XCF Global, Inc., a leading innovator in decarbonizing the aviation industry through Sustainable Aviation Fuel (“SAF”), announced today that it is evaluating financing options to support the next phase of its long-term growth strategy: the construction of its New Rise Reno 2 facility (“New Rise 2”).
If constructed, New Rise 2 is expected to enable XCF to expand its SAF and renewable fuel platform and aligns with its recently signed non-binding Memorandum of Understanding (“MOU”) with global energy and commodities group BGN INT US LLC (“BGN”). As contemplated by the MOU, subject to the negotiation of a definitive agreement, XCF and BGN intend to jointly develop global distribution, marketing, and offtake frameworks across Europe, the Middle East, and other strategic markets.
XCF has engaged Bank of America, N.A. (“Bank of America”) to assist in structuring potential debt financing, which may qualify for certain export credit agency programs. There can be no assurance that any financing transaction will be completed or on what terms.
The global SAF market is projected to exceed $25 billion by 2030, with demand expected to surpass 5.5 billion gallons, driven by regulatory mandates, airline decarbonization targets, and growing investor interest in low-carbon fuels. Longer term, the SAF market could exceed $250 billion by 2050 if decarbonization targets are achieved.
Chris Cooper, Chief Executive Officer of XCF Global, commented:
“We look forward to working with Bank of America as we evaluate a range of financing options to support the next phase of our SAF production expansion at New Rise Reno 2 and advance our broader mission to decarbonize the aviation industry. With governments and airlines worldwide raising their sustainability commitments, expanding SAF production has never been more critical. Meeting the decarbonization targets of tomorrow requires making thoughtful, strategic investments today.”