XCF, DevvStream, and Southern merge to build scalable global clean energy platform integrating fuels, infrastructure, and carbon monetization capabilities.
XCF Global, Inc., a company focused on reducing emissions in the aviation sector through the production of sustainable aviation fuel (SAF), has entered into a definitive Business Combination Agreement with DevvStream Corp. and Southern Energy Renewables Inc. This agreement marks a significant advancement in their previously announced plan to merge and create an integrated, next-generation energy platform. The goal of this collaboration is to develop and expand the production of SAF, green methanol, renewable fuels, and other low-carbon energy solutions while incorporating environmental asset monetization throughout the entire value chain. The platform is also designed to compete globally—particularly with major markets like China—without relying on government subsidies. However, the transaction is still subject to standard closing requirements and other agreed-upon conditions, including obtaining necessary fairness opinions.
The newly formed entity aims to establish a scalable, multi-asset alternative energy platform with a global reach. Its structure will combine various components such as low-carbon fuel production (including SAF and methanol-based fuels), environmental asset monetization (like carbon credits), and advanced energy systems. These systems may include small modular nuclear reactors (SMRs) that can power both fuel production facilities and AI-driven data centers. Additionally, the platform will focus on infrastructure development and long-term commercialization through strategic offtake agreements.
The companies involved believe that this combined platform has strong potential for long-term growth and scalability across multiple sectors, including fuel production, infrastructure, and environmental markets. The transaction itself will be executed through a series of mergers and restructuring steps. Before completion, DevvStream will relocate its legal jurisdiction from Alberta to Delaware. XCF will then acquire full ownership of both DevvStream and Southern through merger subsidiaries, with both companies continuing to operate as wholly owned subsidiaries. Shareholders of DevvStream and Southern will receive shares in XCF as part of the deal. After completion, ownership is expected to be divided among XCF shareholders (66.7%), Southern shareholders (23.3%), and DevvStream shareholders (10.0%).
In terms of financial commitment, XCF has already invested approximately $10 million into upgrading its New Rise Reno facility to enhance SAF production capacity. The broader platform is designed to support large-scale fuel production and secure long-term commercial agreements. Southern Energy Renewables is also planning to raise up to $400 million through bond financing to support infrastructure expansion. Furthermore, the success of the transaction depends on achieving key operational targets, including annual fuel-related revenues exceeding $1 billion and a minimum annual EBITDA of $100 million.
Strategically, the merger brings together complementary strengths. DevvStream contributes expertise in environmental asset creation and carbon credit monetization. Southern adds technological innovation, product diversification, and clean energy solutions that can compete with traditional fuels. XCF offers access to capital markets and a strong investment framework for alternative energy. Together, these capabilities create an integrated solution that enables customers—such as airlines and corporations—to access lower-carbon fuel options while meeting regulatory and sustainability goals.
Leadership from all three companies emphasized the importance of this collaboration. They highlighted its potential to accelerate renewable energy deployment, enhance environmental asset generation, and provide scalable, financially viable sustainability solutions globally. The transaction remains subject to approvals from shareholders, regulatory bodies such as the SEC, stock exchange listings, financing completion, and other operational milestones.
