DevvStream announced a $6 million private placement investment from EEME Energy SPV I, LLC through the purchase of Series A Non-Redeemable Convertible Preferred Stock. The company said $1.5 million has already been funded, with the remaining amount expected to be completed through one or more future closings.
The financing is intended to support DevvStream’s planned business combination with XCF Global and Southern Energy Renewables while strengthening the company’s balance sheet without adding debt. According to the company, $5 million of the net proceeds will fund DevvStream’s investment in Southern, while $1 million will be allocated to general working capital needs.
DevvStream emphasized that the preferred stock structure is permanent equity, carrying no maturity date, mandatory redemption requirement, or repayment obligation. The company also noted that conversion activity is expected to remain limited prior to the completion of the business combination because the conversion price will be determined based on post-closing trading performance.
In conjunction with the EEME investment, DevvStream announced that it has given notice to terminate its equity line-of-credit purchase agreement with Helena Global Investment Opportunities I Ltd. The facility, established in October 2024, permitted the issuance and sale of up to $300 million in common shares over time. The company said ending the arrangement will simplify its capital structure as it advances toward the completion of the merger transaction.
Separately, DevvStream disclosed an ongoing dispute with Helena Global Investment Opportunities I Ltd. related to a senior secured convertible note. The company said Helena issued a notice of default on May 28, 2026, asserting approximately $4.5 million in claims tied to a resale registration statement effectiveness deadline. Helena has also instructed the custodian of certain digital asset collateral to liquidate assets valued at approximately $2.8 million.
DevvStream stated that it disputes portions of Helena’s claimed amount and is evaluating potential resolution options while preserving its legal rights and remedies.
The company added that while the EEME term sheet is binding, completion of the remaining investment remains subject to definitive agreements and customary closing conditions.
DevvStream is a carbon management company focused on developing, investing in, and selling environmental assets, including carbon credits and renewable energy certificates.
KEY QUOTE:
“This investment materially strengthens our balance sheet. And because the conversion price is set by how the combined company trades after closing, EEME does well when our shareholders do well. Moving to terminate the equity line follows the same logic. We are cleaning up our capital structure ahead of the close.”
Sunny Trinh, Chief Executive Officer, DevvStream Corp.
