XCF Global Inc Dossier
Qualitative Analysis
Business overview
XCF Global, Inc. (Nasdaq: SAFX) is an emerging sustainable aviation fuel (SAF) and renewable fuels company headquartered in Houston, Texas. The company is dedicated to accelerating the aviation industry's transition to net-zero emissions by developing and operating state-of-the-art clean fuel production facilities. Its flagship asset is the New Rise Renewables Reno facility in Nevada, which has a permitted nameplate production capacity of 38 million gallons of neat SAF per year. XCF Global utilizes distilled corn oil and other waste products as feedstocks to produce neat SAF, renewable diesel, and naphtha, while also generating and selling environmental credits.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Upgrading the hydrotreating system at the flagship New Rise Reno facility utilizing Axens' Vegan technology to enable flexible, high-performance production of SAF and renewable naphtha.
Expected impact: Positions the facility to reach its permitted nameplate capacity of 38 million gallons per year and support sustained commercial operations.
Deploying a capital-light international expansion strategy using a modular, patent-pending facility design and licensing arrangements with regional partners.
Expected impact: Enables rapid global deployment of SAF production capacity while securing equity stakes and royalty-based economics (e.g., a 12.5% licensing fee structure).
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Recent Acquisitions
A three-party merger to create a next-generation, vertically integrated energy transition platform. The combination links XCF's SAF production with Southern's biomass-to-SAF/methanol technology and DevvStream's environmental-attribute monetization capabilities.
Financial impact: Following the close, existing XCF shareholders are expected to own approximately 66.7% of the combined company, Southern shareholders 23.3%, and DevvStream shareholders 10.0%.
Strategic Partnerships
Establishes a tolling framework where BGN supplies and owns feedstocks, and XCF processes them into SAF and renewable naphtha at New Rise Reno, leveraging BGN's global trading and logistics network.
Terms: Binding term sheet signed on April 9, 2026, with an initial three-year term from production commencement. Targets yields of 2,264 barrels per day of SAF and 481 barrels per day of renewable naphtha.
Formalized in October 2025 to replicate XCF's modular facility design in Australia, validating the company's international licensing and expansion model.
Terms: Binding term sheet with a 12.5% licensing fee structure and equity-based economics.