New Delhi, India – As the world celebrates World Environment Day, E-Fill Electric and DevvStream Holdings Inc. announced a definitive agreement (the “E-Fill Agreement”) to leverage E-Fill Electric’s network of EV charging stations in India for carbon credit generation. This agreement is anticipated to establish a new revenue stream for E-Fill Electric, enabling the expansion of the company’s R&D and manufacturing capabilities.
E-Fill Electric will serve as a launch partner forDevvStream’s Electric Vehicle Charging Carbon Offset Program (“EVCCOP”) 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. The program is tailor-made for Charge Point Operators and Mobility Service Providers that own/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.
Mayank Jain, CEO of E-Fill Electric, emphasized the strategic significance of this collaboration, stating, “DevvStream’s unparalleled expertise in carbon markets aligns seamlessly with our vision to foster the widespread adoption of EVs in India. Through the EVCCOP, we are poised to create a lucrative revenue stream while significantly reducing greenhouse gas emissions.”
“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 Electric,” said Sunny Trinh, CEO of DevvStream. “DevvStream’s EVCCOP will allow E-FillElectric 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 on boarding of additional partners into this and other DevvStream programs.”
DevvStream’s EVCCOP incentivizes EV charging through the production and sale of voluntary carbon credits. This innovative program caters to ChargePoint Operators and Mobility Service Providers, offering a compelling financial incentive to bolster EV infrastructure. With India witnessing a surge in EV adoption, the EVCCOP is poised to catalyze the nation’s transition to electric mobility.
The EVCCOP comes at a critical juncture for India, where EV sales are on the rise, fueled by government incentives and a growing emphasis on environmental sustainability. As India charts a course towards becoming a manufacturing hub for EVs, robust charging infrastructure is imperative to support this transition.
“E-Fill Electric is dedicated to empowering our partners in expanding EV charging infrastructure across India,” added Jain. “The revenues generated through the DevvStream program will provide a vital financial boost, enabling us to realize our vision of a cleaner, greener India.”
With over 12,000 public charging installations already in place, India’s EV charging landscape is primed for exponential growth. As the world commemorates World Environment Day, the collaboration between E-Fill Electric and DevvStream serves as a beacon of hope, showcasing the power of innovation to drive positive change for our planet and future generations.
