DevvStream Signs Collaboration Agreement with Southern Energy
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 28 2026
0mins
Should l Buy DEVS?
DevvStream (DEVS) announced that it has signed a term sheet with Southern Energy Renewables and Frontline BioEnergy, a trade name of Frontline Group, that outlines an expanded collaboration to support the development and de-risking of Southern's planned biomass-to-fuels and chemicals platform in Louisiana. Under the term sheet, Southern expects to provide up to $2.05M to fund the design, construction, and commissioning of the MeOH PDU and MTH PDU, with Frontline expected to self-perform most engineering, procurement, fabrication, and construction activities. Southern is expected to own the equipment and materials purchased with Southern funds used to construct the PDUs. Frontline is expected to be affirmed as Southern's exclusive gasification company and, subject to definitive agreements and performance terms, to serve as Southern's exclusive gasification provider for a five-year period for commercial deployment. DevvStream is expected to serve as the exclusive carbon credit and environmental-asset manager for SER's commercial projects. XCF Global (XCF) is anticipated to play a key role in the collaboration, contributing downstream fuels expertise, market and offtake insight, and execution support intended to help translate pilot scale validation into commercial deployment. This collaboration is also intended to support the broader strategic objectives described in a recently announced binding term sheet regarding a potential three-party merger among DevvStream, Southern, and XCF. If the three parties are able to successfully negotiate definitive agreements, DevvStream believes the Frontline pilot-scale program can help validate Southern's biomass-to-methanol and methanol-to-jet pathways, complement XCF's downstream SAF production capabilities, and further de-risk commercialization for the proposed Louisiana development pathway.
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About DEVS
DevvStream Corp is a carbon credit project co-development and generation company, which specializes in technology-based solutions. The Company operates across three strategic domains: an offset portfolio consisting of nature-based, tech-based, and carbon sequestration credits for immediate sale to corporations and governments seeking to offset their difficult-to-reduce emissions; project investment, acquisitions, and industry consolidation to extend the Company's reach, allowing it to become a full end-to-end solutions provider, and project development, where the Company serves as project manager for activities such as electric vehicles charging in exchange for a percentage of generated credits. Its end-to-end proprietary solution removes risk and complexity from every step, allowing organizations to move from project ideation to credit monetization. The Company also provides carbon credits for purchases.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Collaboration Agreement: DevvStream has signed a term sheet with Southern Energy Renewables and Frontline BioEnergy to support the development of a biomass-to-fuels platform in Louisiana, which is expected to accelerate technical validation and commercialization efforts.
- Funding Support Plan: Southern is expected to provide up to $2.05 million for the design, construction, and commissioning of the MeOH PDU and MTH PDU, which will be crucial for bio-methanol production and the conversion to sustainable aviation fuel, enhancing the project's economic viability.
- Exclusive Gasification Services: Frontline is anticipated to be affirmed as Southern's exclusive gasification provider, expected to serve for five years, which will help mitigate commercialization risks and improve project execution efficiency.
- Strategic Objective Alignment: This collaboration also aims to support a potential three-party merger among DevvStream, Southern, and XCF, which, if successful, will further advance the commercialization of biomass-to-methanol and aviation fuel pathways, enhancing market competitiveness.
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- Funding Support Plan: An investor has agreed to purchase shares of XCF to support its near-term operations and upgrades at the New Rise Reno refinery, with funds allocated for mechanical, electrical, and process upgrades, ensuring the facility enters sustained commercial production and significantly boosting SAF output.
- Strategic Integration Opportunities: Post-merger, the parties will explore opportunities to integrate small modular reactors with electro-sustainable aviation fuel, aiming to enhance competitive advantages in North America and emerging markets through a unified environmental attribute and credit generation strategy.
- Optimistic Market Outlook: XCF CEO Chris Cooper stated that this merger will further validate XCF's value in the SAF industry, increase shareholder value, and provide alternative clean fuel opportunities, with expectations to solidify its market position in North America.
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- Funding Support Plan: An investor has agreed to purchase shares of XCF to fund upgrades at its New Rise Reno refinery, with plans to use the funds for mechanical, electrical, and process improvements, targeting a commercial production capacity of 38 million gallons per year to boost SAF output.
- Low-Carbon Fuel Platform Development: Post-merger, the three parties will collaborate to develop a low-carbon fuel platform that integrates small modular reactor nuclear power with electro-sustainable aviation fuel, aiming to enhance project economics and customer confidence to drive rapid market growth.
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- Collaboration Agreement: DevvStream has signed a term sheet with Southern Energy Renewables and Frontline BioEnergy to support the development of a biomass-to-fuels platform in Louisiana, which is expected to accelerate technical validation and commercialization efforts.
- Funding Support Plan: Southern is expected to provide up to $2.05 million for the design, construction, and commissioning of the MeOH PDU and MTH PDU, which will be crucial for bio-methanol production and the conversion to sustainable aviation fuel, enhancing the project's economic viability.
- Exclusive Gasification Services: Frontline is anticipated to be affirmed as Southern's exclusive gasification provider, expected to serve for five years, which will help mitigate commercialization risks and improve project execution efficiency.
- Strategic Objective Alignment: This collaboration also aims to support a potential three-party merger among DevvStream, Southern, and XCF, which, if successful, will further advance the commercialization of biomass-to-methanol and aviation fuel pathways, enhancing market competitiveness.
See More
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- Funding Support Plan: An investor has agreed to purchase shares of XCF to support its near-term operations and upgrades at the New Rise Reno refinery, with funds allocated for mechanical, electrical, and process upgrades, ensuring the facility enters sustained commercial production and significantly boosting SAF output.
- Strategic Integration Opportunities: Post-merger, the parties will explore opportunities to integrate small modular reactors with electro-sustainable aviation fuel, aiming to enhance competitive advantages in North America and emerging markets through a unified environmental attribute and credit generation strategy.
- Optimistic Market Outlook: XCF CEO Chris Cooper stated that this merger will further validate XCF's value in the SAF industry, increase shareholder value, and provide alternative clean fuel opportunities, with expectations to solidify its market position in North America.
See More
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- Merger Agreement Reached: XCF Global has entered into a binding merger agreement with DevvStream and Southern Energy Renewables, aiming to integrate resources to accelerate sustainable aviation fuel production, which is expected to enhance the company's competitiveness in the North American market.
- Funding Support Plan: An investor has agreed to purchase shares of XCF to fund upgrades at its New Rise Reno refinery, with plans to use the funds for mechanical, electrical, and process improvements, targeting a commercial production capacity of 38 million gallons per year to boost SAF output.
- Low-Carbon Fuel Platform Development: Post-merger, the three parties will collaborate to develop a low-carbon fuel platform that integrates small modular reactor nuclear power with electro-sustainable aviation fuel, aiming to enhance project economics and customer confidence to drive rapid market growth.
- Optimistic Market Outlook: XCF CEO Chris Cooper stated that this merger will further validate XCF's value in the SAF industry, expected to generate higher returns for shareholders while providing more clean fuel options, thereby strengthening the company's competitiveness in the global market.
See More
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- Significant Net Income Growth: The company achieved a non-GAAP net income of $2.1 million in Q4, translating to 20 cents per diluted share, a substantial increase from $394,000 or 4 cents per share in the same quarter last year, reflecting enhanced profitability.
- Stock Price Surge: Following the earnings report, RF Industries' shares jumped 21.4% to $8.76 in pre-market trading, indicating strong market optimism regarding the company's future growth potential, which may attract more investor interest.
- Quarterly Growth Trend: Compared to $19.8 million in sales for Q3 of fiscal 2025, the fourth-quarter sales increased by 15%, demonstrating the company's effective strategies in expanding market share and enhancing product demand.
See More
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- Market Potential: The global environmental asset market is projected to reach approximately $1.2 trillion by 2026, driving companies and governments to accelerate their net-zero goals, thereby creating substantial revenue opportunities for investors.
- Investment Platform Formation: The investment agreement between DevvStream and Fayafi aims to establish a special purpose vehicle within 90 days, targeting $100 million in capital commitments by the end of 2027, focusing on high-impact projects in decarbonization and energy transition.
- Revenue Distribution Structure: Profits from the new platform will be allocated 80% to Fayafi and 20% to DevvStream, ensuring collaboration and transparency in project approvals and funding allocations between the parties.
- Strategic Expansion Plan: This investment agreement will assist DevvStream in expanding its international business by establishing a global investment engine, enhancing its competitiveness in environmental asset management and sustainability.
See More
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- Market Growth Potential: The global nuclear power market is projected to reach $42 billion by 2026, reflecting the critical role of nuclear energy in the clean energy transition, particularly for industrial decarbonization and grid stability.
- Policy-Driven Investment: Government support through carbon pricing and long-term power purchase agreements is driving investments in nuclear power and life-extension projects for existing reactors, ensuring a strategic position for nuclear energy in the low-carbon market.
- Technological Innovation Leadership: Advanced designs like small modular reactors (SMRs) are gaining attention for their potential to reduce upfront costs and improve safety, thereby catering to niche markets such as remote areas and data centers.
- Future Outlook: Despite challenges related to high investment and public perception, the nuclear market is increasingly viewed as a vital complement to achieving net-zero targets, with steady growth anticipated to meet the demand for clean, reliable power.
See More
