XCF Global, Inc. (NASDAQ: SAFX) announced on April 9, 2026 that it had entered into a binding term sheet with BGN INT US LLC to establish a tolling framework for the production, storage, and marketing of sustainable aviation fuel (SAF), renewable diesel (RD), and renewable naphtha (RN) at its New Rise Reno facility and future sites. The agreement gives BGN tolling rights and logistics, storage, and marketing services, creating a joint distribution and co‑branding partnership across the United States, Europe, and the Middle East and moving the partnership beyond a memorandum of understanding.
The BGN deal is a strategic pivot for XCF, which had recently lost a key partner. On May 1, 2026 Phillips 66 Company will terminate its Supply and Offtake Agreement with XCF’s subsidiary, New Rise Renewables Reno, LLC, ending feedstock supply and RD purchases. The termination creates a gap that the BGN partnership aims to fill, shifting XCF’s focus toward SAF and expanding its global reach.
XCF’s financial context underscores the significance of the new partnership. In Q4 2025 the company reported revenue of $4.7 million and a basic earnings‑per‑share loss of $0.09. The first quarter of 2025 saw a net loss of $7.47 million, compared with a $4.02 million loss a year earlier. The BGN agreement is viewed as a means to strengthen revenue streams and mitigate the impact of losing Phillips 66’s feedstock and offtake commitments.
Market reaction to the announcement was mixed. After the news, XCF shares surged 16.57 % in after‑hours trading, reflecting optimism about the partnership, while the intraday session saw a decline that mirrored the negative impact of the Phillips 66 termination. Analysts noted the dual effect of a positive strategic development offset by a significant supply‑chain disruption.
Management emphasized the importance of the new partnership. CEO Chris Cooper said the collaboration “represents a critical step in expanding the global reach of renewable fuels.” BGN President Cenan Ozmeral added that combining XCF’s scalable production model with BGN’s marketing and distribution network will “make SAF adoption practical and commercially viable for airlines seeking to meet tightening decarbonization targets.”
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