XCF Global announces receipt of $10 million plant-conversion funding in support of pending business combination

Sustainable aviation fuel (SAF) producer XCF Global Inc. announced April 17 that, together with DevvStream Corp. and Southern Energy Renewables Inc. as contemplated by the previously announced term sheet relayed to a proposed three‑party business-combination agreement, it has received $10 million from private investors through the sale of 100 million shares of common stock to support the planned plant conversion at XCF’s New Rise Renewables Reno facility.

According to XCF, the receipt of this funding satisfies a key funding‑related condition to the proposed business combination among XCF, Southern and DevvStream.

“The receipt of this funding represents an important milestone in advancing the transaction and is expected to support continued progress toward satisfying the closing conditions set forth in the previously announced business-combination agreement,” the company stated.

XCF CEO Chris Cooper said, “This funding marks a meaningful step forward in the execution of our strategic transaction. 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.”

As previously disclosed, consummation of the proposed transaction remains subject to the satisfaction or waiver of various closing conditions including:

• Shareholder approvals.

• U.S. Securities and Exchange Commission registration statements effectiveness on Form S-4.

• Stock-exchange approvals including Nasdaq listing.

• Completion of financing, plant conversion, and commercial milestones and fairness opinions.

XCF said it, Southern and DevvStream remain focused on advancing the remaining workstreams associated with the transaction and intend to provide updates as appropriate.