XCF Global

What XCF Global does

XCF Global, Inc. is a Delaware-incorporated, publicly traded (NASDAQ: SAFX) renewable fuels company headquartered in Houston, Texas, that operates sustainable aviation fuel production facilities using Hydroprocessed Esters and Fatty Acids (HEFA) technology. The company's core asset is the New Rise Renewables Reno facility in Nevada, a HEFA-based production plant with permitted nameplate capacity of 38 million gallons per year, which began producing neat SAF in February 2025 using the Axens Vegan licensed process integrated with XCF's proprietary modular refinery design. The platform supports a multi-product slate spanning SAF, renewable diesel, and renewable naphtha, with current production derived from waste-based feedstocks (such as distillers corn oil, agricultural residues, and animal fats) insulated from crude oil price volatility. Through wholly owned subsidiary New Rise Renewables Reno, LLC, XCF has produced over 2.5 million gallons of renewable fuels since March 2025 and is pursuing a doubling of capacity via New Rise Reno 2 (targeting ~40 million gallons) with construction beginning in 2026.

The business model is multi-layered. Direct revenue comes from physical fuel sales (SAF, renewable diesel, renewable naphtha), supplemented by regulatory value streams including D4 Renewable Identification Numbers (RINs) worth approximately $3.06 per gallon and Section 45Z Clean Fuel Production Credits of up to $0.60 per gallon through 2029. Commercialization flows through a strategic exclusive partnership with BGN INT US LLC, a global energy trader operating across 120+ countries, which handles feedstock supply, logistics, and distribution to airlines and fuel distributors. A 15-year exclusive licensing arrangement with New Rise Australia generates additional revenue via licensing fees and a 12.5% equity stake, supporting planned SAF plants across Perth, Queensland, and New South Wales. The company is concurrently pursuing a three-party merger with Southern Energy Renewables and DevvStream to expand into green methanol, biomass-to-jet fuel, and environmental attribute monetization, targeting a $3.0 billion enterprise value combined entity.

XCF's customer base centers on commercial airlines, cargo carriers, and aviation fuel distributors seeking to meet CORSIA emissions mandates and corporate sustainability commitments, with geographic operations spanning the US West Coast, Australia, and a prospective Louisiana project. The company faces material near-term operating challenges: a current ratio of 0.11, total debt of $254.66 million against a ~$191 million market capitalization, a 98.7% stock decline from its 52-week high, two executive finance departures in April 2026, and a Nasdaq minimum bid price compliance extension through December 2026. The flagship Reno facility is in ramp-up mode with target production of 40-43 million gallons and net revenue of $110-120 million in 2027, conditional on successful restart and operational stabilization.

Name

XCF Global

Legal name

XCF Global, Inc.

Website

https://xcf.global

Company type

Public

Founded year

2025

Operating status

Operating

Headcount range

11–50 employees

Short description

XCF Global (NASDAQ: SAFX) is a publicly traded renewable fuels company that produces Sustainable Aviation Fuel (SAF) and renewable diesel at its New Rise Reno facility in Nevada using HEFA technology. It serves commercial airlines, cargo carriers, and fuel distributors seeking CORSIA-compliant, domestically produced SAF.

Ownership category

akta.pro rank

Product category

Sustainable Aviation Fuel

NAICS

Petroleum and Coal Products Manufacturing (3241)

akta.pro primary industry

Sustainable Aviation Fuel (SAF) Production (HEFA, FT, ATJ) (EUAAAHAE)

akta.pro secondary industries

Renewable Diesel (HVO/HEFA) Production (EUAAAHAD), Sustainable Aviation Fuel (SAF) & Alternative Fuels (e-fuels, biofuels, hydrogen) (THABANAA), CO₂‑Derived Synthetic Fuels for Aviation & Marine (SAF e‑fuels, e‑ammonia/e‑methanol bunkering pathways) (EUABAIAH)

Keywords

• Sustainable aviation fuel
• Renewable diesel production
• HEFA biofuel technology
• Clean energy fuels
• Modular refinery design

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Technology or R&D, Personnel, Marketing or Sales

Revenue model

1. SAF and Renewable Fuel Sales: XCF Global generates revenue from selling produced sustainable aviation fuel and renewable diesel. The company began producing neat SAF in February 2025 at New Rise Reno facility. The facility has a permitted nameplate capacity of 38 million gallons per year. Revenue contributions anticipated from renewable fuel sales as facility ramps up production following June 2026 restart.
2. Renewable Identification Numbers (RINs): The company generates D4 RINs from renewable fuel production which add approximately $3.06 per gallon of incremental value to SAF economics. EPA established record-high RIN requirements at 25.82 billion for 2026 and 25.98 billion for 2027, representing a 15.6% increase from 2025.
3. Section 45Z Clean Fuel Production Credits: Combined entity following merger will explore creating platform to generate, verify, and monetize Section 45Z Clean Fuel Production Credits tied to SAF output. Qualifying SAF production potentially eligible for transferable credits of up to $0.60 per gallon through December 31, 2029.
4. SAF Certificate (CORSIA): Facility maintains CORSIA-ready sustainability certification supporting airlines' compliance with Carbon Offsetting and Reduction Scheme for International Aviation, allowing aircraft operators to reduce offsetting requirements through certified SAF use.
5. Licensing Revenue (New Rise Australia): XCF Global granted 15-year exclusive license to New Rise Australia to replicate Nevada facility design in Australia. XCF receives 12.5% equity stake and licensing fees from the partnership to develop at least three SAF plants in Perth, Queensland, and New South Wales.

Go-to-market motion3 records

Distribution channels1 record

Marketing channels6 records

Core offering

XCF Global produces Sustainable Aviation Fuel (SAF), renewable diesel, and renewable naphtha at its New Rise Reno facility using proprietary HEFA technology and modular refinery design. The company sells these drop-in renewable fuels to airlines and fuel distributors, while also monetizing associated RIN credits, Section 45Z production credits, and CORSIA certification. It licenses its modular SAF production design internationally and is expanding capacity through additional facilities in Nevada, Louisiana, North Carolina, and Florida.

Product overview

XCF Global operates as a U.S.-based renewable fuels company focused on Sustainable Aviation Fuel (SAF) production. The company's portfolio centers on its flagship New Rise Reno facility (38 million gallons/year) producing neat SAF and renewable diesel via HEFA technology, with a second facility (New Rise Reno 2) targeting ~40 million gallons annually by 2028. XCF also maintains development-stage projects in Louisiana, Florida (Ft. Myers), and North Carolina (Wilson), and has licensed its modular SAF production design to New Rise Australia for deployment across multiple Australian facilities. Through its pending three-party business combination with Southern Energy Renewables and DevvStream, the company is expanding into green methanol production and environmental attribute monetization to create an integrated energy transition platform.

Differentiator

Problem solved

Functional benefit

Brands

• New Rise Reno: Flagship SAF production facility in Reno, Nevada with 38 million gallons annual capacity
• New Rise Reno 2
• New Rise Renewables

Products and services

• Sustainable Aviation Fuel (SAF) Sustainable Aviation Fuel (SAF) is a synthetic kerosene derived from waste- and residue-based feedstocks such as waste oils, agricultural residues, and animal fats. It reduces lifecycle carbon emissions by up to 80% compared to conventional jet fuel and is a drop-in fuel compatible with existing aviation engines and infrastructure. Sold to airlines and aviation fuel distributors.
• Renewable Diesel Renewable diesel produced at the New Rise Reno facility. The facility is configured to transition between renewable diesel and SAF production as part of its multi-product operating slate, enabling market-responsive production mix.
• Renewable Naphtha Light hydrocarbon co-product produced through renewable fuel processing at New Rise Reno. Part of the multi-product slate of low-carbon fuels the facility supports.
• Environmental Attribute Monetization Services Carbon credit and environmental-asset management services delivered through the DevvStream partnership, enabling monetization of environmental attributes (RINs, carbon credits, CORSIA certificates) generated from SAF and renewable fuel production for the combined post-merger platform.
• SAF Modular Refinery Technology Licensing International licensing of XCF's proprietary modular refinery blueprint and Axens Vegan process integration for replicate SAF production facilities. XCF receives a 12.5% equity stake plus licensing fees for each licensed deployment, with Australia partner targeting Perth, Queensland, and New South Wales facilities.

Quantifiable outcome

• Reduces lifecycle greenhouse gas emissions by up to 80% compared to conventional jet fuel
• +4 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered core, minor, strategic and exploratory.

• BGN INT US LLCcoreChannel Partner/ Reseller/ DistributorXCF Global executed definitive commercial agreements with BGN INT US LLC establishing long-term framework for feedstock supply, renewable fuel production, logistics, and commercialization at New Rise Reno facility. BGN facilitates feedstock sourcing and serves as commercialization partner for SAF, renewable diesel, and renewable naphtha. Partnership builds on previously announced binding term sheet.
• Southern Energy Renewables Inc.coreStrategic or Co-development PartnerThree-party business combination agreement to merge XCF Global, Southern Energy Renewables, and DevvStream Corp. into an integrated energy transition platform spanning SAF, green methanol, renewable products, and environmental attribute monetization. Southern brings biomass feedstock expertise and planned ~28 million gallon SAF facility in Louisiana. Target enterprise value ~$3.0 billion with combined revenue exceeding $1 billion and minimum EBITDA of $100 million.
• DevvStream Corp.coreStrategic or Co-development PartnerThree-party business combination with XCF and Southern Energy Renewables. DevvStream brings environmental-asset capabilities including carbon credit management expertise. DevvStream to receive approximately 10% ownership in combined entity. Company facing financial challenges with negative EBITDA of $8.7 million and market cap of $3.4 million entering transaction.
• Axens North AmericacoreTechnology or IntegrationThree-year commercial collaboration agreement to deploy sustainable fuels facilities combining XCF's proprietary modular refinery design with Axens' Vegan process technology. Each party contracts independently with project developers without joint venture or sharing confidential technical information. XCF leverages experience operating commercial Vegan unit at New Rise Reno.
• Frontline BioEnergyminorStrategic or Co-development PartnerDevvStream signed binding term sheet with Southern Energy Renewables and Frontline BioEnergy for biomass-to-fuels platform development in Louisiana. Southern providing up to $2.05 million to fund two pilot-scale demonstration units at Frontline's Iowa facility for methanol and methanol-to-hydrocarbons processes supporting SAF production.
• New Rise AustraliastrategicOEM/ Whitelabel/ Licensing PartnerBinding term sheet with Australian start-up New Rise Australia to develop at least three SAF plants across Australia. 15-year exclusive license to replicate XCF's Nevada facility design. XCF receives 12.5% equity stake and licensing fees. First project proposed for Perth, Western Australia with additional facilities planned for Queensland and New South Wales.
• IP3 CorporationexploratoryStrategic or Co-development PartnerNon-binding MOU with IP3 Corporation, Southern Energy Renewables, and DevvStream to evaluate deploying small modular reactor (SMR) nuclear power for SAF/eSAF production and AI data centers. Framework to assess zero-carbon nuclear electricity for Louisiana refinery, electrolysis, hydrogen production, and downstream fuel synthesis.
• Hapag-Lloyd AGexploratoryStrategic or Co-development PartnerSouthern Energy Renewables signed LOI with Hapag-Lloyd for green methanol project development and long-term offtake for shipping operations. XCF Global endorsed the partnership as validation of strategic rationale for pending business combination. LOI remains non-binding and subject to further negotiations.
• Posh EnergyexploratoryTechnology or IntegrationNon-binding LOI signed September 2025 for 100 kW pilot Flex Gensets deployment at New Rise Reno facility, with plans to scale up to 10 MW installed capacity. Technology converts propane-rich byproducts from SAF production into zero-carbon electricity, potentially adding ~$0.22/gallon in value through electricity sales, food-grade CO2, and enhanced credit eligibility.

Scale indicators15 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Gevo: U.S.-based publicly traded developer of renewable fuels including SAF using alcohol-to-jet (ATJ) pathway. Targets aviation decarbonization with similar go-to-market (airline offtake, low-carbon fuel credits), making it a directly comparable publicly traded pure-play SAF peer.
• World Energy: Long-standing SAF blender and producer operating one of the few large-scale HEFA SAF facilities in the U.S. (Los Angeles). Directly competes with XCF in producing/blending SAF for the U.S. aviation market, with similar regulatory-credit-driven business model.
• Aemetis: U.S. publicly traded renewable fuels company developing SAF and renewable diesel using HEFA technology, with feedstock supply infrastructure similar to XCF. Competes for the same airline offtake customers and low-carbon fuel credits (LCFS, RINs).

Broad incumbents

• Neste: Global leader in renewable diesel and SAF production using HEFA technology at scale. Direct competitor in the same product category (SAF/renewable diesel) with significantly larger capacity; XCF's new CEO Chris Cooper was previously President of Neste U.S., making it the most strategically comparable incumbent.
• Montana Renewables (Phillips 66): Phillips 66 affiliate operating one of the largest renewable diesel facilities in the U.S. with SAF capability. Direct competitor to XCF in U.S. renewable diesel/SAF production with massive scale advantages and integrated feedstock supply.
• Repsol: Integrated energy major with growing renewable fuels and SAF business, including a planned renewable fuels plant in Cartagena. Comparable in HEFA-based SAF production and in targeting European aviation fuel demand, while serving as a large incumbent validating the SAF business model.

Emerging players

• Sunfire: Developer of eSAF/e-fuels (Power-to-Liquid) via co-electrolysis for aviation decarbonization. Comparable as a SAF technology developer pursuing aviation decarbonization, though Sunfire focuses on eSAF rather than XCF's HEFA/biomass pathways.
• Velocys: Developer of Fischer-Tropsch (FT) SAF pathway and small-scale GTL technology. Competes with XCF in the SAF technology stack space using a different but commercially relevant pathway, targeting similar airports and airline customers.
• DG Fuels: U.S. developer of cellulosic ethanol-to-jet SAF and renewable diesel projects with multi-billion dollar Louisiana facility plans. Closely comparable to XCF's planned New Rise Louisiana expansion and the Southern Energy Renewables Louisiana project in scope and geography.
• LanzaTech: Developer of gas-fermentation alcohol-to-jet SAF pathway and CCU technology. Comparable as a publicly traded pure-play SAF platform pursuing airline offtake and low-carbon credits, although LanzaTech uses a different production pathway than XCF's HEFA process.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@XCFGLOBALINC
• LinkedInlinkedin.com/company/xcf-global/posts/?feedView=all

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

Funding overview

Funding rounds6 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about XCF Global