SAFX News & Events

DevvStream Corp. (DEVS), XCF Global (SAFX) and Southern Energy Renewables clarify recent media coverage that mischaracterized a current report on Form 8-K filed by DevvStream with the U.S. Securities and Exchange Commission on May 18. The 8-K reported, among other things, that DevvStream had received fairness opinions in connection with the proposed three-party business combination and that the original Agreement and Plan of Merger between DevvStream and Southern, dated December 3, 2025 had automatically terminated. As disclosed in the 8-K, the Prior Merger Agreement survived the execution of the Business Combination Agreement, entered into on April 13 by and among DevvStream, XCF, and Southern. However, the BCA expressly provided that, upon expiration of the Fairness Opinion Termination Rights set forth in the BCA -- which occurred upon receipt of the required fairness opinions by DevvStream and XCF-- the Prior Merger Agreement would automatically terminate without any liability or ongoing obligation to any party. The Parties have confirmed that this automatic termination has occurred in accordance with the terms of the BCA. The termination of the Prior Merger Agreement was a mechanical contractual step required under the BCA framework, not a decision by any party to withdraw from the proposed combination. The BCA among DevvStream, XCF, and Southern remains in full force and effect. The Parties continue to work diligently toward completing the proposed combination and expect to file a registration statement on Form S-4 with the SEC in the coming weeks. The Form S-4 filing is a key step toward obtaining SEC effectiveness and the required shareholder approvals necessary to close the proposed combination.

XCF Global provided an operational update on the planned restart of its New Rise Renewables Reno facility, where work continues in support of the Company's previously disclosed target to restart production in June 2026. XCF continues to target a June 2026 restart for New Rise Reno, subject to completion of remaining conversion activities, commissioning, and standard start-up procedures. The facility has a permitted nameplate production capacity of 38 million gallons per year.

XCF Global highlighted the importance of domestic SAF production capacity as jet fuel prices remain elevated. The Argus US Jet Fuel Index, published by Airlines or America, was $4.26 per gallon on May 4, 2026. XCF believes the current fuel environment reinforces the value of domestic, waste-based SAF production capacity as airlines and fuel purchasers seek lower-emission fuel options with greater supply resilience. For XCF, the message is not simply about fuel cost, but about fuel resilience. XCF believes domestic, waste-based SAF capacity is strategically relevant for airlines and other fuel purchasers, where logistics proximity, domestic feedstock sourcing, and verified sustainability documentation may become increasingly important as operators seek lower-carbon fuel options with stronger supply-chain visibility. "Elevated jet fuel prices are a reminder that fuel cost and fuel availability remain critical issues for the aviation industry," said Chris Cooper, Chief Executive Officer of XCF Global. "We believe domestic SAF capacity can become increasingly important as the market continues to seek low carbon fuel solutions supported by U.S. production and supply-chain visibility."

XCF Global (SAFX) and DevvStream Corp. (DEVS) announced that as part of their previously announced three-party Business Combination Agreement with Southern Energy Renewables 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. The company said, "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."