XCF Global completes business combination with Southern Energy Renewables and DevvStream
In Texas, 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, which remains the publicly traded parent company. Following the closing of the transaction, former Southern and DevvStream equity holders hold approximately 20.0% and 10.43%, respectively, of XCF’s outstanding common stock. In addition, Chad Langley, John Wharton and Carl Stanton joined the XCF board of directors in connection with the closing of the business combination, while Carter McCain stepped down as a director.
The combination creates a vertically integrated alternative energy platform combining both current and future technology pathways for renewable fuel production, biomass conversion and environmental-asset monetization. Southern complements XCF’s HEFA-based New Rise Renewables technology pathway utilizing domestic agricultural waste product feedstocks, with a future gasification technology pathway affording the utilization of even lower cost feedstocks to provide a portfolio of today and future technological capabilities to the company. Additionally, DevvStream brings capabilities to manage and monetize carbon credits, renewable fuel incentives and other environmental attributes, which represent a strategic internal competency for XCF given the revenue generated for the company from these features of its products. 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. Its renewable diesel, SAF, renewable methanol and environmental-asset pathways are intended to support aviation, marine, industrial and other hard-to-abate industries using existing infrastructure where possible.
Category: Fuels
