XCF Global and DevvStream Combine Capabilities to Bring Transferable 45Z Clean Fuel Credits to Market with Potential Value of up to ~$.60 per Gallon for Qualifying SAF Production
Rhea-AI Summary
XCF Global (Nasdaq:SAFX) and DevvStream (Nasdaq:DEVS) announced a plan to develop an integrated platform to generate, verify and market Section 45Z Clean Fuel Production Credits tied to XCF's sustainable aviation fuel (SAF) output.
XCF's New Rise Reno has a permitted nameplate capacity of 38 million gallons/year and could support up to 100 million gallons of blended jet fuel; qualifying SAF production may be eligible for up to ~$0.60 per gallon in transferable credits through Dec 31, 2029. The transaction remains subject to closing conditions, regulatory finalization and financing.
AI-generated analysis. Not financial advice.
Positive
- Permitted capacity of 38 million gallons/year at New Rise Reno
- Potential 45Z credit value of up to ~$0.60 per gallon for qualifying SAF
- Integrated monetization combining tax credits and carbon credits into bundled assets
- Platform scale could support up to 100 million gallons of blended jet fuel
Negative
- Transaction subject to SEC clearance, shareholder approvals, Nasdaq listing, financing and plant milestones
- 45Z credit realization contingent on final regulations, verification and market conditions
- Credit eligibility window ends on Dec 31, 2029, limiting long-term credit availability
News Market Reaction – DEVS
On the day this news was published, DEVS declined 8.93%, reflecting a notable negative market reaction. Argus tracked a peak move of +7.1% during that session. Argus tracked a trough of -33.0% from its starting point during tracking. Our momentum scanner triggered 25 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $397K from the company's valuation, bringing the market cap to $4.05M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
DEVS’s setup appears stock-specific. Momentum scanner shows only 1 peer (RAIN) moving up, while core pollution-control peers show mixed moves (e.g., CLIR, FTEK up; TOMZ down), not a coordinated sector pattern.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 14 | Business combination | Positive | -19.0% | Definitive three-party BCA to form multi-asset energy transition platform. |
| Mar 13 | Debt reduction | Positive | +8.8% | Reduced about $5.9M of debt and secured 0% interest working capital loan. |
| Mar 10 | Capital raise & merger | Neutral | -1.4% | Stockholder approval for larger issuance and funding for Reno SAF conversion. |
| Jan 28 | Biomass-to-jet deal | Positive | -9.8% | Term sheet to expand biomass-to-fuels validation and asset monetization role. |
| Jan 14 | Platform partnership | Positive | +9.7% | Fayafi x DevvStream investment platform targeting US$100M commitments by 2027. |
DevvStream’s stock has sometimes sold off on major combination milestones yet reacted positively to balance-sheet de-risking and platform-expansion deals.
Over the last six months, DevvStream has focused on building an energy-transition and environmental-asset platform. On Jan 14, it formed the “Fayafi x DevvStream Investment Platform,” which saw a 9.68% gain. A Jan 28 biomass-to-jet collaboration led to a -9.85% move. Debt reduction on Mar 13 cut roughly $5.9M of debt and the stock rose 8.76%. By contrast, the definitive three-party Business Combination Agreement on Apr 14 triggered a -18.96% selloff, underscoring market caution around the larger merger structure.
Market Pulse Summary
The stock moved -8.9% in the session following this news. A negative reaction despite strategic news would fit prior instances where combination milestones, such as the recent BCA that preceded a -18.96% move, were met with caution. The market has differentiated between straightforward de-leveraging, which drew positive responses, and more complex, condition-heavy merger paths. Execution risks around plant conversion, regulatory approvals, and the multi-party structure could weigh on sentiment if investors doubt the path from strategy to realized 45Z credit monetization.
Key Terms
sustainable aviation fuel technical
45z clean fuel production credits regulatory
form s-4 regulatory
proxy statements/prospectus regulatory
AI-generated analysis. Not financial advice.
XCF Targets Up to 38Million Gallons of Annual Neat SAF Production at New Rise Reno Facility Planned Output Expected to Support up to 100 million Gallons of Blended Jet Fuel.
HOUSTON, TX, AND CALGARY, AB / ACCESS Newswire / April 16, 2026 / XCF Global, Inc. (Nasdaq:SAFX) ("XCF"), a key player in decarbonizing the aviation industry through sustainable aviation fuel ("SAF"), and DevvStream Corp. (NASDAQ:DEVS) ("DevvStream"), a leading carbon management and environmental-asset monetization firm, today announced that as part of their previously announced three-party Business Combination Agreement ("BCA") with Southern Energy Renewables Inc ("Southern") the combined entity will explore the development of an integrated platform designed to generate, verify, and market 45Z Clean Fuel Production Credits generated through XCF's production of SAF.
If successfully developed, we believe this platform would represent an industry-first model in which a SAF producer and a dedicated environmental attribute monetization firm operate as a single, vertically integrated entity, linking domestic clean fuel production directly with structured transfer and sale of clean fuel tax credits.
Strategic Highlights:
XCF's New Rise Reno facility has a permitted nameplate production capacity of 38 million gallons per year and produces SAF using domestic non-food waste for feedstocks, qualifying the company as a registered clean fuel producer under Section 45Z, which provides potential eligibility of up to $.60 per gallon in transferable tax credits for qualifying SAF production through Dec 31, 2029.
DevvStream's environmental-asset monetization infrastructure is expected to provide the verification, recordkeeping, and buyer-matching capabilities needed to market 45Z credits under Section 6418 to unrelated corporate buyers seeking to reduce their U.S. tax liability.
At projected SAF production volumes, and subject to facility qualifications and regulatory finalization, the combined platform could generate meaningful annual 45Z credit values, subject to final regulations, verification, and market conditions as XCF scales its planned production capacity.
Environmental Asset Bundling Opportunity
In addition to the monetization of 45Z Clean Fuel Production Credits, the combined platform intends to explore the creation of integrated environmental asset bundles that combine 45Z credits with high-quality carbon credits derived from the lifecycle emissions reductions associated with SAF production.
This approach is designed to enhance overall asset value by:
Combining transferable tax credits (45Z) with carbon credits aligned with voluntary and compliance markets,
Creating a multi-layered environmental product that can be structured and sold to corporate and institutional buyers seeking both tax efficiency and emissions reduction outcomes;
Enabling portfolio-level aggregation, allowing multiple SAF facilities and environmental attributes to be bundled into larger, institutional-grade offerings with improved pricing, liquidity, and market access.
By integrating these environmental attributes into a unified offering, the combined entity aims to create a differentiated value proposition that extends beyond traditional fuel and tax credit monetization, positioning XCF's SAF production as a source of scalable, high-integrity environmental assets.
"As we bring XCF and DevvStream together, we see a compelling opportunity to create value that neither company could deliver alone. XCF is working to generate high-quality SAF from domestic feedstocks that qualify for the 45Z credit and generate carbon credits. DevvStream aims to bring the infrastructure, expertise, and market relationships to monetize environmental attributes. Together we believe we can build a first of its kind, fully integrated 45Z credit marketing capability that delivers real, measurable value to customers." Chris Cooper, CEO of XCF Global
"DevvStream was built to solve exactly this problem, helping organizations that create environmental value actually capture that value in the market. XCF's domestic SAF production is precisely the kind of verified asset our platform is designed to support. We look forward to leveraging our synergies with XCF and developing a structured 45Z and carbon credit marketing capability that can serve as a model for the industry as the credit market continues to mature." Sunny Trinh, CEO, DevvStream Corp.
Approvals and Closing Conditions
The transaction is subject to various closing conditions, including shareholder approvals, SEC registration statement effectiveness on Form S-4, stock exchange approvals including Nasdaq listing, completion of financing, plant conversion and commercial milestones and fairness opinions.
About XCF Global, Inc.
XCF Global, Inc. ("XCF") (Nasdaq:SAFX) is an emerging sustainable aviation fuel company dedicated to accelerating the aviation industry's transition to net-zero emissions. Our flagship facility, New Rise Reno, has a permitted nameplate production capacity of 38 million gallons per year, positioning XCF as an early mover among large-scale SAF producers in North America. XCF is working to advance a pipeline of potential expansion opportunities in Nevada, North Carolina, and Florida, and to build partnerships across the energy and transportation sectors to scale SAF globally. XCF is listed on the Nasdaq Capital Market and trades under the ticker, SAFX.
To learn more, go to www.xcf.global
About DevvStream
DevvStream (Nasdaq:DEVS) is a carbon management company focused on the development, investment, and sale of environmental assets worldwide, including carbon credits and renewable energy certificates.
About Southern Energy Renewables
Southern Energy Renewables Inc. is a U.S.-based clean fuels, chemicals and products developer focused on advancing large-scale biomass-to-fuels projects. These projects are designed to produce carbon-negative SAF and green methanol, supported by integrated carbon capture and sequestration.
Additional Information and Where to Find It
In connection with the proposed business combination transaction among XCF, DevvStream and Southern, XCF will prepare and file relevant materials with the Securities and Exchange Commission (the "SEC"), including a registration statement on Form S-4 that will contain preliminary proxy statements of DevvStream and XCF that also constitutes a prospectus of XCF (the "Proxy Statements/Prospectus"). A definitive proxy statement is expected to be mailed to stockholders of DevvStream and XCF as of a record date to be established for voting on the proposed business combination transaction and other matters as described in the Proxy Statements/Prospectus. DevvStream, XCF and Southern may also file other documents with the SEC and Canadian securities regulatory authorities regarding the proposed transaction. This communication is not a substitute for any proxy statement, registration statement or prospectus, or any other document that DevvStream and Southern (as applicable) may file with the SEC or Canadian securities regulatory authorities in connection with the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF DEVVSTREAM ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENTS/PROSPECTUS WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED BY DEVVSTREAM OR SOUTHERN WITH THE SEC OR CANADIAN SECURITIES REGULATORY AUTHORITIES, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, IN CONNECTION WITH THE PROPOSED TRANSACTION, WHEN THEY BECOME AVAILABLE BECAUSE THESE DOCUMENTS CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. DevvStream's investors and security holders will be able to obtain free copies of the Proxy Statement/Prospectus (when they become available), as well as other filings containing important information about DevvStream, Southern, and other parties to the proposed transaction, without charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by (i) XCF will be available free of charge under the tab "Financials" on the "Investors" page of the XCF's website at https://xcf.global/investor-relations/financials/sec-filings/ or by contacting the XCF's Investor Relations Department at safx@xcf.global and (ii) DevvStream will be available free of charge under the tab "Financials" on the "Investor Relations" page of DevvStream's website at www.devvstream.com/investors/ or by contacting DevvStream's Investor Relations Department at ir@devvstream.com.
Participants in the Solicitation
DevvStream, Southern, XCF, EEME and their respective directors and certain of their respective executive officers and employees may be deemed to be participants in the solicitation of proxies from DevvStream's and XCF's stockholders in connection with the proposed transaction. Information regarding directors and executive officers of (i) XCF is contained in a Current Report on Form 8-K/A, filed with the SEC on October 31, 2025, its Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 31, 2026, and in other documents subsequently filed with the SEC and (ii) DevvStream is contained in DevvStream's proxy statement for its 2025 annual meeting of stockholders, filed with the SEC on November 18, 2025 and in other documents subsequently filed with the SEC. Additional information regarding the participants in the proxy solicitations and a description of their direct or indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement/Prospectus and other relevant materials filed with the SEC (when they become available). These documents can be obtained free of charge from the sources indicated above.
No Offer or Solicitation
This press release is for informational purposes only and is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve substantial risks and uncertainties, including statements regarding the proposed transactions contemplated by the business combination agreement, the anticipated structure, timing and conditions of the proposed transaction, the anticipated completion of the plant conversion, the achievement of specified financial and operational milestones (including annualized blended fuel product revenues in excess of
We can give no assurance that such plans, estimates, or expectations will be achieved, and therefore, actual results may differ materially from any plans, estimates, or expectations in such forward-looking statements.
Forward-looking statements are based on current expectations, estimates, assumptions and projections and involve known and unknown risks and uncertainties that may cause actual results, developments or outcomes to differ materially from those expressed or implied by such statements. Important factors that could cause actual results, developments or outcomes to differ materially include, among others: (1) changes in domestic and foreign business, market, financial, political, regulatory and legal conditions; (2) the risk that the plant conversion is delayed, not completed on the anticipated timeline, or requires additional capital beyond current expectations; (3) the risk that XCF is unable to achieve the specified annualized revenue and EBITDA thresholds, which depend in significant part on XCF's business performance, operating results, market demand, execution capabilities, and other factors; (4) the risk that Southern does not receive authorization to issue up to
Although the business combination agreement is binding on the parties, it does not obligate the parties to consummate the proposed transaction. The consummation of the proposed transaction remains subject to the satisfaction or waiver of applicable closing conditions, and the business combination agreement may be terminated in accordance with its terms. There can be no assurance that the proposed transaction will be consummated on the terms described herein or at all. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are not guarantees of future performance or outcomes.
Any forward-looking statements speak only as of the date of this press release. Neither DevvStream, XCF, Southern or EEME undertakes any obligation to update any forward-looking statements, whether as a result of new information or developments, future events, or otherwise, except as required by law. Neither future distribution of this press release nor the continued availability of this press release in archive form on DevvStream's website at www.devvstream.com/investors/ or XCF's website at www.xcf.global should be deemed to constitute an update or re-affirmation of these statements as of any future date.
Investor Relations Contact
DevvStream: ir@devvstream.com
XCF: safx@xcf.global
Southern: info@southernenergyrenew.com
SOURCE: XCF Global, Inc.
View the original press release on ACCESS Newswire