XCF Global and DevvStream Agree to Merger Terms
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 26 2026
0mins
Should l Buy SAFX?
XCF Global (SAFX) and DevvStream Corp. (DEVS) have agreed to a binding term sheet to combine Southern Energy Renewables in a three-party merger. If the Parties are able to successfully negotiate a definitive agreement, the Parties believe the combined entity will form an integrated platform of complementary assets, with the opportunity to deploy a disciplined and proprietary environmental attribute and credit generation strategy across North America and emerging markets. The binding term sheet establishes a framework for collaboration and mutual understanding among the Parties. The proposed transaction is intended to reinforce the development of a low-carbon fuels platform designed to accelerate SAF via HEFA, e-methanol, e-methanol-to-jet fuel pathways, expand domestic production capacity, and integrate environmental-attribute monetization into a unified customer offering. As part of the evaluation and negotiation of the definitive transaction agreement, the Parties plan to explore opportunities for integrating small modular reactor nuclear power with electro-sustainable aviation fuel, AI data center power, and associated environmental attribute structures. Entry into definitive transaction agreements is subject to review and approval by the Boards of Directors of the respective companies. As part of the binding term sheet, an investor has agreed to purchase shares of XCF to fund near-term operations and, critically, to complete targeted upgrades and modifications at XCF's New Rise Reno refinery. These funds are intended to be used to: complete required mechanical, electrical, and process upgrades, procure catalyst, utilities, and supporting infrastructure, finalize commissioning and reliability improvements, and conduct certain shareholder relations activities related to the updates and modifications at XCF's New Rise Reno refinery. The ultimate objective of the incremental funding is to bring the New Rise Reno facility into sustained commercial production and support the ramp-up of SAF output.
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Analyst Views on SAFX
About SAFX
XCF Global, Inc. is a sustainable aviation fuel company engaged in accelerating the aviation industry's transition to net-zero emissions. The Company is developing and operating clean fuel synthetic aviation fuel (SAF) production facilities. SAF is a synthetic kerosene derived from non-food feedstocks, such as waste oils and fats, green and municipal waste and non-food crops. SAF is able to recycle carbon dioxide absorbed by biomass during its lifetime rather than injecting new carbon into the system, reducing emissions by up to 80%. It is also engaged in building partnerships across the energy and transportation sectors to accelerate the adoption of SAF on a global scale.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Funding Support Plan: Southern is expected to provide up to $2.05 million for the design, construction, and commissioning of the MeOH PDU and MTH PDU, which will be crucial for bio-methanol production and the conversion to sustainable aviation fuel, enhancing the project's economic viability.
- Exclusive Gasification Services: Frontline is anticipated to be affirmed as Southern's exclusive gasification provider, expected to serve for five years, which will help mitigate commercialization risks and improve project execution efficiency.
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See More
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- Funding Support Plan: Southern is expected to provide up to $2.05 million for the design, construction, and commissioning of the MeOH PDU and MTH PDU, which will be crucial for bio-methanol production and the conversion to sustainable aviation fuel, enhancing the project's economic viability.
- Exclusive Gasification Services: Frontline is anticipated to be affirmed as Southern's exclusive gasification provider, expected to serve for five years, which will help mitigate commercialization risks and improve project execution efficiency.
- Strategic Objective Alignment: This collaboration also aims to support a potential three-party merger among DevvStream, Southern, and XCF, which, if successful, will further advance the commercialization of biomass-to-methanol and aviation fuel pathways, enhancing market competitiveness.
See More
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- Earnings Beat: F5, Inc. reported Q1 earnings of $4.45 per share, exceeding analyst expectations of $3.65 by 21.88%, indicating a significant improvement in profitability that is likely to positively impact stock prices.
- Revenue Growth: The quarterly revenue reached $822.47 million, surpassing the Street estimate of $758.08 million, demonstrating enhanced competitiveness in the market that may attract more investor interest.
- Optimistic Outlook: The company provided second-quarter sales guidance above estimates and raised its FY26 guidance, reflecting management's confidence in future growth, which could further drive stock price increases.
- Positive Stock Reaction: F5 shares jumped 10.9% to $299.99 in pre-market trading, indicating strong market response to its earnings report, which may draw in more investors and bolster market confidence.
See More
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- Merger Agreement Reached: XCF Global has entered into a binding merger agreement with DevvStream and Southern Energy Renewables, aiming to integrate resources to accelerate sustainable aviation fuel production, which is expected to enhance the company's competitiveness in the North American market.
- Funding Support Plan: An investor has agreed to purchase shares of XCF to fund upgrades at its New Rise Reno refinery, with plans to use the funds for mechanical, electrical, and process improvements, targeting a commercial production capacity of 38 million gallons per year to boost SAF output.
- Low-Carbon Fuel Platform Development: Post-merger, the three parties will collaborate to develop a low-carbon fuel platform that integrates small modular reactor nuclear power with electro-sustainable aviation fuel, aiming to enhance project economics and customer confidence to drive rapid market growth.
- Optimistic Market Outlook: XCF CEO Chris Cooper stated that this merger will further validate XCF's value in the SAF industry, expected to generate higher returns for shareholders while providing more clean fuel options, thereby strengthening the company's competitiveness in the global market.
See More
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- Delek US Holdings: JP Morgan analyst lowered the price target for Delek US from $42 to $38, resulting in a 9% decline in stock price over the past month, with an RSI of 29.9 indicating oversold conditions that may present a buying opportunity for investors.
- Expand Energy Corp: UBS analyst maintained a Buy rating on Expand Energy but reduced the price target from $154 to $150, with the stock falling approximately 7% in the last month and an RSI of 28.7, suggesting it is also in oversold territory, attracting investor interest.
- XCF Global Inc: XCF Global filed for an offering of up to 187.18 million shares of Class A common stock, with the stock plummeting around 65% over the past month and an RSI of 21.4 indicating extreme oversold conditions, potentially appealing to risk-tolerant investors.
- Market Trend Analysis: According to Benzinga Pro data, oversold stocks are often viewed as investment opportunities, and these companies in the energy sector may rebound in the short term, warranting close attention from investors.
See More
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- Market Potential: The global environmental asset market is projected to reach approximately $1.2 trillion by 2026, driving companies and governments to accelerate their net-zero goals, thereby creating substantial revenue opportunities for investors.
- Investment Platform Formation: The investment agreement between DevvStream and Fayafi aims to establish a special purpose vehicle within 90 days, targeting $100 million in capital commitments by the end of 2027, focusing on high-impact projects in decarbonization and energy transition.
- Revenue Distribution Structure: Profits from the new platform will be allocated 80% to Fayafi and 20% to DevvStream, ensuring collaboration and transparency in project approvals and funding allocations between the parties.
- Strategic Expansion Plan: This investment agreement will assist DevvStream in expanding its international business by establishing a global investment engine, enhancing its competitiveness in environmental asset management and sustainability.
See More
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- Stock Surge: Following this positive announcement, Gelteq's shares surged 50.1% in pre-market trading to $1.25, reflecting strong investor confidence in the new technology and its market potential.
- Enhanced Market Competitiveness: By improving product bioavailability, Gelteq not only meets the growing consumer demand but also positions itself more favorably in the competitive pharmaceutical market, potentially driving the company's long-term strategic development.
- Increased Investor Interest: With Gelteq's technological advancements and stock price increase, market attention on its future performance has significantly risen, likely attracting more investors and partners, thereby facilitating the company's capital operations and business expansion.
See More
