Renewable diesel and sustainable aviation fuel producer XCF Global Inc. (NASDAQ: SAFX) has completed its previously announced all-stock business combination with Southern Energy Renewables Inc. and DevvStream Corp. Following the closing of the transaction, Southern Energy Renewables and DevvStream operate as wholly owned subsidiaries of XCF, which continues as the publicly traded parent company.
Under the terms of the deal, former equity holders of Southern and DevvStream now hold approximately 20.0 per cent and 10.43 per cent, respectively, of XCF’s outstanding common stock. In connection with the transaction closing, Chad Langley, John Wharton, and Carl Stanton joined the XCF board of directors, while Carter McCain stepped down as a director.
The combination creates a vertically integrated alternative energy platform uniting fuel production, biomass conversion, and environmental asset monetization. Southern complements XCF’s HEFA-based processing technology with gasification capabilities that utilize low-cost agricultural waste feedstocks, while DevvStream adds internal management of carbon credits and renewable fuel incentives.
Following the transaction, XCF updated its 2027 financial outlook to project gross product sales between $650 million and $700 million, net revenue of $120 million to $130 million, and EBITDA of $70 million to $75 million. The company also announced 2030 target financial milestones exceeding $1.4 billion in annual gross product sales, $400 million in net revenue, and $300 million in EBITDA.
Chris Cooper, Chief Executive Officer of XCF Global, stated that the integrated platform strengthens the company’s ability to locate production near key demand centers and capture broader value across alternative fuel and carbon management markets.
