DevvStream Corp. (NASDAQ: DEVS), XCF Global, Inc. (NASDAQ: SAFX) and Southern Energy Renewables Inc. announced a binding term sheet on January 26, 2026 for a three‑party merger that will combine DevvStream’s blockchain‑enabled carbon‑credit tracking platform with XCF’s New Rise Reno sustainable aviation fuel (SAF) refinery and Southern’s biomass‑to‑fuel technology. The parties have agreed on a combined enterprise value of approximately $3.0 billion and a post‑closing ownership structure of 66.7% for existing XCF stockholders, 23.3% for Southern stockholders and 10% for DevvStream stockholders.
The transaction includes a financing component: EEME Energy SPV I LLC has committed to purchase up to $10 million of XCF common stock, earmarked for near‑term operations and critical upgrades at the New Rise Reno refinery to bring it into sustained commercial SAF production. The term sheet also outlines that DevvStream will retain its carbon‑credit platform, which will be integrated into the combined entity’s low‑carbon fuel supply chain.
Strategically, the merger positions the new company as a vertically integrated low‑carbon fuel provider. DevvStream’s platform will enable real‑time tracking and monetization of environmental attributes, while XCF’s refinery will supply SAF and e‑methanol, and Southern’s biomass feedstock operations will feed the production of e‑methanol‑to‑jet fuel. The combined entity aims to accelerate commercialization of e‑methanol, e‑methanol‑to‑jet fuel and other low‑carbon aviation fuels, expanding environmental‑attribute monetization across North America and emerging markets.
DevvStream’s CEO Sunny Trinh said the deal will address the company’s liquidity challenges by aligning it with partners that have established production capabilities and access to capital. Trinh added that the partnership will allow DevvStream to scale its platform and capture a larger share of the growing SAF market, which is projected to reach nearly $7 billion in the U.S. by 2030 and over $25 billion globally. XCF CEO Chris Cooper highlighted the accretive nature of the transaction, noting that it will validate XCF’s role in the SAF industry and increase shareholder value. Southern Energy Renewables CEO Jay Patel emphasized the opportunity to combine biomass feedstock expertise with XCF’s production and DevvStream’s tracking capabilities to build a globally competitive low‑carbon fuels platform.
The merger comes at a time when the sustainable aviation fuel market is expanding rapidly, driven by regulatory mandates and airline demand for lower‑carbon alternatives. By integrating carbon‑credit tracking, SAF production, and biomass feedstock supply, the combined company will be well positioned to capture value from both fuel sales and environmental attribute monetization. However, the deal will require regulatory approvals and definitive agreements, and the parties must navigate potential integration challenges and market volatility in raw material costs. Nonetheless, the transaction represents a significant strategic shift for DevvStream, potentially transforming it from a carbon‑credit platform into a full‑spectrum low‑carbon fuel provider.
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