XCF Global, DevvStream, and Southern Energy Renewables announced the execution of a definitive business combination agreement to form a next-generation energy transition platform.
The three-party merger will integrate sustainable aviation fuel, green methanol, renewable products, and environmental asset monetization into a single, globally scalable platform designed to support decarbonization across industries.
The combined company aims to link low-carbon fuel production with carbon credits and related instruments, infrastructure development, and long-term offtake commercialization, providing a comprehensive solution for airlines and corporate customers seeking to meet regulatory and sustainability goals.
Under the transaction structure, XCF will acquire 100% of DevvStream and Southern through merger subsidiaries, with both companies becoming wholly owned subsidiaries of XCF. Following the closing, ownership is expected to be approximately 66.7% for existing XCF shareholders, 23.3% for Southern shareholders, and 10.0% for DevvStream shareholders.
The platform is designed to combine complementary capabilities across fuel production, environmental markets, and infrastructure. DevvStream contributes expertise in carbon credit generation and monetization, while Southern adds capabilities in clean fuel production and product diversification. XCF provides capital markets access and a broader alternative energy investment strategy.
As part of the broader initiative, XCF has invested approximately $10 million into the development and conversion of its New Rise Reno facility to support sustainable aviation fuel production. Southern is also expected to pursue up to $400 million in bond financing to support infrastructure expansion.
The combined entity is targeting significant scale, including annualized fuel-related revenues exceeding $1 billion and at least $100 million in annualized EBITDA, reflecting the long-term growth potential of the integrated platform.
The transaction remains subject to customary closing conditions, including shareholder approvals, regulatory clearances, financing completion, and operational milestones.
KEY QUOTES:
“Our goal is to build one of the most comprehensive alternative energy platforms in the market, combining production, power, and monetization. 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.”
Chris Cooper, Chief Executive Officer, XCF Global
“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.”
Sunny Trinh, Chief Executive Officer, DevvStream
“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.”
Jay Patel, Chief Executive Officer, Southern Energy Renewables
