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Federal and state policy alignment is accelerating nationwide SAF adoption while Middle East Conflict Exposes America’s Aviation Fuel Vulnerability: XCF Global Highlights the Case for Domestic Sustainable Aviation Fuel
U.S. SAF market projected at $7 billion by 2030, with a $25 billion global opportunity
XCF, IP3, Southern, and DevvStream Sign Non-Binding MOU to Evaluate America-First Nuclear Power for Clean Fuels Production and AI Data Centers
READ THE INVESTOR PRESENTATION HERE
Hello Everyone,
We have a company back on our radar that we haven’t taken a look at in quite some time and things have really changed for the better since we last put this one on your watch list. XCF Global, Inc. (Nasdaq: SAFX) is sitting right around .35 and has more or less doubled over the last month and it even went as high as .65 back on the 12th. SAFX was under .20 back on the 3rd and as low as .11 back in early January.
Why the big move?
XCF signed a deal outline with several companies to potentially combine parts of their businesses. As part of that plan, XCF wants to spend $10 million to upgrade its Reno facility so it can produce and blend sustainable aviation fuel. To get that money, XCF will sell $10 million worth of its stock to EEME. However, there’s a limit in place—EEME cannot receive more than 41,639,170 shares of XCF stock from this deal, no matter what. This helps prevent too many new shares from being issued, which would reduce the value of shares that existing investors already own.
As part of the planned Plant Conversion, XCF has initiated upgrades to the New Rise Renewables Reno facility, including the procurement of a new hydrotreating catalyst. This technology will enable the facility to convert a broad range of renewable feedstocks into high-quality neat sustainable aviation fuel, SAF, that meets ASTM D7566 specifications. The upgraded hydrotreating system will utilize Axens’ Vegan ® technology, a proven platform designed for flexible high -performance renewable fuel production.
XCF’s stockholder approval obtained at the March 6, 2026 Special Meeting of Stockholders is the reason that SAFX exploded into this new trading range where it continues to hold a strong percentage of it’s gains. This wasn’t a one day run off of the news. This news is impacting SAFX for the long run.
MORE ABOUT THE COMPANY
SAFX is a pioneering sustainable aviation fuel (SAF) company committed to accelerating the aviation industry’s transition to net-zero emissions.
The company is developing and operating cutting-edge SAF production facilities engineered for the highest standards of quality, reliability, and regulatory compliance.
By building strong partnerships across the energy, aviation, and transportation ecosystems, SAFX is advancing the global adoption of sustainable aviation fuel and shaping a cleaner future for air travel.
With its ability to lower lifecycle greenhouse gas emissions by up to 80% compared to traditional jet fuel—combined with supportive regulations and strong airline commitments to net-zero goals—SAF is emerging as a pivotal element in the future of sustainable aviation.
Momentum is building fast. Under the U.S. SAF Grand Challenge, federal targets call for 3 billion gallons of annual production by 2030 – scaling to 35 billion gallons by 2050 to meet 100% of domestic demand. Today, production remains below 1% of U.S. jet fuel use, underscoring both the urgency and the scale of the opportunity ahead.
The U.S. SAF market is expected to grow more than seven-fold – from approximately $860 million in 2024 to nearly $7 billion by 2030 – representing a compound annual growth rate (CAGR) of ~47%. Globally, the SAF market is projected to exceed $25 billion, with worldwide demand surpassing 5.5 billion gallons over the same period.
From inception, approximately $350 million has been invested in XCF’s flagship New Rise Reno facility, and the company is advancing a project pipeline of three additional sites. The second facility, New Rise Reno 2, located adjacent to the existing site, will share utilities and logistics infrastructure to maximize efficiencies. XCF expects construction to begin in 2026 and operations from 2028, following an additional ~$300 million investment that is intended to increase total production capacity to ~80 million gallons annually.
According to GlobalAir, the current national average price of jet fuel is approximately $6.34 per gallon. At that price, a 38 million-gallon facility such as New Rise Reno could represent an implied ~$240 million in annual gross revenue (38M gallons × $6.34) before considering any federal and state credits or energy-attribute premiums. Notably, spot SAF pricing typically carries a premium to conventional jet fuel. These figures are illustrative only, based on current market conditions and nameplate capacity assumptions. They are not forecasts, guidance, or commitments.
As global demand accelerates, the U.S. has an opportunity to not only meet its own decarbonization goals but also to become a leading exporter of low-carbon fuels. Expanding domestic SAF production supports the Made in America initiative, creates high-tech, clean energy jobs, and strengthens the nation’s competitiveness in the global energy transition.
SAF has emerged as the only viable near-term solution to decarbonizing the aviation industry. It is no longer just a dream – it’s a commercial reality available today that is driving the aviation industry’s transition toward a sustainable future. SAFX is proud to be at the forefront of this transformative movement.
What Is Sustainable Aviation Fuel?
A cleaner, bio-based alternative to traditional jet fuel. SAF is made from renewable resources and helps reduce carbon emissions in the aviation industry.
SAF can be made from a variety of non-food feedstocks via multiple technical pathways, each with different levels of sustainability.
- A synthetic kerosene derived from waste- and residue-based feedstocks such as waste oils and fats, green and municipal waste and non-food crops.
- SAF is able to recycle CO2 absorbed by biomass during its lifetime rather than injecting new carbon into the system, reducing emissions by up to 80%.
- A ‘drop-in’ fuel, easily integrating with existing aviation infrastructure.
New Rise Reno | Reno, Nevada
The New Rise facility is built on a 10-acre parcel located within the Tahoe-Reno Industrial Center, one of the largest industrial complexes in the United States. The newly constructed SAF facility includes a 16-car, heated rail spur, over 5 million gallons of tankage, co-generation of power, off-gas energy recovery, water recovery, and all state-of-the-art proven technologies for hydrotreating, hydrogen reforming, feedstock pretreatment, and waste-water treatment.
The facility is designed and configured to produce more than 2000 barrels per day – ~38 million gallons per year – of neat SAF which is blended with Jet-A and then used directly in existing aviation and fueling infrastructure – without out the need for any equipment modification. All fuel is made from waste- and residue- based feedstocks such as distillers corn oil (a byproduct of U.S. ethanol production) and crude degummed soybean oil (a co-product of the U.S. oilseed supply chain) which meet the Federal Renewable Fuels Standard (RFS).
The facility is licensed in the State of Nevada, and Storey County, meets requirements of the Federal Renewable Fuels Standard, and can produce qualified fuels under the California Low Carbon Fuels Standard Program, Oregon Low Carbon Fuels Standard Program, and Washington Low Carbon Fuels Standard Program.
SAF is not some hokey theory, a couple of household names have their hands in the sector.
● Richard Branson’s Virgin Atlantic operated Flight100, the world’s first transatlantic flight powered entirely by SAF, demonstrating the fuel’s viability.
● Bill Gates invested in SAF indirectly through Breakthrough Energy Ventures, which backed ZeroAvia, a company developing hydrogen-electric engines for aircraft.
● Formula One World Champion Damon Hill has invested in Zero Petroleum, a UK-based company producing synthetic fuels, including SAF.
Major airlines are also fully committed:
● “Sustainable aviation fuel is the most promising lever known today to accelerate progress toward a net-zero future.” – Delta Air Lines
● “The clearest near-term way to decarbonize aviation is by transitioning to SAF.” – American Airlines
● “SAF is proven, scalable, and the best tool we have to reduce our carbon emissions from flying.” – United Airlines
According to McKinsey & Co., SAF is the only viable near-term option to reduce emissions in aviation. Yet demand is expected to outpace supply by 2030 unless production capacity scales quickly.
XCF Global plans to leverage the technology stack and site layout of its New Rise Reno facility as a model for future production sites. The facility features an innovative modular design, which reduces the physical footprint required for construction and enables faster deployment across new locations.
The New Rise Reno facility is divided into four key modules: feedstock receiving, pretreatment, hydrotreatment, and finished product offtake. Both the feedstock intake and product distribution modules are built with direct access to rail and truck transport, allowing materials to be unloaded and shipped without long-term storage.
This design reduces the need for large tank farms, improves logistics efficiency, and shortens construction timelines—making it a scalable blueprint for SAF expansion.
Middle East Conflict Exposes America’s Aviation Fuel Vulnerability: XCF Global Highlights the Case for Domestic Sustainable Aviation Fuel
- SAF prices reached an all‑time high as global jet fuel markets tightened due to disruptions in the Strait of Hormuz
- Domestic waste‑based SAF offers a proven, near‑term pathway to reducing aviation emissions
- U.S.‑sourced SAF production provides supply chain stability and emissions reductions through domestically sourced feedstocks
- XCF produces 38 million gallons per year of neat sustainable aviation fuel (SAF) that can be blended to deliver up to 100 million gallons of blended SAF, depending on the blend ratio at its New Rise Reno facility
HOUSTON, TX / ACCESS Newswire / March 23, 2026 / XCF Global, Inc. (“XCF“) (Nasdaq:SAFX) a U.S. based sustainable aviation fuel (SAF) producer decarbonizing the aviation industry today issued a statement on the ongoing disruption to global aviation fuel markets caused by the Middle East conflict. As jet fuel and SAF prices surge to historic levels, XCF Global is sharing its perspective on what the current crisis reveals about the structural vulnerabilities of petroleum-dependent aviation fuel supply chains and the role domestic SAF can play in addressing them.
According to S&P Global Platts data, SAF prices in California reached an all-time high of 885 cents ($8.85) per gallon in the week ended March 4, 2026, a surge of more than 132 cents ($1.32) per gallon in a single week. Spot jet fuel prices on the US West Coast increased to 125.54 cents ($1.26) per gallon in early March; levels not seen since 2022. The disruption of tanker disruption of tanker traffic through the Strait of Hormuz, through which approximately 20 million barrels per day of crude and refined product normally flow, has driven distillate prices sharply higher across major global hubs.
XCF SAF utilizes domestic waste-based feedstock. These feedstocks are not impacted by the Middle Eastern crude supply. “Our focus remains on delivering high quality SAF to our partners, maintaining operational continuity, and supporting the aviation sector as markets stabilize. America’s aviation sector remains deeply tethered to a global oil market that is inherently unstable. The feedstock, the technology, and the workforce to change that exist right here at home. Domestic waste-based SAF is not a future solution. We believe it can be made available now, that it can be scalable, and that it can be produced entirely from American materials. We believe the current crisis is bringing long-overdue attention to what domestic SAF producers have understood for years; a fuel whose supply chain begins and ends in the United States is a fundamentally different kind of energy security while mitigating climate impact” Chris Cooper, Chief Executive Officer, XCF Global
XCF Global believes that energy security and lowering emissions from aviation are not mutually exclusive. The events of recent weeks have brought that principle into focus for the aviation sector. As the market works through this period of volatility, XCF Global remains committed to expanding its domestic production.
Major Catalysts
● Rapidly Expanding SAF Market: The US Sustainable Aviation Fuel (SAF) market is projected to reach 3 billion gallons annually by 2030, driven by regulatory mandates and increasing demand for low-carbon aviation fuels.
● Significant Capacity Expansion: XCF plans to scale its production capacity from an initial ~38 million gallons per year to ~80 million gallons annually in 2028.
● Strategic Facility Acquisitions: In addition to the operating New Rise Reno, XCF has acquired and is developing additional sites—including a second plant adjacent to New Rise Reno, which will benefit from shared infrastructure to reduce build-out costs and timelines—as well as projects in Wilson, North Carolina, and Fort Myers, Florida, to build out a national network of SAF facilities and SAF-related infrastructure.
● One of the Few Publicly Traded Companies Focused on SAF: Upon completion of its business combination with Focus Impact BH3 Acquisition Co., XCF Global became one of the few publicly listed companies in the US focused on SAF production, distinguishing it from competitors that are primarily legacy crude oil refiners.
● Replicable Facility Design: XCF’s modular and scalable facility design allows for rapid deployment across various locations, facilitating swift expansion to meet growing SAF demand.
● Industry Expertise: Led by CEO Chris Cooper, who brings over 25 years of experience in international energy and aviation fuel markets, the executive team possesses deep industry knowledge and a track record of successful project execution.
● Significant Emissions Reduction: SAF can reduce lifecycle carbon emissions by up to 80% compared to traditional jet fuel, contributing to the decarbonization of the aviation industry.
● Alignment with Global Initiatives: The company’s mission aligns with international efforts to combat climate change, including the US government’s Sustainable Aviation Fuel Grand Challenge and Europe’s ReFuelEU.
XCF, IP3, Southern, and DevvStream Sign Non-Binding MOU to Evaluate America-First Nuclear Power for Clean Fuels Production and AI Data Centers
- Potential to bring nuclear power, scalable eSAF production, and environmental-attribute monetization together into a single, integrated clean-energy platform.
- Exploring advancing next-generation eSAF pathways by pairing continuous clean electricity with electrolysis, hydrogen production, and low-carbon fuel synthesis.
- Evaluating high-integrity environmental-attribute structures that combine verifiable power, fuel, and digital MRV to unlock value for airlines and corporate decarbonization customers.
HOUSTON, TEXAS / ACCESS Newswire / December 30, 2025 / XCF Global, Inc. (“XCF”) (Nasdaq:SAFX) today announced a non-binding memorandum of understanding (“MOU”) to evaluate a strategic collaboration focused on small modular reactor (“SMR”) nuclear power, electro-sustainable aviation fuel (“eSAF”) production, and the creation, verification, and monetization of eligible environmental attributes alongside IP3 Corporation (“IP3”), Southern Energy Renewables Inc. (“Southern”), and DevvStream Corp. (“DevvStream”) (Nasdaq:DEVS) (together “the parties”).
The MOU outlines a proposed integrated framework to assess the deployment of firm, zero-carbon nuclear electricity from SMRs to support clean fuel production and energy-intensive end markets, including AI data centers, while enabling robust environmental-attribute structures that may meet evolving compliance, reporting, and market standards.
Chris Cooper, Chief Executive Officer of XCF Global, commented:
“This MOU reflects XCF’s disciplined approach to evaluating infrastructure and partnerships that can strengthen the scalability, reliability, and carbon performance of next-generation sustainable aviation fuels. Firm, zero-carbon power is an important enabler for eSAF pathways, and this collaboration allows us to assess how integrated power, fuel, and environmental-attribute frameworks could support broader adoption of clean fuels.”
The MOU contemplates the potential deployment of SMR-generated electricity to support existing and future operating assets, including a potential nuclear power solution for a proposed SAF and eSAF refinery in Louisiana, and to enable a scalable portfolio of verifiable environmental attributes.
Reliable, zero-carbon nuclear power is expected to enable continuous electrolysis, hydrogen production, and downstream fuel synthesis, while also supporting excess clean-power offtake for third-party customers where appropriate.
RDML (Ret.) Mike Hewitt, Chief Executive Officer of IP3, added:
“Clean, reliable nuclear power is increasingly being pursued as foundational infrastructure for American energy security and industrial growth. We are excited to explore a strategic relationship with XCF, DevvStream, and Southern, including the potential deployment of small modular reactor technology to provide firm power and support e‑SAF production for European markets.
“IP3’s business model to develop infrastructure projects to privatize Small Modular Reactors for multiple offtakers such as AI and data centers that support government and commercial requirements. We believe pairing firm power development with practical environmental‑asset design and monetization can create a differentiated platform that meets real customer demand while delivering the transparency the market expects.”
Although clean nuclear generation is generally not associated with traditional voluntary offset carbon credits, the parties believe nuclear-powered activity could support a range of environmental attributes and claims frameworks, subject to jurisdiction and program rules. These may include energy attribute certificates such as renewable energy certificates (“RECs”) or Guarantees of Origin, zero-emission credit frameworks and clean energy standards that recognize nuclear generation, and zero-carbon Scope 2 claims.
The parties also intend to evaluate environmental-attribute structures associated with eSAF and related low-carbon fuel pathways, including emerging “book-and-claim” and SAF certificate frameworks that allow airlines and corporate buyers to access verified in-sector emissions reduction attributes when physical fuel delivery is constrained.
Sunny Trinh, Chief Executive Officer of DevvStream, commented:
“Together, we are exploring real-world asset and tokenized environmental-asset frameworks with the potential to unlock additional value, improve liquidity, and help lower the delivered cost of clean energy and fuels. We see this as a potential America-first model that combines U.S. resources, digital infrastructure, and scalable markets.”
In parallel, the MOU contemplates future development of digital infrastructure to enhance transparency, provenance, and auditability, including tokenization of eligible environmental assets and the use of digital measurement, reporting, and verification (“MRV”) systems to support data quality, provenance, and auditability.
Jay Patel, Chief Executive Officer of Southern Energy, added:
“This MOU reflects our focus on putting American energy, infrastructure, and production first. As the development of advanced nuclear platforms gains momentum, we believe the goal of developing and deploying firm, domestic power is becoming essential for fuels, manufacturing, and data-driven industries. We are committed to exploring how nuclear power, combined with U.S. biomass resources, can enable an integrated, multi-product approach that strengthens U.S. industrial leadership while remaining globally competitive.”
The MOU reflects a shared intent to collaborate on SAF and other low-carbon fuel opportunities. The MOU is non-binding and subject to the negotiation and execution of definitive agreements, of which there can be no assurances.
WHAT IS SUSTAINABLE AVIATION FUEL?
SAF can be made from a variety of waste-and residue-based feedstocks via multiple technical pathways, each with different levels of sustainability
● SAF is 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 CO2 absorbed by biomass during its lifetime rather than injecting new carbon into the system, reducing emissions by up to 80%
● SAF is a ‘drop-in’ fuel, easily integrating with existing aviation infrastructure
XCF Global distinguishes itself in the sustainable aviation fuel (SAF) sector through several strategic and operational advantages:
1. SAF Focus: SAFX is one of the few publicly traded companies in the US focused on SAF production, positioning itself as a leader in this niche market.
2. The New Rise Reno Flagship Facility: The company’s New Rise Renewables facility in Reno, Nevada, made its first deliveries of renewable fuel in March 2025 and is currently completing ramp-up processes, with an annual capacity of ~38 million gallons.
3. Modular Plant Design: XCF employs a modular design for its facilities, allowing for rapid deployment and scalability across various locations.
4. Strategic Partnerships: A long-term agreement with Phillips 66 ensures a stable supply of waste- and residue-based feedstock and offtake of renewable fuels, providing financial stability and supply chain reliability.
5. Feedstock Flexibility: The company’s technology accommodates various non-food feedstocks, enhancing resilience against supply volatility and reducing carbon intensity scores.
6. Expansion Plans: XCF aims to increase its annual SAF production capacity to ~80 million gallons in 2028 through New Rise Reno 2. Beyond that, XCF has plans for additional SAF facilities or related infrastructure sites planned in Nevada, Florida, and North Carolina.
7. Public Listing: Through a merger with Focus Impact BH3 Acquisition Co., XCF Global became a publicly traded company, enhancing its visibility and access to capital markets.
Conclusion
As the aviation industry accelerates toward a low-carbon future, XCF Global (Nasdaq: SAFX) is emerging as a pivotal force in making sustainable aviation fuel a scalable, commercially viable reality. With its modular production model, major strategic partnerships, and a growing pipeline of next-generation facilities, the company is positioning itself at the forefront of one of the fastest-growing sectors in clean energy. Supportive federal policy, surging airline demand, and global decarbonization commitments are converging to create a historic market opportunity—one that XCF is actively shaping through innovation, investment, and international expansion. As production increases and global distribution channels strengthen, XCF Global stands poised to help redefine aviation’s energy landscape and drive meaningful, measurable progress toward net-zero aviation.
MANAGEMENT
NEWS
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