XCF Global Completes All-Stock Combination With Southern Energy Renewables and DevvStream
XCF Global said Southern Energy Renewables and DevvStream are now wholly owned subsidiaries following the completed all-stock combination announced on October 16, 2026.
XCF Global Inc. (NASDAQ:SAFX) has completed its previously announced all-stock business combination with Southern Energy Renewables Inc. and DevvStream Corp. Southern and DevvStream are now wholly owned subsidiaries of XCF, which remains the publicly traded parent company.
The transaction was announced as completed on October 16, 2026. Former Southern equity holders now own approximately 20.0% of XCF's outstanding common stock, while former DevvStream equity holders hold approximately 10.43%.
Chad Langley, John Wharton and Carl Stanton joined XCF's board of directors as part of the closing. Carter McCain left the board.
XCF said the enlarged business combines renewable fuel production, biomass conversion and the management of environmental assets. Southern adds a future gasification pathway to XCF's HEFA-based New Rise Renewables technology, which uses domestic agricultural waste feedstocks.
DevvStream contributes capabilities related to carbon credits, renewable fuel incentives and other environmental attributes. XCF said these activities are connected to revenue associated with its products.
The combined platform covers renewable diesel, sustainable aviation fuel, renewable methanol and environmental-asset pathways. XCF said these activities are intended to serve aviation, marine, industrial and other hard-to-abate sectors, with existing infrastructure used where possible.
The company described an operating model based on sourcing waste and biomass feedstocks regionally and locating fuel production near end markets. XCF linked the combination to domestic energy security, reduced carbon emissions, local jobs and additional uses for agricultural waste products.
XCF updated its 2027 financial outlook after the transaction's completion. The company gave figures of gross product sales of $650 to 700 million, net revenue of $120- 130 million and EBITDA of $70-75 million.
XCF said its combined target for 2030 annual gross product sales is more than $1.4 billion, with net revenue of more than $400 million and EBITDA of more than $300m. The company characterises these figures as targets rather than projections and says they are forward-looking statements subject to risks, uncertainties and assumptions.
XCF also states that its forward-looking financial and performance information is not a guarantee, assurance, prediction or definitive statement of fact or probability. Actual results could differ materially from those statements.
XCF defines gross product sales as management's estimate of the value of finished renewable fuel sold in end-customer markets. The calculation uses gallons sold and the average observed or derived end-customer price for each product, including government incentives, feedstock, processing and logistics.
The company identifies gross product sales and EBITDA as non-GAAP measures. It says they should not be treated as substitutes for revenue, net income or loss, or other measures prepared under U.S. GAAP. XCF also cautions that its definitions may not be comparable with similarly named measures used by other companies.
XCF describes itself as a U.S.-based producer of renewable diesel and sustainable aviation fuel. Its New Rise Renewables Reno facility has permitted nameplate capacity of 38 - 40 million gallons per year. XCF shares trade on the Nasdaq Capital Market under the symbol SAFX.
XCF identified risks involving the integration of Southern and DevvStream, financing for operations and the business plan, and fees, expenses and other costs connected with the combination. It also cited the possibility of disruption to its plans and operations and uncertainty over whether it will realise the expected benefits of the transaction.
Other risks include maintaining compliance with Nasdaq's continued listing standards; production at the New Rise Reno facility; the planned transition toward sustainable aviation fuel; and the facility's ongoing disputes concerning its ground lease and outstanding loans. XCF also identified risks involving offtake arrangements, regulation, government support and changes in economic, business, market, financial, political and legal conditions.
The release further cites competition, managing growth profitably, customer and supplier relationships, retaining management and key employees, intellectual property, expenses, interest rates and inflationary pressures. It notes that letters of intent and memoranda of understanding may not progress to definitive agreements or commercial deployment, and that additional risks may arise. XCF said these factors, among others, could cause actual results to differ materially from its forward-looking statements.
XCF Global completed its all-stock combination with Southern Energy Renewables and DevvStream on October 16, 2026.
Southern and DevvStream became wholly owned subsidiaries, while former equity holders received approximately 20.0% and 10.43% of XCF's outstanding common stock, respectively.
The combined business brings together renewable fuel production, biomass conversion and environmental-asset management.
XCF's updated 2027 outlook includes gross product sales of $650 to 700 million, net revenue of $120- 130 million and EBITDA of $70-75 million.
The company says its 2030 financial targets are forward-looking and subject to risks, uncertainties and assumptions.
XCF Global announced the completion of its previously announced all-stock business combination with Southern Energy Renewables Inc. and DevvStream Corp. Southern and DevvStream are now wholly owned subsidiaries of XCF Global, which remains the publicly traded parent company.
XCF Global announced the completion on October 16, 2026. The announcement covers the closing of the previously announced all-stock business combination.
Former Southern Energy Renewables equity holders hold approximately 20.0% of XCF Global's outstanding common stock, while former DevvStream equity holders hold approximately 10.43%.
Chad Langley, John Wharton and Carl Stanton joined XCF Global's board of directors in connection with the closing, while Carter McCain stepped down as a director.
The combined platform brings together renewable fuel production, biomass conversion and environmental-asset monetization. XCF Global said it combines Southern's future gasification technology pathway with its HEFA-based New Rise Renewables pathway, while DevvStream contributes capabilities to manage and monetise carbon credits, renewable fuel incentives and other environmental attributes.
XCF Global's platform includes renewable diesel, sustainable aviation fuel, renewable methanol and environmental-asset pathways. The company said these are intended to support aviation, marine, industrial and other hard-to-abate industries, using existing infrastructure where possible.
XCF Global said the combined platform is designed to source waste and biomass feedstocks regionally, produce fuels near end markets and support local jobs while serving global demand. The company also linked the combination to alternative uses for agricultural waste products, domestic energy security and reduced carbon emissions.
XCF Global said its updated 2027 outlook reflects gross product sales of $650 to 700 million, net revenue of $120- 130 million and EBITDA of $70-75 million. The company states that these targets are not projections and are forward-looking statements subject to the risks, uncertainties and assumptions described in the release.
XCF Global believes the combination could create shareholder value based on combined target 2030 annual gross product sales of more than $1.4 billion, net revenue of more than $400 million and EBITDA of more than $300m. The release identifies these targets as forward-looking statements subject to risks, uncertainties and assumptions, rather than projections.
XCF Global defines gross product sales as management's estimate of the dollar value of finished renewable fuel product sales in end-customer markets. It calculates the measure using the number of gallons of renewable fuel sold multiplied by the average observed or derived end-customer market price for each product, including government incentives, feedstock, processing and logistics.
No. XCF Global says gross product sales and EBITDA are non-GAAP measures and should not be considered alternatives to revenue, net income or loss, or other performance measures derived under U.S. GAAP; the company also says its definitions may not be comparable with similarly titled measures used by other companies.
XCF Global remains the publicly traded parent company and trades on the Nasdaq Capital Market under the symbol SAFX. The announcement also identifies the company as NASDAQ:SAFX.
XCF Global describes itself as a U.S.-based producer of renewable diesel and sustainable aviation fuel focused on decarbonising transportation, supporting domestic fuel supply and providing alternative uses for agricultural waste products. Its New Rise Renewables Reno facility has permitted nameplate capacity of 38 - 40 million gallons per year.
XCF Global identifies risks including integrating Southern and DevvStream, raising financing and paying fees and other costs related to the combination, disruption to current plans and operations, and its ability to realise the anticipated benefits of the transaction. It also cites risks involving Nasdaq's continued listing standards, the New Rise Reno facility's production and transition toward sustainable aviation fuel, disputes concerning the facility's ground lease and outstanding loans, offtake arrangements, regulation, government support, intellectual property, competition, growth and retention of management and key employees; the release states that further risks may arise and that actual results could differ materially from the forward-looking statements.