing wells registered in the Program.
A technology and manufacturing company, TS-Nano is based in New Mexico. It is engaged in designing and manufacturing nano-modified polymer sealants, which can monitor and solve leaks. The sealants are developed with durability and penetration characteristics for meeting performance requirements. TS-Nano and its team have several patents in nano-technology, cement as well as polymers.