Devvio and DevvStream announce $2.5 million investment and partnership agreement with TS-Nano, marking the launch of an initiative to seal and remediate up to 10 million oil & gas wells worldwide
TS-Nano’s patented sealant technology will target the elimination of an estimated 2.5 million tons of methane emitted annually from leaky wellbores
ALBUQUERQUE, NM, July 14, 2022 — Devvio, Inc., a leading provider of advanced Web3 solutions, and its affiliate DevvStream Inc., a carbon credit streaming company, today announced a joint $2.5 million initial investment and partnership agreement with Albuquerque-based TS-Nano, an ESG company providing solutions to the oil & gas industry through the design, manufacture, and application of next-generation polymer nanocomposite sealants. This investment marks the launch of a joint initiative to address methane emissions via wellbore plugging and abandonment (P&A), wellbore remediation, and oil & gas infrastructure repairs, all using TS-Nano’s patented line of sealant products. More than 3 million abandoned wellbores exist in the US alone, conservatively estimated to emit nearly 300 kilotons of methane annually, while methane emissions from abandoned wellbores around the world are estimated at 2.5 million tons per year. Reducing methane emissions is critically important to the fight against climate change, with methane being responsible for roughly 30 percent of the increase in global temperatures since the pre-industrial era.
TS-Nano will oversee all wellbore remediation projects. Devvio will deploy its blockchain-based DevvESG platform to manage the resulting data, quantifying and certifying the relevant carbon credit inputs generated by each abatement effort. As part of the joint initiative, Devvio’s affiliate company DevvStream, a leader in green project investment and carbon credit generation, will serve as a streaming partner, responsible for contributing half the initial investment proceeds and developing the offset project under a recognized offset program.
“Devvio is committed to investing and leveraging its resources to create positive impact through the newest green innovations,” said Ray Quintana, Global President. “Our investment in TS-Nano, which marks the beginning of a long-term commitment to wellbore remediation and maintenance, will significantly reduce methane emissions while creating high-quality voluntary offset credits listed on recognized registries, purchasable by enterprises and municipalities seeking to improve their ESG performance.”
“Web3 technologies are vital to ensuring data transparency and provenance, both of which are key to the implementation of credible ESG projects,” said Dr. Mahmoud R. Taha, CEO of TS-Nano. “Devvio’s ESG platform is powered by a high-speed, high-throughput, ISO-compliant green blockchain that captures and manages extraordinary amounts of data while keeping it visible and accessible. This increases trust, ensures the project’s environmental integrity, and eliminates the possibility of greenwashing, allowing our company to unequivocally establish the quantities of methane we’re avoiding and the positive impact of our efforts. We’re excited to have an investor whose mission to use technology for good aligns with our own.”
“DevvStream is proud to be a partner in this important methane-reduction initiative,” said Sunny Trinh, CEO of DevvStream, “As a carbon streaming company, we look for projects that take a unique, technology-focused approach to climate improvement that provides our stakeholders with the opportunity to purchase high-quality carbon offsets. TS-Nano’s innovative sealant technologies, combined with Devvio’s DevvX Web3 platform, offer an ideal opportunity for our company to further its world-changing goals.”
DevvX Web3 Platform
Devvio’s DevvX Web3 platform, labeled by Forbes as the fastest and most scalable in existence at over 8 million transactions per second, is based on over 5 years of R&D and has been deployed in a number of real-world enterprise systems. It offers immutability, privacy, Byzantine Fault Tolerance, theft and loss protections, and a RESTful API interface for straightforward integration into existing applications. The only ISO-compliant green blockchain in existence, DevvX would consume 3.5 billion times less energy than Bitcoin during the execution of similar operations.
TS-Nano Inc. is an ESG company specializing in the design, manufacturing, and application of polymer nanocomposite sealants. Its patented technology targets subsurface sealing to diminish methane and CO2 emissions and fight climate change.
DevvStream provides upfront capital for sustainability projects in exchange for carbon credit rights. Through these rights, it generates and manages carbon credits by utilizing the most technologically advanced, blockchain based platform. DevvStream invests in green projects that generate renewable energy, improve energy efficiencies, eliminate or reduce emissions and waste, or sequester carbon directly from the air. For more information, please visit www.DevvStream.com.
Devvio is a leading provider of large-scale enterprise Web3 solutions for ESG, NFTs, payments, supply chain, IoT, workplace safety, identity, and asset/records management. Leveraging the world's first and only ISO-compliant green blockchain, Devvio's next-generation platform delivers over 8 million transactions per second while remaining flexible, cost-effective, regulatory compliant, private, secure, auditable, and globally scalable, with a RESTful API interface that makes integration simple. By delivering groundbreaking solutions for enterprise while furthering humanitarian goals, Devvio is on a mission to provide the world's trusted source of ESG truth and to enable the world's infrastructure for transferring value. For more information, please visit www.Devv.io and www.DevvESG.com.
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