XCF Global to acquire World Energy’s Paramount, California, SAF plant
XCF Global Inc. announced Oct. 20 that it has entered into a definitive agreement to acquire the World Energy renewable diesel and sustainable aviation fuel (SAF) facility in Paramount, California, through a newly formed subsidiary of XCF, New Rise Renewables Paramount LLC.
Located less than 20 miles south of downtown Los Angeles, the Paramount facility builds on the site’s long history in fuel production and its transition to renewable fuels, bringing together established infrastructure, technical expertise and domestic agricultural waste to energy-processing technology.
The site is strategically located near Los Angeles International Airport (LAX), which is one of the world’s busiest and most strategically important aviation hubs, serving more than 76 million passengers annually.
Its immense scale, global connectivity and strategic importance position LAX at the forefront of the aviation industry’s transition toward SAF.
XCF said it intends to welcome the experienced team at Paramount following the closing of the acquisition, with plans to more than double the size of the team to restart operations over the next nine to 12 months.
Paramount was the first U.S. refinery conversion from fossil fuels to renewable fuels and has a long and successful history of renewable fuel production, XCF noted.
The facility has benefited from meaningful investment over its history, and XCF said it expects to invest approximately $30 million during the restart period primarily in support of workforce training and operational readiness.
XCF added that it intends to capitalize on its strategic partnership with BGN to supply feedstock to New Rise Renewables Paramount as the operation relaunches and to offtake the sustainable fuels that the facility produces in support of the company’s aviation and transportation customers.
“The Paramount acquisition represents an additional exciting opportunity to meaningfully expand XCF’s vertically integrated alternative-fuel platform through the acquisition of premier refinery infrastructure and operational leadership,” said XCF CEO Chris Cooper. “We’re very pleased to have the opportunity to take over the stewardship of this important renewable fuel production facility and bring on board the outstanding team of professionals dedicated to its success. We look forward to working with the Paramount team and the community to successfully relaunch operations as New Rise Renewables Paramount and safely, reliably and conscientiously produce transportation fuel that supports our mission to reduce carbon emissions, enhance domestic energy resilience and afford alternative uses for U.S. agricultural-waste products.”
The acquisition, according to XCF, is expected to close before the end of 2026, subject to agreed closing conditions.
XCF has been advised in the transaction by BTIG, Paul Hastings LLP, Marsh, Alvarez & Marsal, and AECOM.
