XCF Global, Inc. (Nasdaq: SAFX), Southern Energy Renewables Inc., and DevvStream Corp. (Nasdaq: DEVS) have agreed to a binding term sheet outlining a proposed three-party merger that would combine their complementary clean-energy and low-carbon fuels businesses into a unified platform. The parties believe the combined entity could accelerate sustainable aviation fuel (SAF) production across multiple pathways, expand domestic fuel capacity, and integrate advanced environmental-attribute monetization strategies. Under the term sheet, an investor has also committed capital to support near-term operations and key upgrades at XCF’s New Rise Reno refinery. Completion of the proposed merger remains subject to negotiation of definitive agreements and approval by the companies’ boards.

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