DevvStream Holdings Inc. and E-Fill Electric LLC announced a definitive agreement to leverage E-Fill’s network of EV charging stations in India for carbon credit generation. The agreement is anticipated to establish a new revenue stream for E-Fill, enabling expansion of the company’s EV charging infrastructure.
E-Fill will serve as a launch partner for DevvStream’s Electric Vehicle Charging Carbon Offset Program in India, which aims to accelerate electric mobility by generating revenue for EV charging network owners and operators.
The program achieves this by producing and selling voluntary carbon credits, which are generated when EV owners charge their vehicles. It is tailor-made for Charge Point Operators and Mobility Service Providers that own or operate Level 1, Level 2, or DC Fast Charging stations, public or private, for passenger vehicles or heavy-duty vehicles like e-buses and e-trucks. The average Level 2 EV charger generates approximately 40 credits per year with medium use, while a Level 3 EV charger generates approximately 500 credits annually, according to Company estimates.
By encouraging increased EV charging and usage, which in turn displaces internal combustion vehicles on the roadways, E-Fill’s operations in India seek to significantly reduce greenhouse gas emissions while generating high volumes of carbon credits to help fund network expansion efforts.
By participating in DevvStream’s EVCCOP, partners receive a majority of the net revenues generated by the sale of carbon credits on an annual basis, reflecting the emission reductions (measured in tonnes of CO2e) generated by their chargers, with DevvStream in turn retaining a portion of the carbon credits generated in exchange for services related to the development and monetization of carbon credits from EV charging stations.
With the rapid expansion of EV use and manufacturing in India, the nation represents a key market for EV charging infrastructure expansion. Counterpoint Research reported that India’s EV sales nearly doubled in 2023 and is expected to increase by 66 percent in 2024 to constitute 4 percent of total passenger vehicle sales nationwide. In turn, the Indian government has introduced legislation to further promote the nation as a manufacturing destination for EVs, while at the same time providing financial support for the advancement of EV charging infrastructure, which today consists of more than 12,000 public charging installations.
“With India prioritizing the adoption and growth of domestic manufacturing of EVs, there is a significant need for expanded EV charging infrastructure to support this shift, and carbon markets present a massive untapped source of funding for technology providers like E-Fill,” said Sunny Trinh, CEO of DevvStream. “DevvStream’s EVCCOP will allow E-Fill to create a lucrative new revenue stream from its existing EV charging network through the generation of high value carbon credits which can finance further network expansion. As progress continues toward DevvStream’s business combination with Focus Impact Acquisition Corp., we look forward to sharing additional updates related to the onboarding of additional partners into this and other DevvStream programs.”
“DevvStream’s world-class expertise and credibility in carbon markets make them the perfect partner for E-Fill as we continue to help our ChargePoint Operator partners in scaling up charging infrastructure in India to meet growing demand,” said Mayank Jain, CEO of E-Fill Electric. “We are committed to empower our retail and business-to-business ChargePoint Operator partners in expanding EV charging infrastructure across India, and the revenues generated through the DevvStream program will provide an innovative financing aid as we begin to generate high-value carbon credits from EV charging activities.”