XCF Global Completes SAF Merger, Becomes First Publicly Traded Pure-Play SAF Producer

Deal News | Jun 10, 2025 | EIN

XCF Global Completes SAF Merger, Becomes First Publicly Traded Pure-Play SAF Producer

XCF Global Capital Inc. has successfully merged with Focus Impact BH3 Acquisition Co., forming XCF Global Inc., the first publicly traded company in the United States completely dedicated to Sustainable Aviation Fuel (SAF). The new entity has launched on Nasdaq and is focused on leveraging growth potential in the SAF sector to contribute to aviation decarbonization. Their plant in Reno, Nevada, built by XCF Global Capital, can produce 38 million gallons annually. This merger, announced in March 2024, resulted in XCF shareholders owning approximately 91.4% of the newly formed company, which has an enterprise value of $1.84 billion. The SAF marketplace is crucial in global efforts to reach net-zero carbon emissions by 2050, with significant growth in production capacity evident. XCF Global aims to scale its operations significantly and is developing further capacity in other states. They have a strategic partnership with Phillips 66 to support feedstock supply, and fuel offtake, enhancing financial stability and offering flexibility for third-party sales.

Sectors

  • Renewable Energy
  • Aviation
  • Public Markets

Geography

  • United States – The article focuses on the SAF market development in the United States, including XCF Global's operations and collaborations within the country.
  • Nevada – XCF Global's operational plant in Reno, Nevada, underscores the region's role in SAF production and contributes to the company's capacity.
  • Florida – Future expansion plans include a plant in Florida, emphasizing the state's importance in XCF Global's strategic growth.
  • North Carolina – Another planned expansion site for XCF Global, pointing to North Carolina's role in the company’s efforts to enhance its SAF production capabilities.

Industry

  • Renewable Energy – This industry is relevant because XCF Global is involved in producing sustainable aviation fuel, which is part of the renewable energy sector's efforts to create cleaner energy solutions.
  • Aviation – The aviation industry is directly impacted by advancements in sustainable aviation fuel production, as companies like XCF Global provide innovative solutions to reduce carbon emissions from air travel.
  • Public Markets – XCF Global's listing on Nasdaq makes it part of public markets, impacting how investors engage with sustainable energy initiatives.

Financials

  • $1.84 billion – The pro forma enterprise value of the combined entity following the merger.
  • 91.4% – The percentage of the combined entity owned by XCF shareholders post-merger.
  • 38 million gallons – Current production capacity of the operational plant in Reno, Nevada.
  • 159 million gallons per year – Planned production capacity by 2028, according to expansion projects.
  • 3 million gallons – Initial delivery contract volume from the Reno plant.
  • 600 million liters – Global SAF production reached in 2023.
  • 1.25 billion liters – Projected global SAF production in 2024.

Participants

NameRoleTypeDescription
XCF Global Capital Inc.Target CompanyCompanyA company focused on sustainable aviation fuel production, newly formed through a merger.
Focus Impact BH3 Acquisition Co.Bidding CompanyCompanyA special purpose acquisition company that merged with XCF Global to form a publicly-traded SAF producer.
NasdaqPublic Markets PlatformCompanyThe stock exchange where XCF Global Inc. is publicly listed.
Phillips 66Strategic PartnerCompanyThey have a long-term agreement with XCF Global to supply feedstock and offtake renewable fuels.
Mihir DangeChief ExecutivePersonCEO of XCF Global, leading the company's strategic direction in the SAF sector.
Airlines for AmericaIndustry GroupCompanyA major trade association representing U.S. airlines that have committed to using SAF.
U.S. Department of EnergyGovernment AgencyGovernmentFederal agency involved in setting ambitious SAF production targets in the U.S.