XCF Global, Inc. (NASDAQ: SAFX) signed a definitive Business Combination Agreement on April 13 2026 with Southern Energy Renewables Inc. and DevvStream Corp. The agreement will create a next‑generation energy platform that combines sustainable aviation fuel (SAF) production, green methanol, renewable products, and environmental attribute monetization into a single, globally scalable entity.
The transaction brings together XCF’s Reno‑based SAF conversion facility, Southern Energy Renewables’ renewable fuel assets, and DevvStream’s carbon‑management and environmental‑asset monetization expertise. The combined company will link low‑carbon fuel production with carbon credits, long‑term offtake commercialization, and infrastructure development, positioning it to capture growing demand for decarbonized aviation fuels and related environmental credits.
No deal value has been disclosed. Closing is contingent on Southern securing $400 million in state‑supported bonds and on XCF meeting specific revenue and EBITDA targets by June 30 2026. Post‑closing ownership is expected to be approximately 66.7% for existing XCF holders, 23.3% for Southern holders, and 10.0% for DevvStream holders.
The combination is strategically designed to capitalize on the projected growth of the SAF market—estimated at $212 billion by 2034—and the green methanol market, projected at $36.9 billion by 2034. By integrating production, supply‑chain, and carbon‑credit monetization, the new entity aims to become a vertically integrated platform that can manage the entire value chain from fuel production to environmental credit monetization.
XCF’s financial health presents a risk factor: the company reported a net loss of $7.47 million in Q1 2025 and received a Nasdaq minimum bid‑price non‑compliance notice with a deadline of June 8 2026. Southern must secure bond financing, and XCF must hit revenue and EBITDA targets for the deal to close. DevvStream reported a net loss of $11.8 million in FY 2025, adding further financial uncertainty to the transaction.
"Fiscal 2025 was about building the infrastructure for growth: financially, operationally, and technologically. We completed our U.S. listing, secured access to long‑term capital, and began executing on a strategy that connects sustainability markets with digital transparency. Our focus now is disciplined expansion, growing revenues through both organic opportunities and targeted acquisitions that enhance our environmental‑asset portfolio," said DevvStream CEO Sunny Trinh. The combined leadership sees the transaction as a strategic shift that expands XCF’s footprint beyond its single Reno plant and strengthens its competitive position in the emerging SAF market.
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