XCF Global Capital signs letter of intent with special-purpose acquisition company

Focus Impact BH3 Acquisition Corp., a special-purpose acquisition company (SPAC) formed by Focus Impact Acquisition Corp., announced Dec. 29 that it has entered into a letter of intent (LOI) with XCF Global Capital Inc., a New York-based producer of sustainable fuels.

XCF controls multiple plants in North America that will produce renewable diesel, sustainable aviation fuel (SAF), and other biofuels, according to Focus Impact BH3.

The transaction, which values XCF at $1.75 billion, is subject to the completion of due diligence, negotiation of and entry into definitive documentation and will be subject to customary closing conditions.

“We are excited to announce this LOI with XCF,” said Carl Stanton, CEO of Focus Impact BH3.

“XCF is emerging as a leader in the production of sustainable fuels, and we believe that this transaction will position us to capitalize on the growing demand for clean energy and amplify our mission to enhance social impact and grow leading businesses,” Stanton added.

According to Focus Impact BH3, XCF is “currently a leading North American producer of renewable diesel, with a planned strategic expansion into sustainable aviation fuel.”

The company’s fuels are made from renewable sources and can be used to reduce greenhouse-gas emissions from transportation.

“We are excited to enter this partnership to meet our commitment to reduce the global carbon footprint with production of renewable diesel that meet domestic and global mandates,” said Mihir Dange, CEO of XCF.

“This partnership into the public markets broadens our investor base and the combined company will have a strong platform to grow in the rapidly expanding market for sustainable fuels,” Dange continued.

Cohen & Company Capital Markets, a division of J.V.B. Financial Group LLC, acted as exclusive financial advisor and exclusive capital-markets advisor to XCF Global Capital.

According to Focus Impact BH3, there can be no assurances that a transaction will be executed or consummated.