XCF Global, Southern Energy Renewables and DevvStream Agree to Binding Term Sheet for Three-Party Merger

Core Viewpoint - XCF Global, Inc. and DevvStream Corp. have entered into a binding term sheet to merge with Southern Energy Renewables Inc., aiming to create an integrated platform for sustainable aviation fuel and carbon management [1][2][3] Group 1: Merger Details - The merger is expected to form a platform that leverages complementary assets and strategies for environmental attribute and credit generation across North America and emerging markets [2] - The proposed transaction aims to enhance the development of low-carbon fuels, particularly sustainable aviation fuel (SAF), through various production pathways [3] - The binding term sheet outlines a framework for collaboration and mutual understanding among the involved parties [2] Group 2: Financial and Operational Goals - An investor has committed to purchasing shares of XCF to fund operations and upgrades at the New Rise Reno refinery, with the goal of achieving sustained commercial production of SAF [4] - The merger is projected to validate XCF's value in the SAF industry and increase shareholder value while providing alternative clean fuel opportunities [5] - The ultimate objective includes achieving annualized blended fuel product revenues exceeding $1 billion and a minimum annualized EBITDA of $100 million [13] Group 3: Company Profiles - XCF Global, Inc. is focused on accelerating the aviation industry's transition to net-zero emissions, with a production capacity of 38 million gallons per year at its New Rise Reno facility [6] - DevvStream Corp. specializes in carbon management and the development of environmental assets, including carbon credits and renewable energy certificates [8] - Southern Energy Renewables is dedicated to advancing large-scale biomass-to-fuels projects aimed at producing carbon-negative SAF and green methanol [9]