XCF Global (SAFX) Announced Next Steps in Merger with DevvStream & Southern Energy Renewables Yesterday

(Houston, Texas) Sustainable aviation fuel (SAF) producer XCF Global, carbon management and environmental-asset monetization platform DevvStream Corp. (NASDAQ: DEVS) and SAF technology and production company Southern Energy Renewables Inc. announced yesterday (Apr. 14) the execution of a definitive Business Combination Agreement, marking a step forward from the three parties’ previously announced initiative to establish a combined energy transition platform to develop and scale SAF, green methanol, renewable products and next-generation low-carbon energy infrastructure.

Rendering of XCF Global’s New Rise Reno 2 facility, which is targeting commission in 2028 in order to develop ~ 40 million gallons of neat SAF per year, courtesy of XCF Global.

“This platform will be able to compete with China and the world on providing fuels and other products without subsidies,” reads yesterday’s press release from the three companies.

Specifically, the combined XCF-Southern Energy-Devvstream platform is expected to integrate low-carbon fuels, including SAF, methanol, renewable products, and methanol-to-jet fuel pathways; environmental attribute monetization, including carbon credits and related instruments; advanced energy systems, including small modular nuclear reactors (“SMRs”) to power fuel production and AI data centers; and infrastructure development together with long-term offtake commercialization.

“Our goal is to build one of the most comprehensive alternative energy platforms in the market, combining production, power, and monetization,” said XCF Global Chief Executive Officer Chris Cooper. “This transaction accelerates that vision. For airlines and corporate customers, this means greater access to scalable SAF solutions, paired with high-integrity environmental attributes that support compliance, reporting, and long-term decarbonization goals across diverse markets.”

Sunny Trinh, Chief Executive Officer of DevvStream, commented, “This transaction establishes a platform with the scale, integration, and ambition to compete globally in the energy transition. We are aligning infrastructure, fuels, and environmental markets into a single, scalable business model.”

As part of the transaction, XCF has been investing ~$10 million into the buildout and conversion of its New Rise Reno facility to support SAF production and blending capacity; Southern is also expected to pursue up to $400 million in bond financing to support infrastructure expansion, according to yesterday’s press release.

Image of XCF Global’s New Rise Reno facility, which was commissioned in February 2025, courtesy of XCF Global.

The Reno facility is designed to support large-scale fuel production and commercialization, including long-term offtake agreements, per XCF.

The combined company is targeting (and the transaction is conditioned upon the achievement of) key operational milestones including annualized fuel-related revenues exceeding $1 billion and minimum annualized EBITDA of $100 million, according to yesterday’s press release.

Jay Patel, Chief Executive Officer of Southern Energy Renewables, commented, “Southern’s ability to bring the next generation of technology and projects to help provide clean products without the need of government subsidies is a true gamer changer. Together we plan to bring energy independence and support the domestic supply chain with a diversified product portfolio. The great thing about this platform is that we will be able to compete with China and the rest of the world; too long has China been able to set the benchmark products used worldwide.”

SAFX shares, which had risen 166% over the five-day period ending Monday, April 13th (Apr. 6 – 13), are down ~ 25% at $0.675 as of 11.47am ET.

** Not investment advice; neither The FLY Report nor FLYJETS – nor any associated individual – is a registered investment adviser.