XCF Global signs binding term sheet with New Rise Australia to develop renewable fuel facilities

XCF Global Inc. announced Oct. 23 that it has signed a binding term sheet with New Rise Australia to accelerate the development of renewable fuel production facilities across Australia. 

The binding term sheet grants New Rise Australia an exclusive 15-year license to use the design, layout and configuration of XCF’s New Rise Reno facility to build and operate at least three SAF facilities across Australia.  

XCF will receive a 12.5 percent equity stake, licensing fees and one board seat in New Rise Australia. 

Australia is emerging as one of the world’s most promising markets for renewable fuel.  

A Deloitte report commissioned by the Clean Energy Finance Corp. highlights an AUD$36 billion (USD$23.5 billion) opportunity to develop a world-leading low-carbon liquid fuels (LCLF) industry capable of cutting emissions by 230 million tons by 2050 and strengthening the country’s energy independence. 

Australia imports around 80 percent of its liquid fuels, spending more than AUD$50 billion (USD$32.6 billion) in 2023 alone, while exporting AUD$3.9 billion (USD$2.5 billion) in potential LCLF feedstocks.  

With less than 50 days of fuel reserves currently held onshore, well below the International Energy Agency’s recommended 90 days, the country’s reliance on imports leaves it vulnerable to global disruptions. 

Recognizing this imbalance, the Australian federal government has prioritized low-carbon liquid fuels under its “Future Made in Australia” initiative, providing access to the AUD$1.7 billion (USD$1.1 billion) Future Made in Australia Innovation Fund to support the development of an LCLF industry, which includes SAF and renewable diesel. 

With major airlines like Qantas and Virgin Australia targeting net-zero emissions by 2050, demand for locally produced SAF is expected to surge, creating strong momentum for investment and development across the region. 

This milestone builds on XCF’s international expansion strategy, built on capital-efficient, regionally tailored partnerships that accelerate global SAF adoption.  

It follows the June memorandum of understanding entered into with Continual Renewable Ventures, which laid the foundation for this new binding agreement. 

“Our partnership with New Rise Australia accelerates XCF’s global expansion strategy and underscores the scalability of our modular renewable fuel platform,” said XCF Global CEO Mihir Dange. “Australia combines strong policy momentum, growing aviation demand and abundant feedstock resources, creating an excellent environment to develop renewable fuel facilities. Through New Rise Australia, we’re deploying our renewable fuel platform to a new market, enabling rapid growth and efficient capital use while helping drive Australia’s clean-energy transition. This partnership showcases how XCF’s platform transforms opportunity into impact, opening new markets, fueling sustainable growth and shaping the future of renewable energy.”  

Renzo Petersen, the CEO of New Rise Australia, added, “The launch of New Rise Australia represents true collaboration between XCF Global and Continual Renewables, a partnership built on a shared vision to accelerate the decarbonization of the aviation industry. Together, we intend to create a unified platform that brings together XCF’s modular site design with Continual Renewable’s local expertise to unlock opportunities within Australia’s unique energy landscape. This is not simply a design deployment, it’s the foundation for a long-term, self-sustaining renewable fuel industry that drives investment, creates jobs and accelerates Australia’s transition to energy independence. Together, we’re demonstrating how collaboration can be transformed into capability, and how capability becomes the clean energy that fuels Australia’s future.”  

Building on this milestone, the parties intend to execute a definitive licensing agreement within 60 days, following customary diligence and regulatory review.  

The definitive agreement will include detailed provisions for intellectual property, branding, governance, performance milestones and long-term operational coordination.