XCF Global signs merger deal with Southern Energy and DevvStream

XCF Global Inc. (NASDAQ: SAFX) announced it has signed a definitive business combination agreement with Southern Energy Renewables Inc. and DevvStream Corp. (NASDAQ: DEVS) to create an integrated energy platform combining sustainable aviation fuel production, carbon credit monetization, and renewable energy infrastructure.

The transaction will establish XCF as the surviving entity, with DevvStream and Southern becoming wholly owned subsidiaries. Following completion, existing XCF shareholders will own approximately 66.7% of the combined company, Southern shareholders 23.3%, and DevvStream shareholders 10%.

As part of the deal, XCF is investing approximately $10 million into its New Rise Reno facility for sustainable aviation fuel production and blending capacity. Southern expects to pursue up to $400 million in bond financing for infrastructure expansion. The transaction requires the combined company to achieve annualized fuel-related revenues exceeding $1 billion and minimum annualized EBITDA of $100 million.

"Our goal is to build one of the most comprehensive alternative energy platforms in the market, combining production, power, and monetization," said Chris Cooper, chief executive officer of XCF Global.

The merger remains subject to shareholder approvals, SEC registration statement effectiveness, stock exchange approvals including Nasdaq listing, completion of financing, plant conversion milestones, and fairness opinions.

XCF operates a facility in Nevada with permitted nameplate production capacity of 38 million gallons per year of sustainable aviation fuel. DevvStream focuses on carbon management and environmental asset development, while Southern develops biomass-to-fuels projects designed to produce carbon-negative sustainable aviation fuel and green methanol.

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