XCF Global receives $10 million funding for plant conversion project

XCF Global, Inc. (NASDAQ: SAFX) announced it received $10 million from private investors through the sale of 100 million shares of common stock to support plant conversion at its New Rise Renewables Reno facility. The funding satisfies a key condition for the proposed three-party business combination among XCF, DevvStream Corp. (NASDAQ: DEVS), and Southern Energy Renewables Inc.

The investment represents progress toward completing the business combination agreement previously announced by the three companies. XCF operates in the sustainable aviation fuel sector and describes its Reno facility as having a permitted production capacity of 38 million gallons per year.

"This funding marks a meaningful step forward in the execution of our strategic transaction," said Chris Cooper, Chief Executive Officer of XCF Global, according to the company's statement. "It reinforces momentum behind the plant upgrade initiative and reflects continued alignment among the parties as we work diligently toward our goal of completing the business combination."

The proposed transaction remains subject to multiple closing conditions, including shareholder approvals, SEC registration statement effectiveness on Form S-4, stock exchange approvals including Nasdaq listing, completion of financing, plant conversion, and commercial milestones and fairness opinions.

DevvStream operates as a carbon management company focused on environmental assets including carbon credits and renewable energy certificates. Southern Energy Renewables develops biomass-to-fuels projects designed to produce sustainable aviation fuel and green methanol.

The companies stated they remain focused on advancing remaining workstreams associated with the transaction and intend to provide updates as appropriate. Information is based on the company's press release statement.

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